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KeyBank is a regional bank
headquartered in Key Tower
within Cleveland, Ohio's Public Square. As of
2007[update], it is the
16th largest bank in the United States
based on total deposits.
It is the 12th largest bank in the United States by total
KeyBank National Association is a nationally chartered bank,
regulated by the Office of the Comptroller of the
Currency, Department of the
KeyBank has approximately 17,468
employees and a diverse client
base. Key's customer base spans retail, small business, corporate, and investment clients. There are 985 Key
branches located in Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont,
and Washington, and 1,479 ATMs. KeyCorp maintains business offices in 31 states. In 2008, Key was ranked 321 on
the Fortune 500 list.
KeyBank also has several major sub-headquarters throughout
Ohio; these are located in Cincinnati, Columbus, and Dayton. KeyBank recently took naming rights to the
in Dayton, Ohio which is
now named KeyBank Tower.
With RBS-owned Citizens Financial Groupacquiring Charter One Financial in 2004 (though the latter retained its
name in most areas under Citizens ownership) and the acquisition of National Cityby PNC Financial Servicesin 2008, KeyBank is the last surviving major
bank based in Cleveland.
The company owns the naming rights to KeyArenain Seattle, WA. On April 11, 1995, the city of Seattle sold the naming rights to
KeyCorp for $15.1 million, which renamed the Coliseum as KeyArena. Now that KeyArena has lost its major
tenant, there has been speculation that KeyCorp may try to amend or back out of the naming rights
deal. However, in March
2009, the city and KeyCorp signed a new deal for a two-year term ending December 31, 2010, at an annual fee
of $300,000. 
Key took a very different path to
the altar with Society. In 1825, New York Governor DeWitt Clintonsigned a
bill chartering the Commercial Bank of Albany. In 1865, Commercial Bank was reorganized under the National Banking
Act of 1864, and changed its name to National Commercial Bank of Albany. Over a hundred years would pass before
National Commercial would merge with First Trust and Deposit to become First Commercial Banks in 1971, still a
modest New York State bank with 89 offices. A young workaholic named Victor J. Riley, Jr., became president and CEO
in 1973. Riley was born in Buffalo, New York in 1931. Key would change its name to Key Bank Inc. in
Riley embarked on a plan to grow Key through acquisitions. From
the mid-1970s to early 1980s, it grew but largely remained in upstate New
Yorkbank. Riley went outside New York,
expanding the footprint with an acquisition in Maine. However, by the
mid-1980s, the state banking regulators within New Englandbegan to scoff at the idea of New York banks controlling their capital.
That, coupled with increasing competition for acquisition targets, caused Riley to essentially abandon the
northeastern region. He then began hunting for prey in the northwestern U.S. Riley found a target-rich
environment in rural and underserved areas. He snapped up small banks in Wyoming, Idaho, Utah, Washington and
Oregon. He even went so far as to buy two banks in Alaska, for which he was flogged in the media and in
banking circles. Unorthodox strategy aside, Riley quintupled Key's assets from $3 billion to $15 billion in
just four years between 1985 and 1990.
While the early 1990s recession rocked many banks, Key had ample capital. In fact, it would buy
the assets of two failed thrifts from the government: Empire Federal Savings and Loan and Goldome Savings
Bank. Once the recession passed, Key returned to the hunt, mostly tuck-in deals within its existing
footprint. For instance, in March 1992, it bought Tacoma, WA-based Puget Sound Bancorp for $807.2 million to
bolster its presence in Washington.  Also in 1992, Key
acquired Home Federal Savings of Fort Collins, its first move into Colorado. Key amassed nearly 700 banking
By 1993, the rural strategy with local management and minimal
technology made Key a very profitable bank. However, it was getting tougher for Riley and CFO William Dougherty to
maintain their 15 percent return on equitytarget and investors were cooling on Key stock after many high growth years.
Accordingly, Key began testing a Vision 2001 computer system, which would speed up and enhance the loan process
through faster credit scoring, loan servicing and collection capabilities.
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