Key Moments in History

Coinciding with the opening of the Erie Canal, the Commercial Bank of Albany is established on April 12, 1825. In an era when many banks primarily serve the wealthy elite, the Commercial Bank of Albany welcomes the business of individual merchants, traders, and small shareholders.
 

^{Source: "Courtesy of KeyBank Corporate Archives"}

Banking legislation and risky lending practices, combined with the westward expansion of the United States, fuels the “Panic of 1837.” This results in the failure of many banks, the suspension of specie payments (gold and silver coins), and plunged the national economy into a deep recession. Conservative banking practices, most significantly the gathering of gold and silver to back its paper currency, position Commercial Bank of Albany to be one of the first banks to resume specie payments, establishing its reputation for financial soundness and stability.
 

^{Source: "Courtesy of KeyBank Corporate Archives"}

Society for Savings is established in 1849 in Cleveland, Ohio. As a mutual savings bank, the Society for Savings helps customers realize the benefits of managing their money prudently. Founders Samuel H. Mather and Charles J. Woolsen define the purpose for the Society for Savings: “to provide a secure investment to persons of either sex, who receive money in small sums and are desirous of saving it." True to its mission, the very first customer is a woman named Mrs. D.E. Bond, who deposits $25.
 

^{Source: "Courtesy of Western Reserve Historical Society"}

With the nation in the grip of the Civil War, the Commercial Bank of Albany aids the Union cause by providing $3.5 million to the State of New York to fund additional military recruits. The Civil War also prompts the National Banking Acts of 1863 and 1864, allowing the federal government to sell bonds to finance the war and establish a stable national currency.

^{Source: "Courtesy of The Met, Harris Brisbane Dick Fund, photo by Timothy H. O'Sullivan"}

The National Commercial Bank of Albany creates a women’s banking room to deliver a comfortable banking experience for women in need of financial services.
 

^{Source: "Courtesy of KeyBank Corporate Archives"}

As a response to serious financial panics that occurred into the early 20th century, the federal government sought to bring stability to American monetary actions and policy. Congress passes the Federal Reserve Act of 1913, which establishes the Federal Reserve Bank.

^{Source: "Courtesy of the Federal Reserve"}

Both Society for Savings and National Commercial Bank of Albany create war chests and sell bonds to support the allied war effort. Society for Savings also expands its services to include a Home Economics Bureau, helping depositors buy war bonds using savings gained from better household budgeting.
 

^{Source: "Courtesy of Western Reserve Historical Society"}

With an ever-growing presence in Cleveland, 1 in 6 residents bank with Society for Savings by 1920. This strong relationship with Cleveland residents positions the bank for success and is a testament to the bank’s strength and stability through the many challenges of the early 20th century.

^{Source: "Courtesy of Western Reserve Historical Society"}

After opening its doors in 1825 with four employees and $3,500 as the Commercial Bank of Albany, the now National Commercial Bank and Trust Company celebrates its first 100 years of operation.

^{Source: "Courtesy of New York State Library. Manuscripts and Special Collections"}

In 1925, the Cleveland Board of Education asks Society for Savings to provide a savings program for children in public schools. In the coming decades, thousands of school children learn the value of saving money and managing finances.

^{Source: "Courtesy of Western Reserve Historical Society"}

On October 29, 1929, the stock market crashes, plunging the global economy into the Great Depression. Within five years of the crash, almost half of the nation’s banks are either closed or acquired by stronger institutions. The challenges facing the entire national financial system culminate with the Bank Holiday of 1933, in which President Franklin D. Roosevelt, during a special session of Congress, closes all financial institutions over a four-day period to stabilize the nation’s banking system.

^{Source: "Courtesy of Getty Images"}

Both Society for Savings and National Commercial Bank and Trust Company, like most other financial institutions, experience incredible challenges and transformations throughout this decade.

^{Source: "Courtesy of Getty Images"}

With the world embroiled in war, Society for Savings and National Commercial Bank and Trust Company are once again called upon to orchestrate the sale of war bonds to raise money for the allied effort, with National Commercial Bank and Trust in particular raising about $238 million in bond subscriptions. Additionally, National Commercial Bank and Trust is selected to test a ration auditing system, placing it in charge of accounting for food ration coupons. This experiment is so successful that the Ration Banking System is established nationally by January 1943.

^{Source: "Courtesy of National Archives"}

Society for Savings acquires The Bank of Ohio, thus establishing Society National Bank. For the next two years, Society for Savings and Society National Bank operate as separate entities.

^{Source: "Courtesy of Library of Congress Prints and Photographs Division"}

In 1958, Mervin France, Society National Bank's first modern president, sets the wheels in motion to merge the two companies. This merger of a mutual savings and national bank would be the first in American banking history and result in the formation of a new holding company: Society Corp.

In a letter to depositors, France says the following: "In uniting these two banks into Society National Bank of Cleveland, we combine the strength and heritage of the past with the promise of an even greater future."

^{Source: "Courtesy of KeyBank Corporate Archives"}

A mobile home, dubbed the "intermittent unit," is outfitted as a mobile bank office and sent to areas where branch offices had yet to be built.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Society Corporation becomes the first bank holding company in northern Ohio with more than one affiliate upon the acquisition of Fremont Savings Bank.

^{Source: "Courtesy of KeyBank Corporate Archives"}

The Fair Housing Act was passed in 1968 to prohibit discrimination in housing based on race, color, religion, sex, national origin, disability, and family status, ensuring equal access to housing opportunities for all.

^{Source: "Courtesy of National Archives"}

Later renamed the KeyBank Foundation in 2009, the Foundation is a nonprofit charitable organization funded by KeyCorp. The foundation’s mission is to focus on improving the lives of our neighbors, to increase access to high-quality education, and to help adults achieve the skills, education, and capabilities they need to succeed in employment opportunities.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Incorporating a comprehensively connected IBM electronic data processing system, a national first in banking, Society National Bank links tellers directly to a central computer and makes the service of “instant banking” available to clients.

^{Source: "Courtesy of Western Reserve Historical Society"}

National Commercial Bank and Trust Company merges with First Trust and Deposit Company, forming First Commercial Banks Inc.

^{Source: "Courtesy of KeyBank Corporate Archives"}

As severe flooding impacts New York, First Commercial Banks Inc. deploys its mobile banking unit to assist those in need of financial services. During this effort, the mobile unit aids the workers of Corning Glass Works so they can receive paychecks after the local branch was forced to shutter.

^{Source: "Courtesy of The Library of Virginia"}

The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their communities, including low- and moderate-income neighborhoods. KeyBank has consistently earned “Outstanding” CRA ratings since the act’s passage, most recently in 2024, highlighting our commitment to responsible and inclusive community investment.

^{Source: "Courtesy of National Archives"}

First Commercial Banks Inc. is renamed Key Banks Inc., with all subsidiary banks adopting the word “Key” into their name.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Key Banks Inc. is officially listed on the New York Stock Exchange with the ticker symbol “KEY.”

^{Source: "Courtesy of KeyBank Corporate Archives"}

Key Banks Inc. begins business in the state of Maine through its acquisition of the Depositors Corp. of Augusta, the largest banking group in the state.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Key Banks Inc. becomes KeyCorp.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank employees in Alaska decide to close branch offices for a portion of a day to focus on volunteer efforts within their community. This initiative quickly spreads throughout the company, and by 1993, KeyBank branches across the nation begin participating in this annual day of volunteerism, Neighbors Make The Difference^® Day. This longstanding tradition still stands today.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Society Corporation merges with AmeriTrust, consolidating two of Cleveland’s largest banking institutions.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyCorp and Society Corporation merge, with the resulting company retaining the name KeyCorp. The decision is made to become fully headquartered in Cleveland.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Victor J. Riley Jr. and Robert Gillespie’s executive leadership and personal relationship help turn a complex merger into reality, setting the foundation for KeyBank’s future.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Robert “Bob” Gillespie started his banking career as a teller at Cleveland Society for Savings in 1968. In 1995, he was elected chairman and CEO of KeyCorp. Under his leadership, KeyCorp evolved from a collection of local banks into a national, multi-line provider of integrated financial services. KeyBank became the nation's 14th largest financial services company through the 1992 acquisition of Ameritrust in Cleveland, Ohio, and the 1994 merger that combined KeyCorp of Albany, New York, with Society Corp of Cleveland, Ohio. Recognized for his extensive experience over a broad range of disciplines, Bob Gillespie’s leadership shaped and lifted his company, the financial services industry, and the Cleveland community.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank launches a series of innovative banking solutions to save current and potential clients more time. To get the word out, KeyBank creates a memorable TV campaign to get Americans thinking about the importance of free time, a topic that continues to resonate.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank launches an iPod Nano promotion for those opening a new checking account. As these devices were in high demand and relatively new to the market, this campaign emphasizes KeyBank’s reputation as a company that’s ahead of the curve.

^{Source: "Courtesy of Wikimedia Commons, photograph by Eduardo Lopez"}

Beginning in 2007 and having significant impacts across the nation for many years to come, the economic crisis of the late 2000s would see a major disruption to the American financial system.

^{Source: "Courtesy of Library of Congress, Prints and Photographs Collections"}

Beth E. Mooney becomes the first woman to serve as a Chair and Chief Executive Officer of a top 20 bank as she takes the reins at KeyCorp. Under her steady leadership, Beth guided KeyCorp through recovery from the 2008 financial crisis and led KeyCorp's acquisition of First Niagara Financial Group, the largest industry merger since the financial crisis. She transformed KeyBank into a top tier regional bank, leaving the bank well-positioned for continued growth. Beth also makes a notable impact through her support of community initiatives such as "Say Yes to Education," strengthening the bank’s work on building inclusive workplace environments.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank was one of the first financial institutions in the United States to create teams exclusively focused on serving Native American communities. In 2012, KeyBank Foundation partnered with First Nations Oweesta Corporation to launch a four-year financial literacy program. The program’s unique approach trains the trainers, allowing Oweesta professionals to continue to teach people in their communities how to manage their money, save for their financial goals, take advantage of financial resources, and avoid predatory lenders.

^{Source: "Courtesy of Getty Images"}

KeyBank acquires First Niagara Bank of Buffalo, New York.

^{Source: "Courtesy of KeyBank Corporate Archives"}

In 2016, KeyBank announced our National Community Benefits Plan, a groundbreaking commitment that will lend and invest $16.5 billion in our communities beginning in 2017. This five-year plan will center on mortgage and consumer loans, small business lending, community development lending and investment, and philanthropy.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Through a historic $24 million grant to JumpStart Inc., The KeyBank Foundation powers the Business Boost & Build Program, focused on fostering small business growth and enabling business ownership opportunities.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank Foundation makes two, record-setting $10 million commitments to the Rock & Roll Hall of Fame and Playhouse Square in Cleveland. The contributions help both organizations deliver on their missions designed to improve access to arts and culture and importantly, fund programs that ensure free access for Clevelanders and students.

^{Source: "Courtesy of KeyBank Corporate Archives"}

The KeyBank Foundation contributes $10 million to the Say Yes Cleveland scholarship fund, supporting hundreds of Cleveland Metropolitan School District graduates achieve their higher education goals.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Chris Gorman assumes the role of KeyCorp CEO in 2020. Through his leadership, KeyBank navigates the unprecedented challenges of the COVID-19 pandemic by prioritizing teammate safety and client service while ensuring continued support of the communities KeyBank serves. He champions KeyBank’s participation in the Paycheck Protection Program, ensuring that thousands of small businesses secure critical financial relief, remain open, and can pay their employees. Gorman charts a course for KeyBank’s future that honors our enduring commitment to clients and communities while ensuring investment in contemporary capabilities and experiences. As a testament to his leadership and stewardship, KeyBank is well positioned for sound, profitable growth, today and across the decades to come.

^{Source: "Courtesy of KeyBank Corporate Archives"}

As the COVID-19 pandemic grips the world, KeyBank is there when our clients, colleagues, and communities need us most. KeyBank becomes one of the largest funders of Paycheck Protection Program loans, helping businesses stay open during the pandemic. Banking norms are eased to allow employees to visit homes and offices of clients who aren’t comfortable with coming into branches. The “Heart of Key Program” is established and distributes special pins to the 2,000+ frontline employees who continue to work at branches throughout the pandemic.

^{Source: "Courtesy of KeyBank Corporate Archives, photo by Quintin Soloviev"}

In 2021, KeyBank announces the extension and expansion of community commitments from $16.5 billion to $40 billion into communities across its footprint. The commitments go on to positively impact affordable housing, home lending, and philanthropy in low-to-moderate income communities as well as renewable energy financing and specific commitments to advance economic, social, equity, inclusion, and belonging.

^{Source: "Courtesy of KeyBank Corporate Archives"}

Through a $1.5 million grant to The MetroHealth System, The KeyBank Foundation works to improve access to healthcare resources in Cleveland. With this funding, MetroHealth's Institute for H.O.P.E.^TM is aided in providing optimal individual and community health services.
 

^{Source: "Courtesy of MetroHealth"}

KeyBank Foundation awards a grant to the Africatown Community Land Trust to support the expansion of a small business development program designed to help black entrepreneurs incubate and grow their businesses.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank Foundation provides a $300,000 grant to the National Center for American Indian Enterprise Development to help support tribal businesses negatively impacted by the Covid-19 pandemic.

^{Source: "Courtesy of Adobe Stock"}

KeyBank Foundation invests $2 million in Cuyahoga Community College (Tri-C) to help expand Tri-C’s Workforce, Community and Economic Development division. The division aims to enroll individuals who are under-employed and under-represented in key industries, offering more than 60 training programs in high-demand fields that offer family-sustaining salaries.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank Foundation helps make possible an innovative and environmentally conscious 3D-printed housing solution by partnering with Penquis CAP, University of Maine Advanced Structures and Composites, and MaineHousing. The nine-home pilot program is the first step to creating a new manufacturing process, new jobs, and new affordable housing in the community.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank works with Operation HOPE, a national non-profit dedicated to financial empowerment in underserved communities, to launch a program delivering financial education programming and coaching free of charge, including homebuyer education, to underserved communities in the Buffalo area.

^{Source: "Courtesy of KeyBank Corporate Archives"}

KeyBank continually finds innovative ways to reach its customers throughout its history, even coming to them when the need arises. From its earliest mobile branches, KeyBank has always been committed to “Meeting you in the moment,” helping to foster meaningful relationships with its clients, wherever they may be. A campaign based on this commitment brings the idea of going mobile to a whole new level. Key creates six mobile Automated Thank You Machines that dispense treats like cookies, tacos, and toys to surprise and delight the communities it serves and make memorable connections.

^{Source: "Courtesy of KeyBank Corporate Archives"}

As America approaches its 250th anniversary, KeyBank is proud to celebrate the two centuries of history that we’ve been a part of. Our teammates – 17,000 strong from Maine to Alaska – are more dedicated than ever to deliver on our purpose: to help our clients and communities thrive.

Our steadfast dedication to transforming lives and livelihoods, delivering transformative philanthropy in the communities we are proud to call home, and supporting our colleagues personally and professionally, will be the driving forces that propel us through the next 200 years.

^{Source: "Courtesy of KeyBank Corporate Archives"}