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 KeyCorp, created through the 1994 merger of Society Corporation and the original KeyCorp. The bank has over 1,000 branches and 40,000 ATMs, primarily located in the Midwest and Northeast, but with a presence in the Pacific Northwest, Alaska, Colorado, Texas and Utah. It focuses on providing banking and financial services to individuals and businesses.

1949: Society For Savings 100th Anniversary

In 1949, Society for Savings celebrated its 100th anniversary. Despite being a century old, it still only had one office, although it had over $200 million in deposits.

1958: Society Converts to Public Company

In 1958, Society converted from a mutual to a public company, which enabled it to grow quickly by acquiring 12 community banks between 1958 and 1978 under the banner Society National Bank.

1971: National Commercial Merged 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. became president and CEO

In 1973, Victor J. Riley Jr. became president and CEO of First Commercial.

1978: Society Acquires Community Banks

From 1958 to 1978, Society converted from a mutual to a public company, which enabled it to grow quickly by acquiring 12 community banks under the banner Society National Bank.

1979: Society Growth Spurt

From 1979 to 1989, Society went through a growth spurt, acquiring dozens of small banks and completing four mergers worth one billion dollars, most notably Cleveland-based Central National Bank in 1986.

1979: First Commercial's Name Changed to Key Bank Inc.

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

1980: Albany International Airport Lost Service

Riley also lamented the modest Albany International Airport, which lost service from several major airlines in the 1980's and complicated air travel for Key executives.

1985: Key Expands Through Acquisitions

Beginning in the 1980s, Riley looked outside New York, expanding Key's footprint with an acquisition in Maine, and eventually adding branches in Massachusetts and Vermont. From 1985 to 1990, Riley quintupled Key's assets from $3 billion to $15 billion in just four years.

1986: Society Acquires Central National Bank

In 1986, Society acquired Central National Bank, one of four mergers worth one billion dollars during its growth spurt from 1979 to 1989.

1987: Society CEO Gordon E. Heffern Retired

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

1989: Society Growth Spurt Ends

1990: Key's Assets Quintupled

From 1985 to 1990, Riley quintupled Key's assets from $3 billion to $15 billion in just four years.

1990: Society Corporation Acquired Trustcorp

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

1990: Society and Key Held Talks

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: Society Acquired AmeriTrust Corporation

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

March 1992: Key Acquired 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 when Chief Banking Officer James Waterston quit and Hans Harjo was pushed out, highlighting the need for a technology infrastructure upgrade.

October 1993: KeyCorp and Society Announce Merger

In early October 1993, KeyCorp and Society announced their merger, creating a $58 billion banking behemoth. It was Riley who made the first move; he called Gillespie while recuperating at his Albany home after breaking his hip in a horse-riding accident in Wyoming. The two quickly sketched out the deal.

1993: Key Tests Vision 2001 Computer System

In 1993, Key began testing a Vision 2001 computer system, which sped up and enhanced the loan process through faster credit scoring, loan servicing, and collection capabilities.

March 1, 1994: KeyCorp and Society Merger Completed

The merger between Society and Key was completed on March 1, 1994, after regulatory approval.

1994: KeyBank Formed from Merger

In 1994, KeyBank was formed from the merger of Cleveland-based Society Corporation, which operated Society National Bank, and Albany-headquartered KeyCorp. KeyBank is an American regional bank headquartered in Cleveland, Ohio.

1994: KeyCorp Formed

In 1994, KeyCorp was formed through the merger of Society Corporation of Cleveland, Ohio ("Society Bank") and KeyCorp ("Old KeyCorp") of Albany, New York, briefly making Key the 10th largest US bank.

1994: Merger of Equals

The deal was structured as a merger of equals in 1994. The merged bank took the KeyCorp name, and operates under the charter of the old KeyCorp.

September 1, 1995: Riley Stepped Down as CEO

On September 1, 1995, Riley stepped down as CEO, accelerating his planned retirement. Gillespie took the helm as CEO and later chairman.

1995: Gillespie Turned Key into a financial services powerhouse

Between 1995 and 2001, Gillespie attempted to turn Key into a financial services powerhouse. Gillespie initiated nine significant acquisitions and 6 divestitures

1995: Key Sold Residential 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: Key Sold Shareholder Services

In 1996, Key sold shareholder services.

1997: Key Sold Chunks of Bank

From 1997 to 1999, Key sold various chunks of the bank (i.e. Wyoming, Florida, and Long Island).

1998: Key Bought McDonald & Co.

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

1999: Key Sold Chunks of Bank

From 1997 to 1999, Key sold various chunks of the bank (i.e. Wyoming, Florida, and Long Island).

2000: Key Sold Credit Card Operations

In 2000, Key sold credit card operations to The Associates (which was quickly thereafter acquired by Citigroup).

February 1, 2001: Gillespie Resigned as CEO

On February 1, 2001, Gillespie resigned from the CEO position and was replaced by Henry Meyer.

2001: Gillespie Turned Key into a financial services powerhouse

Between 1995 and 2001, Gillespie attempted to turn Key into a financial services powerhouse. Gillespie initiated nine significant acquisitions and 6 divestitures

2001: Key Tests Vision 2001 Computer System

In 1993, Key began testing a Vision 2001 computer system, which sped up and enhanced the loan process through faster credit scoring, loan servicing, and collection capabilities.

April 2007: KeyBanc Capital Markets Inc Name

In April 2007, Key began processing all subsequent securities transactions under its new broker-dealer name, "KeyBanc Capital Markets Inc".

October 2008: Key Received TARP Investment

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

March 2011: Key Repaid TARP Funds

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

May 2011: Beth E. Mooney Named Chairman and CEO

In May 2011, Key made history by naming Beth E. Mooney, previously the bank's president, as the first female Chairman and CEO of a top 20 bank.

January 2012: Key Acquired HSBC Branches

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

May 2013: Key Acquired Mortgage Servicing Rights

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

2014: KeyCorp Reduced Albany Presence

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 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 expanding into Pennsylvania.

May 13, 2019: KeyBank opening first tellerless branch

On May 13, 2019, KeyBank announced it would be opening its first tellerless branch in Boulder, Colorado, featuring private offices with financial wellness consultants instead of teller lines.