History of KeyBank in Timeline

KeyBank is a regional bank headquartered in Cleveland, Ohio, operating as a subsidiary of KeyCorp. Formed in 1994 through the merger of Society Corporation and KeyCorp, it ranks as the 27th largest bank in the U.S. With over 1,000 branches and 40,000 ATMs, KeyBank primarily serves the Midwest and Northeast, while also maintaining a presence in the Pacific Northwest, Alaska, Colorado, Texas and Utah.

1949: Society For Savings Celebrates 100th Anniversary

In 1949, Society for Savings celebrated its 100th anniversary with only one office, despite having 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 to become First Commercial Banks

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 Acquires Community Banks

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

1979: Society 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: 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 lost service

The soft-spoken Gillespie was just 49 and Society had cultivated a deep bench of lieutenants. 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: KeyCorp Assets Increase

In 1985, KeyCorp's assets increased to $3 billion due to acquisitions.

1986: Society Acquires Central National Bank

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

1987: Robert W. Gillespie Succeeds Gordon E. Heffern

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

1989: Society Growth Spurt Ends

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

1990: KeyCorp Assets increase to $15 Billion

In 1990, KeyCorp's assets increased to $15 billion due to acquisitions.

1990: Society Acquires Trustcorp

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

1990: Society and Key Hold 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 with obvious synergies.

September 1991: Society Acquires AmeriTrust Corporation

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

March 1992: Key Acquires 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 Arise

In June 1993, KeyCorp faced succession issues as Chief Banking Officer James Waterston quit, and the head of KeyBank of Washington, Hans Harjo, was pushed out.

October 1993: KeyCorp and Society Announce Merger

In early October 1993, KeyCorp and Society announced their merger, creating a $58 billion banking behemoth.

1993: KeyCorp Tests Vision 2001

In 1993, Key began testing a Vision 2001 computer system, which sped up and enhanced the loan process.

March 1, 1994: Society and Key Complete Merger

On March 1, 1994, Society and Key completed their merger after regulatory approval, creating an odd couple due to their differing structures and focus areas.

1994: KeyBank Formed by Merger

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

1994: KeyCorp Formed

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

1994: Merger of Equals

In 1994, Society and Key completed the merger, and the merged bank took the KeyCorp name, and operates under the charter of the old KeyCorp.

September 1, 1995: Riley Steps Down as CEO

On September 1, 1995, Riley stepped down as CEO, and Gillespie took the helm as CEO and later chairman, allowing his protege Henry Meyer to become COO and later president.

1995: Gillespie Begins Transforming Key

Between 1995 and 2001, while still integrating Society Bank and KeyBank, Gillespie initiated nine significant acquisitions and 6 divestitures to turn Key into a financial services powerhouse.

1995: Key Sells Mortgage Servicing to Countrywide Financial

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: Key Sells Shareholder Services

In 1996, Key sold its shareholder services.

1997: Key Sells Various Chunks of the Bank

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

1998: Key Buys 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

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

1999: HSBC Bank USA changes name from Marine Midland

In 1999, HSBC Bank USA changed its name from Marine Midland.

2000: Key Sells Credit Card Operations

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

February 1, 2001: Gillespie Resigns as CEO

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

2001: Gillespie Begins Transforming Key

Between 1995 and 2001, while still integrating Society Bank and KeyBank, Gillespie initiated nine significant acquisitions and 6 divestitures to turn Key into a financial services powerhouse.

2001: 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

As a result of the sale of McDonald to the U.S. investment arm of UBS AG, Key began processing all subsequent securities transactions under its new broker-dealer name, "KeyBanc Capital Markets Inc", in April 2007.

October 2008: Key Receives TARP Investment

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

2008: National City Corp. acquisition by PNC Financial Services

In 2008, Key tried to acquire National City Corp. from PNC Financial Services following the National City acquisition by PNC before being outbid by First Niagara.

March 2011: Key Pays Back 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, Beth E. Mooney was named the first female chairman and CEO of a top 20 bank.

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: Key acquired 37 HSBC branches

In 2012, Key acquired 37 HSBC branches.

May 2013: Key Acquires Mortgage Servicing Rights

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

2014: KeyCorp Presence in Albany 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 marking its entry into Pennsylvania with a presence in Philadelphia and Pittsburgh.

April 2019: KeyBank Acquires Laurel Road

In April 2019, Keybank acquired Laurel Road.

May 13, 2019: KeyBank Announces Tellerless Branch Opening

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.

May 1, 2020: Christopher M. 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 worth $25 Billion

In 2021, KeyBank originated 52,366 mortgages worth $25 billion.

June 2023: KeyBank Provides Financing for Senior Housing Initiative

In June 2023, KeyBank provided $21 Million in financing options for seniors in a senior housing initiative based in New York.

2023: Value of 1949 Deposits

In 1949, Society for Savings celebrated its 100th anniversary with only one office, despite having over $200 million (~$2.03 billion in 2023) in deposits.