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47-418: Key Tower's anchor tenant is KeyCorp , a major regional financial services firm. In 2014 the law firm of BakerHostetler announced that it would move its headquarters to the building, taking up several floors being vacated by KeyCorp. The international law firm Squire Patton Boggs is headquartered here and a major tenant. It is also headquarters to Dan T. Moore Companies , located on the 27th floor. Key Tower

94-412: A $ 16.5 billion promise. KeyBank owns corporate naming rights to the following: KeyBank is a sponsor of: Mutual savings bank A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund, claims, loans, etc., are paid. Profits after deductions are shared among

141-521: A 947-foot skyscraper that was more commensurate with a major bank headquarters than the modest buildings used in Albany. These issues made Cleveland the preferable location for the merged bank's headquarters. Conversely, Key's brand was more recognizable. The deal was structured as a merger of equals. The merged bank took the KeyCorp name, and operates under the charter of the old KeyCorp. However, Society

188-660: A bill chartering the Commercial Bank of Albany. In 1865, Commercial Bank was reorganized under the National Banking Act of 1864, and changed its name to National Commercial Bank of Albany. Over a hundred years passed before National Commercial merged with First Trust and Deposit of Syracuse to become First Commercial Banks in 1971, still a modest New York State bank with 89 offices. Victor J. Riley Jr. became president and CEO in 1973, and changed First Commercial's name to Key Bank Inc. in 1979. Riley embarked on

235-526: A community bank. By 1993, the rural strategy with local management and minimal technology made Key a very profitable bank. However, it was getting tougher for Riley and CFO William Dougherty to maintain their 15% return on equity target and investors were cooling on Key stock after many high growth years. Key began testing a Vision 2001 computer system, which sped up and enhanced the loan process through faster credit scoring, loan servicing, and collection capabilities. Although Gillespie had built Society into

282-520: A late change to the site led to Pelli designing a new tower for it. Key Tower was developed by the Richard E. Jacobs Group . When Society Center was completed in 1991 by Turner Construction , it became the tallest building between Chicago and New York City . The 975-foot (297 m) Comcast Center in Philadelphia assumed this distinction in 2007. The Chamber of Commerce Building stood on

329-421: A mutual to a public company , which enabled it to grow quickly by acquiring 12 community banks between 1958 and 1978 under the banner Society National Bank . It went through another growth spurt from 1979 to 1989, as it acquired dozens of small banks and completed four mergers worth one billion dollars, most notably Cleveland-based Central National Bank in 1986. In 1987, Society CEO Gordon E. Heffern retired and

376-611: A plan to grow Key through acquisitions. From the mid-1970s to the early 1980s, it made numerous acquisitions throughout upstate New York . Beginning in the 1980s, Riley looked outside New York, expanding Key's footprint with an acquisition in Maine , and eventually adding branches in Massachusetts and Vermont . However, by the mid-1980s, banking regulators in New England began looking askance at New York-based banks controlling

423-469: A regional powerhouse in the Midwest , he wanted to vault the bank into the big leagues. He concluded Key, a bank with similar ambitions, was a suitable partner. Society and Key held talks in 1990 at Gillespie's prompting, but Riley decided to stay the course of smaller, more lucrative acquisitions with obvious synergies. Yet, news reports swirled that a possible merger was in the works in the fall of 1993. Key

470-560: Is connected to the Marriott at Key Center , built in conjunction with the tower, and the older Society for Savings Building . It was the tallest building between New York City and Chicago until 2007, and is the tallest building in the Midwest United States outside of Chicago. In October 2008, Wells Real Estate Funds purchased Key Center, including Key Tower, Marriott at Key Center , Society for Savings Building , and

517-562: The CEO position on February 1, 2001, and then as chairman at the annual meeting on May 17 during which he was replaced by Henry Meyer. In October 2008, Key received approximately $ 2.5 billion (~$ 3.47 billion in 2023) in investment from the Troubled Asset Relief Program . In March 2011, Key was one of the last major banks to pay back TARP funds. In May 2011, Key made history by naming Beth E. Mooney, previously

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564-643: The Ruthwell Presbyterian Church in Dumfriesshire , Scotland . Duncan established a friendly society to create a cooperative depository institution in order to enable his poorest parishioners to hold savings accounts accruing interest for sickness and old-age . Another precursor of modern savings banks were the ideas of Friedrich Wilhelm Raiffeisen that led to rural credit unions and cooperative banks . European voluntary organizations and " friendly societies " provided

611-668: The Terminal Tower 's 60-year reign as the tallest building in Ohio. It was renamed Key Tower after Society merged with KeyCorp and took the KeyCorp name. Indeed, it was decided to make Cleveland the headquarters for the new KeyCorp because it was felt the then-Society Center was more commensurate with the merged bank's status as a major bank. Pelli originally intended its design for the Norwest Center in Minneapolis , but

658-491: The regional economy of Cleveland , having 6,400 employees. In 2019, KeyBank announced it will be opening its first tellerless branch on May 13, 2019, in Boulder, Colorado . Instead of teller lines, the branch features private offices where clients can interact with bankers trained as "financial wellness consultants". In September 2019, Christopher Gorman was appointed president. On May 1, 2020, Christopher M. Gorman assumed

705-408: The 10th largest US bank. Its roots trace back to Commercial Bank of Albany, New York in 1825 and Cleveland's Society for Savings, founded in 1849. Society For Savings originated in 1849 as a mutual savings bank , founded by Samuel H. Mather. In 1867, the modest but growing bank built Cleveland 's first skyscraper , the 10-story Society for Savings Building on Public Square . Despite erecting

752-676: The 1980s, several building societies in Australia converted to banks, but were required to demutualize when doing so. These included Advance Bank (formerly NSW Building Society), St. George , Suncorp , Metway Bank, Challenge Bank, Bank of Melbourne and Bendigo Bank . A change in regulation meant that building societies and credit unions were no longer required to demutualize upon converting to banks, and several, including Heritage Bank , have converted since 2011 while retaining their status and structure as mutual organizations. Mutual savings banks were designed to stimulate savings by individuals;

799-753: The Albany-headquartered KeyCorp. The company today operates over 1,000 branches and 40,000 ATMs, mostly concentrated in the Midwest and Northeast United States, though also operates in the Pacific Northwest as well as in Alaska, Colorado, Texas and Utah. KeyBank is the primary subsidiary of KeyCorp, which was formed in 1994 through the merger of Society Corporation of Cleveland, Ohio ("Society Bank") and KeyCorp ("Old KeyCorp") of Albany, New York . The merger briefly made Key

846-720: The Salem Savings Bank. In 2020, Eastern Bank demutualized and listed its stock on the New York Stock Exchange . Since the 1970s, when the industry was deregulated, thousands of mutual savings banks have been converted into stock ownership companies , raising more than $ 40 billion. In 2010, only about 600 remained. These conversions have often resulted in large financial rewards for top bank executives. Current mutual saving banks include Dollar Bank , Ridgewood Savings Bank , Middlesex Savings Bank , Liberty Bank , and Marquette Savings Bank . Beginning in

893-523: The bank in 1997–1999 (i.e. Wyoming , Florida , and Long Island ), and credit card operations to The Associates in 2000 (which was quickly thereafter acquired by Citigroup ). But Gillespie was attempting to increase fee-income by acquiring high-growth businesses, including McDonald and equipment financing firm Leastec, and decreasing the exposure to the bank's shrinking population base in its primary footprint, so-called rust belt states such as Ohio , Michigan , and Indiana . Gillespie resigned from

940-859: The bank's president, as the first female Chairman and CEO of a top 20 bank. In January 2012, Key acquired 37 former HSBC Bank USA branches in Upstate New York from First Niagara Bank for $ 110 million. In May 2013, the company acquired mortgage servicing rights from Bank of America . In January 2015, KeyBank participated in the construction debt financing syndicate behind the Balko Wind Project purchased from Apex Clean Energy by D.E. Shaw Renewable Investments. On July 29, 2016, KeyCorp acquired First Niagara Bank for $ 4.1 billion (~$ 5.1 billion in 2023) in cash and stock. The deal strengthened Key's position in Upstate New York and New England , as well as entering Pennsylvania for

987-415: The city of Albany and then-Governor Mario Cuomo openly fretted that the merger would be bad for the state capital since Key and its subsidiaries owned or leased more than 10% of Albany's commercial office space. By 2014, only about 225 non-branch employees were still based in Albany at the former KeyCorp Tower. Society and Key completed the merger on March 1, 1994, after regulatory approval. Although it

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1034-413: The computer systems and technology expertise to combine the two banks, along with Chief Information Officer Allen J. Gula. Riley also lamented the modest Albany International Airport , which lost service from several major airlines in the 1980's and complicated air travel for Key executives. Ohio also had lower state taxes than New York. Lastly, Society had recently built Society Center (now Key Tower ),

1081-629: The core of what had been Marine Midland Bank , old KeyCorp's longtime rival. Five years earlier, First Niagara had acquired most of the upstate New York branch network of HSBC Bank USA , which had changed its name from Marine Midland in 1999; as mentioned above, Key had acquired 37 HSBC branches in 2012. As part of the transaction, 18 First Niagara branches in Erie and Niagara Counties in New York were sold to Northwest Savings Bank for antitrust reasons. KeyBank continues to play an important role in

1128-613: The end of 1995. He decided to accelerate it by four months, however, instead stepping down on September 1, 1995. Gillespie took the helm as CEO and later chairman, allowing his protege Henry Meyer to become COO and later president. While still integrating Society Bank and KeyBank, Gillespie attempted to turn Key into a financial services powerhouse. Between 1995 and 2001, Gillespie initiated nine significant acquisitions and 6 divestitures. In late 1998, Key bought Cleveland-based brokerage firm, McDonald & Co. for $ 653 million (~$ 1.14 billion in 2023) in stock. The McDonald acquisition

1175-461: The exclusive function of these banks is to protect deposits, make limited, secure investments, and to provide depositors with interest. Unlike commercial banks , savings banks have no stockholders; the entirety of profits beyond the upkeep of the bank belongs to the depositors of the mutual savings bank. Mutual savings banks prioritize security, and as a result, have historically been characteristically conservative in their investments. This conservatism

1222-529: The first time with a presence in both Philadelphia and Pittsburgh . The deal made Key one of the largest banks in Pittsburgh, and gave it branches that were once part of the crosstown rival National City Corp. , which Key tried to acquire from PNC Financial Services following the National City acquisition by PNC in 2008 before being outbid by First Niagara. As a result, KeyCorp now held much of

1269-407: The inspiration for their state-incorporated American counterparts. These first savings banks were envisioned as philanthropic endeavors, designed to uplift the poor and working classes. The banks were started by philanthropists who took on the positions of savings bank trustees, managers, and directors as opportunities to teach the working class the virtues of thrift and self-reliance by allowing them

1316-407: The members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages , loans , stocks , bonds and other securities and to share in any profits or losses that result. The institution most frequently identified as the first modern savings bank was the " Savings and Friendly Society " organized in 1810 by Rev. Henry Duncan of

1363-585: The region's capital. That, coupled with increasing competition for acquisition targets, caused Riley to essentially abandon the Northeast. Instead, he began searching for prey in the Pacific Northwest. Riley found a target-rich environment in rural and underserved areas. He snapped up small banks in Wyoming , Idaho , Utah , Washington and Oregon . He even went so far as to buy two banks in Alaska , for which he

1410-547: The role of Chairman, Chief Executive Officer, and President of KeyCorp bringing more than 30 years of financial services experience to his role. In 2021, KeyBank originated 52,366 mortgages worth $ 25 billion (~$ 27.7 billion in 2023). KeyBank provided $ 21 Million in financing options for seniors in a senior housing initiative based in New York in June of 2023. However, in May earlier that year, multiple groups claim that they broke

1457-589: The security to save their money. The first incorporated US mutual savings bank was the Provident Institution for Savings in Boston. Its 1816 charter was the first government legislation in the world to safeguard savings banks. In 2015, the oldest (and largest) mutual bank in the U.S. was Eastern Bank of Boston, with approximately $ 10 billion in assets. It was chartered in 1818 in Salem, Massachusetts, as

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1504-478: The so-called rust belt states of Ohio , Michigan , and Indiana . The merger was announced in early October 1993. This time it was Riley who made the first move; he called Gillespie while recuperating at his Albany home after breaking his hip in a horse-riding accident in Wyoming. The two quickly sketched out the deal. The banks were roughly the same size in assets and had very little geographic overlap, so it

1551-418: The tallest structure between New York and Chicago at the time, the bank largely eschewed expansion. That aspect is highlighted by the fact that when it celebrated its 100th anniversary in 1949, it still only had one office although it had over $ 200 million (~$ 2.03 billion in 2023) in deposits. This conservatism helped the bank sidestep many depressions and financial panics. In 1958, Society converted from

1598-537: The tower's site from 1898 to 1955. F-111 , James Rosenquist 's large pop art painting, hung in the tower's lobby until building owner Richard Jacobs sold it to the Museum of Modern Art in 1996. He replaced it in 1998 with Songs for Sale , a mural by artist David Salle . In October 2005, Key Bank installed four 15-foot (4.6 m) long illuminated logos at the base of the tower's crowning pyramid. Each sign weighs 1,500 pounds (680 kg). A smaller-scale building

1645-476: The underground Memorial Plaza Garage. Key Tower was subsequently acquired by The Millennia Companies in 2017. The purchase price was $ 267.5 million. It was originally built as the Society Center and was the headquarters for Cleveland-based Society Corporation. Society had recently acquired AmeriTrust and canceled AmeriTrust's plans for an even taller (61-story) building on Public Square. Its opening ended

1692-743: Was flogged in the media and in banking circles. Unorthodox strategy aside, Riley quintupled Key's assets from $ 3 billion to $ 15 billion in just four years between 1985 and 1990. While the early 1990s recession rocked many banks, Key had ample capital. It bought the assets of two failed thrifts from the government: Empire Federal Savings and Loan and Goldome Savings Bank. In March 1992, it acquired Tacoma-based Puget Sound Bancorp for $ 807.2 million (~$ 1.57 billion in 2023) to bolster its presence in Washington. Also in 1992, Key acquired Home Federal Savings of Fort Collins, its first move into Colorado . Key soon amassed nearly 700 banking offices. The result

1739-428: Was frustrated with the pace of achieving his goal of running a large bank. The head of KeyBank of Washington, Hans Harjo, was pushed out over an apparent dispute to move its headquarters from Seattle to Tacoma . It also became clear that Key had to undertake a technology infrastructure upgrade to connect its far-flung offices. Meanwhile, Society was in search of higher growth and longed to expand its presence outside of

1786-399: Was making all the moves to cover up poor performance, although in hindsight that appears to be far from the truth. The concept was dubbed "burning the furniture", implying that Key would sell an asset to obfuscate earnings. For instance, Key sold its residential mortgage servicing to Countrywide Financial (now Bank of America Home Loans ) in 1995, shareholder services in 1996, various chunks of

1833-712: Was proposed by Pelli to be built in Hartford, Connecticut , during the late 1980s, but the plan was ultimately canceled. KeyCorp KeyBank is an American regional bank headquartered in Cleveland, Ohio , and the 25th largest bank in the United States. Organized under the publicly traded KeyCorp , KeyBank was formed from the 1994 merger of the Cleveland-based Society Corporation, which operated Society National Bank, and

1880-488: Was succeeded by Robert W. Gillespie, who, although just 42, was a major figure and part of the office of the chairman for more than 5 years. Gillespie was also named chairman. Gillespie started as a teller with Society to earn money while he was finishing his graduate studies. Society Corporation acquired Toledo, Ohio -based Trustcorp in 1990 and holding company AmeriTrust Corporation , in September 1991. Ameritrust

1927-437: Was the 29th largest U.S. bank with $ 26 billion in assets, while Society was the 25th largest with $ 32 billion in assets. Both needed a merger to improve their prospects. For its part, Key needed a succession plan due to the lack of an obvious successor to the 62-year-old Riley. In one week in June 1993, the bench had become barren – Chief Banking Officer James Waterston, hired the year before, quit and publicly stated that he

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1974-548: Was the largest non-banking deal in both size and impact on Key. McDonald was sold to the U.S. investment arm of UBS AG in 2007 for roughly $ 280 million (~$ 396 million in 2023). As a result, Key began processing all subsequent securities transactions under its new broker-dealer name, "KeyBanc Capital Markets Inc", in April 2007. However, investors became wary of all the Gillespie-era deals. Some believed that Gillespie

2021-566: Was the nominal survivor; the merged bank was headquartered in Cleveland and retains Society's pre-1994 stock price history. The Society name continued to be used in Society's former footprint for an additional two more years before it was retired in June 1996 and the charters were merged. Riley became chairman and CEO of the "new" KeyCorp, with Gillespie as president and chief operating officer . Despite assurances from both Riley and Gillespie,

2068-507: Was the successor to Cleveland Trust Company , which was Ohio's largest bank during the 1940s through the late 1970s. The AmeriTrust deal established Society as a large regional bank. However, its footing became unsteady due to bad real estate loans , forcing the resignation of AmeriTrust chairman Jerry V. Jarrett in 1990. Moreover, Gillespie was able to outbid Society's larger rival, National City Corp. , which also bid for Cleveland Trust. In 1825, New York Governor DeWitt Clinton signed

2115-586: Was touted as a merger of equals, Key and Society were an odd couple. As mentioned above, Key was a decentralized community bank combining two banking networks—an eastern network in New England and upstate New York and a western one in the Rockies and Pacific Northwest—within a single corporate structure. Society, in contrast, was a classic big-city commercial bank with a centralized structure largely concentrated in three states. Riley planned to retire as CEO at

2162-414: Was touted as an out-of-market merger in which few branches needed to be sold off. It created a $ 58 billion banking behemoth with a footprint that literally stretched from Portland, Maine to Portland, Oregon . Furthermore, the deal plugged many of the perceived holes for both partners. The soft-spoken Gillespie was just 49 and Society had cultivated a deep bench of lieutenants. More importantly, Society had

2209-457: Was two separate banking networks united under a single corporate umbrella. However, this strategy actually worked well for Key. Not only was it insulated from regional economic downturns, but it avoided bad loans by lending primarily to customers in the areas it served. When Key acquired a bank, it retained most of the bank's personnel. Riley argued that a bank that entered new territory and "start(ed) shuffling people around" could not brand itself as

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