Keybank Community Benefits Agreement
Mr. Taylor continued: « This success would not have been possible without a real commitment from the management at the bank`s highest levels to increase bank access to traditionally underserved people. Without the CEO in these dialogues, we would never see the level of commitment and detail as agreed in this agreement. Such commitments begin and stop at the highest levels of institutions, and we welcome KeyCorps Ceo and CEO Beth Mooney and Executive Vice President and Chief Corporate Responsibility Bruce Murphy for promoting a commitment that is a real asset to all players. At a committee hearing on Monday, Council members asked whether the agreement obliges KeyBank to make such COMMUNITY investments and when they should be made. Treasurer Chris Murray said a timetable has not yet been set and keyBank`s contract requires « doing the best » in community investment. « The goal was to develop a plan that was holistic and took into account all the resources needed by a community to thrive and for individuals to reach their potential in this community, » said Catherine Crosby, executive director of the City of Dayton Human Relations Council, one of the organizations representing Dayton, Ohio, in the Huntington Bank negotiations. She is also a member of the NCRC Steering Committee. « Consistency and commitment are the cornerstones of KeyBank`s corporate responsibility efforts, » said Bruce Murphy, Executive Vice President and Chief Corporate Responsibility Officer. « What makes me exciting is the depth and breadth of investment in communities that stretch from Maine to Alaska, from our employees to the marketplace. The Community Benefit Plan is an important part of our approach, but as described in detail in the 2017 Corporate Responsibility Report, the commitment goes even further.
The strengths of the first year of the municipal performance plan were: the agreement addressed the concerns expressed by the groups, including the reinvestment coalition, about the impact of the acquisition on local communities. As part of the acquisition, KeyBank closed seven KeyBank stores and seven First Niagara stores in downtown New York. By combining one-on-one meetings, on-site visits and conference calls, banks and representatives of dozens of community organizations negotiate the details of these agreements for months. The resulting contracts include a wide range of commitments for low- to medium-term sectors. « A housing crisis remains in place in Cleveland and other low- and middle-income communities as other more prosperous communities benefit from an economic recovery. The integral components of capital and investment, safe and affordable mortgages and access to advantageous banking products are the tools needed to increase the stabilization of our neighbourhoods. KeyBank`s commitment to meeting these needs will address the economic inequalities of our people, » said Lou Tisler, Executive Director, Neighborhood Housing Services of Greater Cleveland, Cleveland Ohio. Community Performance Agreements (ABCs) – contracts traditionally used to ensure that local real estate development projects create opportunities for workers and local communities – are increasingly being applied to banks to improve access to financial services for disadvantaged communities. « This commitment is the result of a collaborative process with community members and bank managers after months of donation and taking, leading to a substantial and detailed commitment of resources and services to the communities throughout keybank and First Niagara Bank, » said John Taylor, President and CEO of NCRC.