KeyBank company history timeline
1825
KeyCorp's history dates back to 1825 when New York Governor Dewitt Clinton signed a bill chartering the Commercial Bank of Albany, KeyCorp's direct ancestor.
1832
KeyCorp began operations in 1832, as the Commercial Bank of Albany.
1849
Society For Savings originated in 1849 as a mutual savings bank, founded by Samuel H. Mather.
1867
After Society's funds quadrupled during the Civil War, it erected its own office building on the northeast corner of PUBLIC SQUARE in 1867.
In 1867, the modest but growing bank built Cleveland's first skyscraper, the 10-story Society for Savings Building on Public Square.
1869
Also during this time, another bank that would eventually become part of KeyCorp opened--the Trust and Deposit Company of Onondaga in Syracuse, established in 1869.
1890
Samuel H. Mather, the number of depositors steadily grew, and when Society opened a grander 10-story bank building at 127 Public Square in 1890, it had $19.3 million from over 41,000 depositors.
1919
In 1919, the Trust and Deposit Company of Onondaga merged with First National Bank of Syracuse to become First Trust and Deposit.
1949
That aspect is highlighted by the fact that when it celebrated its 100th anniversary in 1949, it still only had one office although it had over $200 million in deposits.
1956
1956 it formed a subsidiary, Society Natl.
1958
Bank in 1958 and the bank became a major subsidiary of the Society Corp., a newly formed bank holding company.
1971
These two new banking concerns operated independently until 1971 when First Trust and Deposit was merged into National Commercial Bank and Trust Co. (now incorporated as First Commercial Banks Inc.) With that transaction, First Commercial had 89 offices in New York State.
1973
Victor J. Riley, Jr., became president and chief executive officer (CEO) of the bank in 1973; he would continue to serve in this capacity for over 20 years, making him the longest tenured CEO of any of the top fifty banks in the country.
1979
The name was changed to Key Bank Inc. in 1979, and the institution adopted its present name six years later.
1984
Many leaders in the banking industry thought Riley was making a mistake when he started buying banks in Alaska and the Northwest in 1984.
1985
In 1985, Riley bought two banks in Alaska and Alaska Pacific Bancorporation; he used Alaska's interstates banking laws to purchase a bank in Oregon, which became know as Key Bank of Oregon.
1986
In 1986, it acquired four savings banks in the mid-Hudson Valley.
1986, making it the state's 3rd-largest bank holding company, with $8.7 billion in assets.
1987
In 1987, Society CEO Gordon E. Heffern retired and was succeeded by Robert W. Gillespie, who, although just 42, was a major figure and part of the office of the chairman for more than 5 years.
1990
In 1990, its efficiency ratio was about 66 percent, meaning that about sixty-six cents worth of every dollar in revenue was spent on overhead.
However, its footing became unsteady due to bad real estate loans, forcing the resignation of Cleveland Trust chairman Jerry V. Jarrett in 1990.
Society and Key held talks in 1990 at Gillespie's prompting, but Riley decided to stay the course of smaller, more lucrative acquisitions with obvious synergies.
1991
Riley led the bank from its days as a strictly update New York bank to its position as the country's twenty-ninth largest financial institution in 1991 with &Dollar;23 billion in assets, up from &Dollar;2.4 billion ten years before.
1992
By the end of 1992, its efficiency ratio had improved to 61.9 percent and was more in line with the efficiency ratios of comparable banks.
By the end of 1992, KeyCorp had its operations and its expenses under control, using a computer system to keep track of its coast-to-coast snowbelt holdings.
During 1992 the merger was completed, and the headquarters returned to the new Society Center (now KEY CENTER) at Public Square.
1993
In one week in June 1993, the bench had become barren – Chief Banking Officer James Waterston, hired the year before, quit and publicly stated that he was frustrated with the pace of achieving his goal of running a large bank.
In early 1993, KeyCorp's assets were more than &Dollar;30 billion.
Yet, news reports swirled that a possible merger was in the works in the fall of 1993.
1994
KeyBank is the primary subsidiary of KeyCorp, which was formed in 1994 through the merger of Society Corporation of Cleveland ("Society Bank") and KeyCorp ("Old KeyCorp") of Albany, New York.
1995
On April 11, 1995, the city of Seattle sold the naming rights of the Seattle SuperSonics' home arena (previously called Seattle Center) to KeyCorp for $15.1 million, which renamed it as KeyArena.
Riley planned to retire as CEO at the end of 1995.
1996
The Society name continued to be used in Society's former footprint for an additional two years before it was retired in June 1996 and the charters were merged.
1998
In late 1998, Key bought Cleveland-based brokerage firm, McDonald & Co. for $653 million in stock.
2000
With over 17 000 employees and more than 1200 branches in 39 states, KeyBank is considered a Fortune 500 company and one of the largest banks in the United States According to Forbes, it is considered one of America’s Best Banks and one of the top 2000 largest public companies in the world.
Wyoming, Florida, and Long Island), and credit card operations to The Associates in 2000 (which was quickly thereafter acquired by Citigroup).
2001
Gillespie resigned from the CEO position on February 1, 2001, and then as chairman at the annual meeting on May 17 during which he was replaced by Henry Meyer.
2007
In late 1998, Key bought Cleveland-based brokerage firm, McDonald & Co. for $653 million in stock. As a result, Key began processing all subsequent securities transactions under its new broker-dealer name, "KeyBanc Capital Markets Inc", in April 2007.
McDonald was sold to the United States investment arm of UBS AG in 2007 for roughly $280 million.
2008
In October 2008, Key received approximately $2.5 billion in investment from the Troubled Asset Relief Program.
The deal made Key one of the largest banks in Pittsburgh, and gave it branches that were once part of crosstown rival National City Corp., which Key tried to acquire from PNC Financial Services following the National City acquisition by PNC in 2008 before being outbid by First Niagara.
2011
In March 2011, Key was one of the last major banks to pay back TARP funds.
In 2011, Beth Mooney became CEO of KeyBank, making her the first female head of a top-20 United States bank.
2012
As of 2012, KeyBank held over 87 billion in assets, had over 15,000 employees, and over 1,000 branches.
2013
Key.com. "Facts About KeyBank." Accessed January, 2013. https://www.key.com/about/company-information/key-company-overview.jsp.
2014
By 2014, only about 225 non-branch employees were still based in Albany at the KeyCorp Tower.
2015
In January 2015, KeyBank participated in the construction debt financing syndicate behind the Balko Wind Project purchased from Apex Clean Energy by D.E. Shaw Renewable Investments.
2016
On July 29, 2016, KeyCorp acquired First Niagara Bank for $4.1 billion in cash and stock.
2019
In 2019, KeyBank announced it will be opening its first tellerless branch on May 13, 2019, in Boulder, Colorado.
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1825
Headquarters
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Company Name | Founded Date | Revenue | Employee Size | Job Openings |
---|---|---|---|---|
Fifth Third Bank | 1858 | $7.7T | 19,846 | 847 |
U.S. Bank | 1863 | $202.1M | 70,000 | 2,131 |
Wells Fargo | 1852 | $2.4B | 268,531 | 3,465 |
Bank of America | 1998 | $85.5B | 200,000 | 3,058 |
Citizens Financial Group | 1828 | $6.1B | 18,100 | 501 |
1856 | $499.3M | 16,840 | 996 | |
Bank of the West | 1874 | $2.8B | 9,261 | - |
SunTrust | 1891 | $300.1M | 22,899 | - |
Regions Bank | 1971 | $3.8B | 19,969 | 738 |
2000 | $2.4B | 255,351 | 4,083 |
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Updated July 21, 2023
Zippia gives an in-depth look into the details of KeyBank, including salaries, political affiliations, employee data, and more, in order to inform job seekers about KeyBank. The employee data is based on information from people who have self-reported their past or current employments at KeyBank. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by KeyBank. The data presented on this page does not represent the view of KeyBank and its employees or that of Zippia.
KeyBank may also be known as or be related to KEYCORP NEW, KeyBank, KeyCorp, KeyCorp Real Estate Capital Markets, Inc., Keybank and Keycorp.