KeyBank Invests $104M in Low-income Michigan Communities Over Last Three Years

Southfield’s KeyBank has invested more than $104 million in Michigan over the last three years as part of its National Community Benefits Plan to support low- to moderate-income individuals and communities, according to the bank’s 2019 Corporate Responsibility Report released on Wednesday.
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KeyBank has invested more than $104 million in Michigan over the last three years. // Photo courtesy of KeyBank

Southfield’s KeyBank has invested more than $104 million in Michigan over the last three years as part of its National Community Benefits Plan to support low- to moderate-income individuals and communities, according to the bank’s 2019 Corporate Responsibility Report released on Wednesday.

KeyBank executives says the investments exceeded the goals for the first three years of the plan by 48 percent.

“Helping clients and communities thrive is KeyBank’s purpose,” says David Mannarino, president of the Michigan market for KeyBank. “Building stable neighborhoods is even more critical today due to COVID-19. We’re proud to stand with the businesses and families of Michigan to deal with fallout of COVID-19. Our work prior to this crisis has laid a solid foundation from which KeyBank will continue to build to support our communities.”

Highlights from the community benefits plan results include:

  • Investing more than $53.5 million in Michigan community developments the past three years, including projects that will provide affordable housing, revitalize and stabilize neighborhoods, and support vital community service initiatives.
  • Originating more than $18 million in small business loans in Michigan.
  • Providing more than $14 million in mortgages to low- to moderate-income communities in Michigan during the past year, for a total of more than $32 million the last three years.
  • Making nearly $300,000 million in philanthropic investments in neighbors and neighborhoods in Michigan. In 2019, these investments included Michigan Ability Partners.

“Community investment is always an important part of our business,” says Mannarino. “But it’s even more important today with our community dealing with the economic fallout from COVID-19.”

To view the full KeyBank Corporate Responsibility Report, visit here.

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