History of KeyBank in Timeline

KeyBank is a regional bank based in Cleveland, Ohio, ranking as the 27th largest in the U.S. It operates under the parent company KeyCorp and was established in 1994 through the merger of Society Corporation and the original KeyCorp. KeyBank has a substantial presence with over 1,000 branches and 40,000 ATMs, primarily located in the Midwest and Northeast, but also extending into the Pacific Northwest, Alaska, Colorado, Texas and Utah.

1949: Society for Savings Centennial

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: Merger to form First Commercial Banks

In 1971, National Commercial Bank 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 Banks.

1978: Acquisition of Community Banks

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

1979: Growth Spurt Begins

From 1979 to 1989, Society went through another growth spurt, acquiring dozens of small banks and completing four mergers worth one billion dollars.

1979: Name Change to Key Bank Inc.

In 1979, Victor J. Riley Jr. changed First Commercial's name to Key Bank Inc.

1980: Airline Service Issues in Albany

In the 1980s, Albany International Airport lost service from several major airlines, complicating air travel for Key executives and factoring into the decision to move the headquarters.

1985: Expansion Begins in the Pacific Northwest

Beginning in 1985, Key expanded into the Pacific Northwest, acquiring small banks in Wyoming, Idaho, Utah, Washington, and Oregon.

1986: Acquisition of Central National Bank

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

1987: New CEO for Society

In 1987, Robert W. Gillespie succeeded Gordon E. Heffern as CEO of Society.

1989: End of Growth Spurt

From 1979 to 1989, Society went through another growth spurt, acquiring dozens of small banks and completing four mergers worth one billion dollars.

1990: Key's Assets Quintupled

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

1990: Acquisition of 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 stay the course of smaller, more lucrative acquisitions.

September 1991: Acquisition of AmeriTrust Corporation

In September 1991, Society Corporation acquired holding company AmeriTrust Corporation, the successor to Cleveland Trust Company, establishing Society as a large regional bank.

March 1992: Acquisition of Puget Sound Bancorp

In March 1992, Key acquired Tacoma-based Puget Sound Bancorp for $807.2 million to bolster its presence in Washington.

June 1993: KeyCorp Succession Issues

In June 1993, KeyCorp faced succession issues as key executives departed, highlighting the need for a merger.

October 1993: Merger Announcement

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

1993: Rural Strategy Success

By 1993, Key's rural strategy led to high profitability, but investors were cooling on Key stock.

March 1, 1994: Merger Completion

On March 1, 1994, Key and Society completed their merger, creating an odd couple due to their differing structures and geographic focuses.

1994: KeyBank Formed

In 1994, KeyBank was formed from the merger of Cleveland-based Society Corporation, operating Society National Bank, and Albany-headquartered KeyCorp, becoming the 27th largest bank in the United States.

1994: Merger Structure

In 1994, the KeyCorp and Society merger was structured as a merger of equals, with the merged bank taking the KeyCorp name but headquartered in Cleveland.

September 1, 1995: Gillespie Takes Over as CEO

On September 1, 1995, Gillespie took over as CEO of KeyCorp, succeeding Riley, who stepped down four months earlier than planned.

1995: Acquisitions and Divestitures Begin

Between 1995 and 2001, Gillespie initiated nine significant acquisitions and 6 divestitures.

1995: Sale of Mortgage Servicing

In 1995, Key sold its residential mortgage servicing to Countrywide Financial (now Bank of America Home Loans).

June 1996: Society Name Retired

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

1996: Sale of Shareholder Services

In 1996, Key sold its shareholder services.

1997: Sale of Bank Chunks

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

1998: Acquisition of McDonald & Co.

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

1999: Sale of Bank Chunks

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

2000: Sale of Credit Card Operations

In 2000, Key sold its credit card operations to The Associates (later acquired by Citigroup).

February 1, 2001: Gillespie Resigns as CEO

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

2001: Acquisitions and Divestitures Conclude

Between 1995 and 2001, Gillespie initiated nine significant acquisitions and 6 divestitures.

2001: Testing Vision 2001 Computer System

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", after selling McDonald to UBS AG.

October 2008: TARP Investment

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, Key named Beth E. Mooney as the first female chairman and CEO of a top 20 bank.

January 2012: Acquisition of 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 as part of its expansion strategy.

May 2013: Acquisition of Mortgage Servicing Rights

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

2014: Albany Employee Count

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.

May 13, 2019: KeyBank Opening 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.