Buffalo News, November 20, How KeyBank’s deal for First Niagara stacks up – five years later
Just over five years ago, KeyBank struck a deal to acquire First Niagara Bank for $3.6 billion.
As Key moved toward acquiring First Niagara, Key announced a five-year, $16.5 billion community benefits plan, developed with the National Community Reinvestment Coalition. The plan would touch markets in all 15 states where Key operates, with 35% of the total, or $5.8 billion, directed to where Key and First Niagara had overlapped.
The community benefits plan kicked off at the start of 2017 and runs through the end of 2021. The plan calls for mortgage, small business and community development lending, as well as philanthropy, with an emphasis on serving low- to moderate-income communities.
Three and a half years into the plan, Key said it had invested $15 billion, with $690 million of that directed to Western New York. “That has a huge impact,” Gorman said. The $15 billion represents 91% of Key’s five-year target.
