Community is Key®: Michigan Banking*
- KeyBank has earned an Outstanding rating overall on each of its last 6 CRA exams. For the State of Michigan, KeyBank earned an Outstanding rating in its most recent CRA exam. The exam was comprised of the following components and respective ratings:
- Lending Test = Outstanding
- Investment Test = Outstanding
- Service Test = High Satisfactory
- You may view KeyBank's most recent CRA exam.
- KeyBank has 35 branches and 37 ATMs in Michigan.
- The Ann Arbor metropolitan statistical area has approximately 50% of Key's deposits in Michigan. The remainder of the deposits is located in Detroit, Monroe, Warren-Farmington and other non-urban areas.
- Michigan accounts for approximately 1.9% of KeyCorp's total deposits, or $1,082,398,000 as of June 30, 2006.
- The total number of KeyCorp employees in Michigan was 234.
Investments and Loans
- Key has made over $46,292,000 in community development investments in Michigan.
- These investments have created 7,407 units affordable housing in Michigan.
- One example of such a project is Lafer Building.
- Key made over $95,448,000 in community development loans, which benefited low and moderate income residents, in Michigan in 2005 and 2006.
- In 2005 and 2006, Key made over 2,100 mortgages totaling more than $79,639,000 including home purchase, home improvement, and refinances in Michigan.
- Key made 113 SBA loans totaling $45,709,000 during 2005 and 2006 in Michigan.
- Key has made over 500 small business loans in the state, totaling more than $92,248,000 in 2005 and 2006.
- In 2005 and 2006, Key has made 92 contributions to non-profits in Michigan totaling approximately $295,000.
- Because Key is committed to serving all segments, it continues to explore products and services that meet community needs. KeyBank Plus allows customers to cash their approved payroll or government check for a special low rate. An account with KeyBank is not required and clients on ChexSystems are welcome. Becoming a KeyBank Plus member gives customers special privileges such as free money orders when they cash a check.
- Economic growth and inclusion is a business imperative for KeyBank. Our corporate-wide Supplier Diversity initiative is designed to develop strategic supplier and client business relationships with minority and women-owned businesses (M/WBEs), thus reflecting our commitment to the communities we serve our clients and shareholders.
- With a dedicated Supplier Diversity team, housed in Community Development Banking, KeyBank set a five-year plan to reach 10% M/WBE procurement spend by 2006. In November, 2006 Key surpassed that mark, reaching 11.8% or $84 million of meaningful procurement opportunities for over 400 M/WBEs from across the country.
- Our goal is to continue to expand and deepen our diverse supplier base. We encourage you to learn more about becoming a member of Key's nationwide business network.
* All numbers are as of December 31, 2006 unless otherwise noted. All dollars are rounded to the nearest thousand.