Contact Us info pitchbook. Terms of Use Privacy Policy. Snoqualmie Casino. IPS Corporation. ABRY Partners. Other Service Provider Type. Financing Advisory. London, United Kingdom. Alliance Partners. Allied Capital. Christopher Gorman. Chairman, Chief Executive Officer, and President. Cleveland, OH. New York, NY. President, Key Equipment Finance.
President of Wealth Management at KeyBank. The s Depression had little effect on the bank, and it began one of the nation's first school savings programs during those years. As a mutual savings bank, Society for Savings was restricted to retail banking, and in Jan. Bank of Cleveland, to service the needs of commercial customers. When the separate operations proved costly and inefficient, Society for Savings was consolidated with Society Natl.
Bank in and the bank became a major subsidiary of the Society Corp. In the s Society regionalized its operations by acquiring affiliates in Ohio, Indiana, Michigan, and Florida and expanded into the overseas market. Headquarters for the combined bank were established in the Central Natl. Bank Bldg. This became a priority for William Dougherty, the company's chief financial officer, who set to work linking KeyCorp's branches by computer and consolidating its back-office operations.
By the end of , all of KeyCorp's banks were linked electronically, with primary processing centers in Albany and in Tigard, Oregon.
Six secondary sites handled business more suited to regional processing. In line with the current trend in banking toward consolidation of holdings, KeyCorp consolidated several New York State operations into one financial institution.
KeyCorp benefited from the country's thrift crisis in the early s by buying from the government assets of two large failed New York thrifts--Empire Federal Savings and Loan and Goldome Savings Bank.
With the Goldome purchase, KeyCorp moved from its status as an unknown in the mortgage industry to become the nineteenth largest mortgage banker in the nation. Furthermore, the Goldome purchase turned out to be profitable as the market for new and refinanced mortgage loans boomed, with interest rates the lowest they had been in decades.
By the end of , KeyCorp had its operations and its expenses under control, using a computer system to keep track of its coast-to-coast snowbelt holdings. Its earnings were also looking better. While other banks in the Northeast had been saddled with bad real estate loans, KeyCorp's net earnings were increasing because its Northwest holdings, which in made up more than 39 percent of its holdings, were booming.
Although it owned banks in some larger western cities, the majority of its banks were located in small towns such as Troy, Idaho, with a population on and Gig Harbor, Washington, with a population of 2, Victor Riley and William Dougherty have been credited with taking KeyCorp into the ranks of the top 50 financial institutions. According to The Economist, KeyCorp's "loan book and profitability are the envy of other banks.
This kept KeyCorp out of some of the deep troubles that other banks encountered. KeyCorp also refrained from making loans to third world nations. The Economist also credited KeyCorp's success to "rigorous financial and credit controls" over the banks it bought as well as its effective cost controls. KeyCorp began testing a Vision computer system and planned to have it fully installed by the end of The system could also aid in loan servicing and collection. As it approached the twenty-first century, KeyCorp anticipated growth in the area of trust products, as the "baby boomers" entered middle age and started to think about retirement.
KeyCorp planned to expand its trust services and products. Riley told The Economist that the key would be to keep tight controls of the finances and operations but at the same time maintain management power at the local banks where the person-to-person banking takes place. KeyCorp's annual report explained that services that are "visible to the customer are managed locally," including loan approval and product pricing.
Data processing, loan reviews, and audits, "invisible services," were handled by KeyCorp, the parent company. While it was important to maintain that small town flavor and person-to-person services, to Riley, investors were the key to growth.
He told Financial World "We've worried an awful lot about the depositor [in this country] but we've given no concern to the investor.
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