Company Overview

KeyCorp is a Cleveland-based holding company for a variety of financial services firms, with assets of more than $100 billion. Its biggest business (accounting for more than 40 percent of total revenue) is regional banking (it operates the 12th largest branch network and 11th largest ATM network in the U.S.), but it also operates in commercial banking, consumer finance, institutional and capital markets, equipment finance, and real estate capital. It is one of the biggest education lenders. Its institutional banking arm employs 160 institutional and national commercial bankers, and focuses on the consumer, energy/utilities, financial services, financial sponsors, health care, industrial, real estate investment banking, and technology/media sectors.

KeyCorp completed a couple of major acquisitions in recent years. In 2007, the company acquired Tuition Management Systems, which provides outsourced tuition billing, accounting, and counseling services for colleges and universities and merged the unit into its Key Education Resources operations. In 2008, it acquired U.S.B. Holding Co. and its Union State Bank subsidiary for more than $550 million—which nearly doubled the company’s presence in the Hudson River Valley. The acquisitions came after KeyCorp shed non-banking subsidiaries Champion Mortgage and McDonald Investments to focus on its consumer and corporate businesses.