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.

1986: Society Acquires Central National Bank

In 1986, Society acquired Cleveland-based Central National Bank as part of its growth strategy.

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: KeyBank Formed Through Merger

In 1994, KeyBank was formed through the merger of Cleveland-based Society Corporation, operating Society National Bank, and Albany-headquartered KeyCorp, creating an American regional bank.

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.

January 2012: Key Acquires HSBC Branches

In January 2012, Key acquired 37 former HSBC Bank USA branches in Upstate New York from First Niagara Bank for $110 million.

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.