Key is Only Bank among the 25 Largest to Achieve Eight Consecutive Outstanding Ratings
ANCHORAGE, AK, April 22, 2013 — KeyBank has earned its eighth “Outstanding” rating from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam. Key is the only U.S. national bank among the 25 largest to be rated Outstanding by the OCC for eight consecutive review periods, since the Act’s passage in 1977.
“We’re honored to have earned an “Outstanding” rating from the OCC for the eighth consecutive time,” said Brian Nerland, President of KeyBank in Alaska. “It’s a testament to the character of our people and our commitment to serving all markets in our footprint. We’re especially proud to have provided loans, investments and services throughout the exam period, which was the height of the financial crisis. Being a responsible bank during difficult times matters to the communities that we serve.”
The Community Reinvestment Act requires banks to meet the credit needs of low- and moderate-income communities across America. The exam rates institutions in three categories: lending, investment, and services. Included in the assessment are bank practices such as mortgage lending, small business lending, community development lending, investments in community development organizations and projects, bank services to communities, and employee community involvement. For the overall rating and the three subcategories, banks are assigned one of four ratings: “Outstanding,” “Satisfactory,” “Need to Improve” or “Substantial Noncompliance.” The OCC completes a CRA exam for a bank every three to four years, and Key’s recent exam period covered July 1, 2008 – September 30, 2011.
“For us, it’s not enough to simply satisfy compliance requirements. It’s our goal to go beyond compliance to commitment to our communities,” said Nerland. “We have developed a business model that not only is viable for KeyBank but for the stability and vitality of our communities.”
Significant Alaska achievements, which led to KeyBank’s Outstanding rating during the exam period (July 1, 2008 to September 30, 2011), include:
• KeyBank extended more than $345 million in loans and equity investment in local development projects. KeyBank’s participation in commercial economic development projects stabilize and revitalize neighborhoods and provide affordable housing.
KeyBank made $9,692,929 in equity investment to develop 74 units of affordable housing and a community center at Weeks Field Estates in Fairbanks.
• Key financed the construction of 129 affordable housing units designed for individuals who earn less than 60 percent the average median income in the U.S.
• KeyBank gave nearly $283,000 to local nonprofits, through the KeyBank Foundation.
Priority nonprofit partners include:
Anchorage NeighborWorks: builds and helps maintain affordable housing. Key makes financial contributions and provides volunteers every year for Paint the Town and for Key’s Neighbors Make the Difference Day.
Alaska Federation of Natives: champions for the cultural, economic and political voice of the Alaska Native community. Key sponsors its annual statewide conference and supports Federation activities in rural communities.
KeyBank’s CRA focus is part of its overall commitment to corporate responsibility, which includes the bank’s philanthropy, sustainability, volunteerism, and diversity efforts, such as:
• Neighbors Make the Difference Day, KeyBank’s annual company-wide day of volunteerism in local neighborhoods. During the exam period, KeyBank employees volunteered a total of 100,400 hours, or $2.8 million in salary equivalency, on nearly 3,000 projects nationwide.
• Key’s commitment to supplier diversity. KeyBank spent 15 percent of its overall vendor budget with minority-, women- and veteran-owned businesses each of the past three years, compared to the average of eight percent spent by publicly traded corporations.
KeyBank press release