History of KeyBank in Timeline
KeyBank is a regional bank headquartered in Cleveland, Ohio, ranking as the 27th largest in the U.S. Organized under KeyCorp, it originated from the 1994 merger of Society Corporation and KeyCorp. KeyBank operates nearly 1,000 branches and over 1,200 ATMs, primarily in the Midwest and Northeast, with a presence in the Pacific Northwest, Alaska, Colorado, Texas, and Utah.
1949: Society For Savings 100th Anniversary
In 1949, Society For Savings celebrated its 100th anniversary with only one office, but over $200 million in deposits.
1958: Society Converts to Public Company
In 1958, Society converted from a mutual to a public company, enabling rapid growth through acquisitions.
1971: National Commercial Merges with First Trust
In 1971, National Commercial merged with First Trust and Deposit of Syracuse to become First Commercial Banks.
1973: Victor J. Riley Jr. Becomes President and CEO
In 1973, Victor J. Riley Jr. became president and CEO of First Commercial.
1978: Society's Acquisition Spree Ends
Between 1958 and 1978, Society acquired 12 community banks under the Society National Bank banner.
1979: Society's Growth Spurt
From 1979 to 1989, Society experienced another growth spurt through acquisitions and mergers.
1979: First Commercial Renamed Key Bank Inc.
In 1979, First Commercial's name was changed to Key Bank Inc. by Victor J. Riley Jr.
1980: Albany International Airport complications
In the 1980's Albany International Airport lost service from several major airlines which complicated air travel for Key executives.
1985: KeyCorp asset growth
Beginning in 1985, Riley looked outside New York, expanding Key's footprint with an acquisition in Maine, and eventually adding branches in Massachusetts and Vermont.
1987: Robert W. Gillespie Succeeds Gordon E. Heffern
In 1987, Robert W. Gillespie succeeded Gordon E. Heffern as CEO of Society.
1989: End of Growth Spurt
From 1979 to 1989, Society experienced another growth spurt through acquisitions and mergers.
1990: KeyCorp quintupled assets
By 1990, Riley quintupled Key's assets from $3 billion to $15 billion in just four years.
1990: Society Corporation Acquires Trustcorp
In 1990, Society Corporation acquired Toledo, Ohio-based Trustcorp.
1990: Initial Merger Talks
In 1990, Society and Key held merger talks at Gillespie's prompting, but Riley decided to pursue smaller acquisitions.
September 1991: Society Corporation Acquires AmeriTrust Corporation
In September 1991, Society Corporation acquired AmeriTrust Corporation, the successor to Cleveland Trust Company, establishing Society as a large regional bank.
March 1992: Key Acquires Puget Sound Bancorp
In March 1992, Key acquired Tacoma-based Puget Sound Bancorp for $807.2 million to strengthen its presence in Washington.
June 1993: KeyCorp leadership Change
In June 1993, KeyCorp had a leadership change, with James Waterston quitting and Hans Harjo being pushed out.
October 1993: Merger of equals
In early October 1993, Riley and Gillespie sketched out a merger deal to create a $58 billion banking behemoth.
1993: KeyCorp Tests Vision 2001 System
In 1993, Key began testing a Vision 2001 computer system to improve the loan process.
March 1, 1994: KeyCorp Merger Completed
On March 1, 1994, the merger between Society and Key was completed after regulatory approval.
1994: KeyCorp operates under the charter of the old KeyCorp
In 1994, the merged bank took the KeyCorp name, and operates under the charter of the old KeyCorp. Society was the nominal survivor; the merged bank was headquartered in Cleveland and retains Society's pre-1994 stock price history.
September 1, 1995: Riley Steps Down as CEO
On September 1, 1995, Riley stepped down as CEO, and Gillespie took over the helm.
1995: Gillespie initiates acquisitions and divestitures
Between 1995 and 2001, Gillespie initiated nine significant acquisitions and 6 divestitures as KeyBank CEO.
1995: Key sells residential mortgage servicing
Key sold its residential mortgage servicing to Countrywide Financial (now Bank of America Home Loans) in 1995.
June 1996: Society Name Retired
In June 1996, the Society name was retired, and the charters were merged.
1996: Key sells shareholder services
Key sold its shareholder services in 1996.
1997: Key sells various chunks of the bank
Key sold various chunks of the bank in 1997–1999 (i.e. Wyoming, Florida, and Long Island).
1998: KeyCorp acquires McDonald & Co.
In late 1998, Key bought Cleveland-based brokerage firm, McDonald & Co. for $653 million in stock.
1999: Key sells various chunks of the bank
Key sold various chunks of the bank in 1997–1999 (i.e. Wyoming, Florida, and Long Island).
2000: Key sells credit card operations
Key sold credit card operations to The Associates in 2000.
February 1, 2001: Gillespie Resigns as CEO
On February 1, 2001, Gillespie resigned from the CEO position.
2001: Gillespie initiates acquisitions and divestitures
Between 1995 and 2001, Gillespie initiated nine significant acquisitions and 6 divestitures as KeyBank CEO.
2001: Vision 2001 Computer System
In 1993, Key began testing a Vision 2001 computer system to improve the loan process.
April 2007: KeyBanc Capital Markets Inc
In April 2007, Key began processing all subsequent securities transactions under its new broker-dealer name, "KeyBanc Capital Markets Inc".
October 2008: Key Receives TARP Investment
In October 2008, Key received approximately $2.5 billion in investment from the Troubled Asset Relief Program (TARP).
March 2011: Key Repays TARP Funds
In March 2011, Key was one of the last major banks to pay back TARP funds.
May 2011: Beth E. Mooney Appointed CEO
In May 2011, Beth E. Mooney was named the first female chairman and CEO of a top 20 bank, making history.
2012: KeyCorp Acquires HSBC Branches
In 2012, KeyCorp acquired 37 HSBC branches.
May 2013: Key Acquires Mortgage Servicing Rights
In May 2013, Key acquired mortgage servicing rights from Bank of America.
January 2015: KeyBank Participates in Balko Wind Project Financing
In January 2015, KeyBank participated in the construction debt financing syndicate behind the Balko Wind Project which was purchased from Apex Clean Energy by D.E. Shaw Renewable Investments.
July 29, 2016: KeyCorp Acquires First Niagara Bank
On July 29, 2016, KeyCorp acquired First Niagara Bank for $4.1 billion in cash and stock. This deal strengthened Key's position in Upstate New York and New England and expanded its presence into Pennsylvania, specifically Philadelphia and Pittsburgh.
April 2019: Keybank acquired Laurel Road
In April 2019, Keybank acquired Laurel Road.
May 13, 2019: KeyBank Announces Tellerless Branch
On May 13, 2019, KeyBank announced the opening of its first tellerless branch in Boulder, Colorado, featuring private offices and "financial wellness consultants" instead of teller lines.
September 2019: Christopher Gorman Appointed President
In September 2019, Christopher Gorman was appointed president of KeyBank.
May 1, 2020: Christopher Gorman Assumes Role of Chairman, CEO, and President
On May 1, 2020, Christopher M. Gorman assumed the role of Chairman, Chief Executive Officer, and President of KeyCorp.
2021: KeyBank Originated Mortgages
In 2021, KeyBank originated 52,366 mortgages worth $25 billion.
June 2023: KeyBank Provides Financing for Senior Housing
In June 2023, KeyBank provided $21 Million in financing options for seniors in a senior housing initiative based in New York.
2024: Value of 2008 TARP Investment Adjusted for Inflation
In 2024, the $2.5 billion received from TARP in 2008 would be equivalent to approximately $3.57 billion.
2024: Value of 1949 Deposits Adjusted for Inflation
In 2024, the $200 million in deposits held by Society For Savings in 1949 would be equivalent to approximately $2.08 billion.
2024: McDonald Acquisition Adjusted for Inflation
In 2024, the $653 million paid for McDonald & Co. in 1998 would be equivalent to approximately $1.17 billion.
2024: Value of 1992 Puget Sound Bancorp Acquisition Adjusted for Inflation
In 2024, the $807.2 million paid for Puget Sound Bancorp in 1992 would be equivalent to approximately $1.62 billion.
Mentioned in this timeline
Bank of America is a multinational investment bank and financial...
Pennsylvania is a U S state located in the Mid-Atlantic...
Florida a state in the Southeastern United States is largely...
HSBC Holdings plc is a British multinational universal bank and...
Colorado a Mountain and Southwestern U S state is the...
The horse scientifically known as Equus ferus caballus is a...
Trending
19 minutes ago Venus Williams' Wildcard Controversy: Calls to Stop Amid Miami Open Row
20 minutes ago Venus Williams faces Francesca Jones in Miami Open first round; Jones seeks victory.
20 minutes ago Ethan Quinn Competes in Miami Open: Predictions and Betting Tips Explored.
20 minutes ago Hubert Hurkacz Faces Ethan Quinn in ATP Masters Miami First Round
21 minutes ago Ohio State Buckeyes assess offense, recruiting during spring practice; RB room outlook.
1 hour ago Chuck Norris Hospitalized in Hawaii Following Medical Emergency, Condition Updates Awaited
Popular
Cesar Chavez was a prominent American labor leader and civil...
Sean Penn is a highly acclaimed American actor and film...
Paula White-Cain is a prominent American televangelist and key figure...
Chaz Bono is an American writer musician and actor known...
Joseph Clay Kent is an American politician and former military...
Benjamin Bibi Netanyahu is an Israeli politician and diplomat currently...