History of KeyBank in Timeline

KeyBank, a U.S. regional bank headquartered in Cleveland, Ohio, ranks as the 27th largest bank in the nation. It operates under KeyCorp, a publicly traded entity, and was established in 1994 through the merger of Society Corporation and KeyCorp. KeyBank has nearly 1,000 branches and over 1,200 ATMs primarily located in the Midwest and Northeast. Its operations extend to 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 and over $200 million in deposits.

1958: Society Converted to Public Company

In 1958, Society converted from a mutual to a public company, enabling it to acquire 12 community banks between 1958 and 1978 under the banner Society National Bank.

1971: First Commercial Banks Formed

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.

1978: Acquisition Spree Ends

Between 1958 and 1978, Society National Bank acquired 12 community banks.

1979: Growth Spurt

From 1979 to 1989, Society acquired dozens of small banks and completed four mergers worth one billion dollars.

1979: Name Changed to Key Bank Inc.

In 1979, First Commercial's name was changed to Key Bank Inc.

1980: Airline Lost Service

In the 1980's Albany International Airport lost service from several major airlines which complicated air travel for Key executives.

1985: Acquisition Plans

Beginning in 1985, Riley expanded Key's footprint with an acquisition in Maine, and eventually adding branches in Massachusetts and Vermont.

1986: Central National Bank Acquisition

In 1986, Society acquired Cleveland-based Central National Bank.

1987: Society CEO Retirement

In 1987, Society CEO Gordon E. Heffern retired and was succeeded by Robert W. Gillespie.

1989: Growth Spurt Ends

From 1979 to 1989, Society acquired dozens of small banks and completed four mergers worth one billion dollars.

1990: Assets Quintupled

Between 1985 and 1990, Key's assets quintupled from $3 billion to $15 billion.

1990: Trustcorp Acquisition

In 1990, Society Corporation acquired Toledo, Ohio-based Trustcorp.

1990: Merger Talks with Key

In 1990, Society and Key held talks at Gillespie's prompting, but Riley decided to stay the course of smaller, more lucrative acquisitions with obvious synergies.

September 1991: AmeriTrust Corporation Acquisition

In September 1991, Society Corporation acquired holding company AmeriTrust Corporation.

March 1992: Puget Sound Bancorp Acquisition

In March 1992, Key acquired Tacoma-based Puget Sound Bancorp for $807.2 million.

June 1993: KeyBank Leadership Changes

In June 1993, Chief Banking Officer James Waterston quit, and Hans Harjo was pushed out.

October 1993: Merger Announced

In early October 1993, the merger between Society and Key was announced, creating a $58 billion banking behemoth.

1993: Challenges Maintaining Return on Equity

By 1993, it was getting tougher for Riley and CFO William Dougherty to maintain their 15% return on equity target.

March 1, 1994: Merger Completed

On March 1, 1994, Society and Key completed the merger after regulatory approval.

1994: KeyBank Formed

In 1994, KeyBank was formed from the merger of Cleveland-based Society Corporation and Albany-headquartered KeyCorp.

1994: Merger of Equals

In 1994, the deal was structured as a merger of equals. The merged bank took the KeyCorp name.

September 1, 1995: Riley Steps Down as CEO

On September 1, 1995, Riley stepped down as CEO, and Gillespie took the helm.

1995: Acquisition and Divestiture Initiatives Begin

Between 1995 and 2001, Gillespie initiated nine significant acquisitions and six divestitures to turn Key into a financial services powerhouse.

1995: Residential Mortgage Servicing Sold

In 1995, Key sold its residential mortgage servicing to Countrywide Financial.

June 1996: Society Name Retired

In June 1996, the Society name was retired, and the charters were merged.

1996: Shareholder Services Sold

In 1996, Key sold shareholder services.

1997: Bank Chunks Sold

Between 1997 and 1999, Key sold various chunks of the bank, including operations in Wyoming, Florida, and Long Island.

1998: McDonald & Co. Acquisition

In late 1998, Key bought Cleveland-based brokerage firm, McDonald & Co. for $653 million in stock.

1999: Bank Chunks Sold

Between 1997 and 1999, Key sold various chunks of the bank, including operations in Wyoming, Florida, and Long Island.

2000: Credit Card Operations Sold

In 2000, Key sold credit card operations to The Associates.

February 1, 2001: Gillespie Resigns

On February 1, 2001, Gillespie resigned from the CEO position.

2001: Acquisition and Divestiture Initiatives End

Between 1995 and 2001, Gillespie initiated nine significant acquisitions and six divestitures to turn Key into a financial services powerhouse.

2001: Vision 2001 Computer System Testing

In 1993, Key began testing a Vision 2001 computer system to enhance 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: TARP Investment Received

In October 2008, Key received approximately $2.5 billion in investment from the Troubled Asset Relief Program.

March 2011: TARP Funds Repaid

In March 2011, Key was one of the last major banks to pay back TARP funds.

May 2011: Beth E. Mooney Appointed Chairman and CEO

In May 2011, Beth E. Mooney was named the first female chairman and CEO of a top 20 bank.

January 2012: HSBC Bank USA Branches Acquired

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

May 2013: Mortgage Servicing Rights Acquired

In May 2013, the company acquired mortgage servicing rights from Bank of America.

2014: Albany Employee Base Reduced

By 2014, only about 225 non-branch employees were still based in Albany at the former KeyCorp Tower.

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, strengthening Key's position in Upstate New York and New England and entering Pennsylvania.

April 2019: Keybank acquired Laurel Road

In April 2019, Keybank acquired Laurel Road.

May 13, 2019: KeyBank Announces First Tellerless Branch

On May 13, 2019, KeyBank announced it would be opening its first tellerless branch in Boulder, Colorado featuring private offices and "financial wellness consultants".

September 2019: Christopher Gorman Appointed President

In September 2019, Christopher Gorman was appointed president of KeyBank.

May 1, 2020: Christopher M. Gorman Assumes Role of Chairman, CEO, and President of KeyCorp

On May 1, 2020, Christopher M. Gorman assumed the role of Chairman, Chief Executive Officer, and President of KeyCorp, bringing over 30 years of financial services experience.