KeyBank to Invest $16.5 Billion in its Markets to Address Acquisition Concerns
Monday, March 21, 2016
Source: CNY Business Journal
CLEVELAND, Ohio — KeyBank has plans to invest $16.5 billion over the next five years in the communities it serves under its “national community-benefits plan.”
The plan addresses concerns that the Washington, D.C.–based National Community Reinvestment Coalition (NCRC) and NCRC member organizations expressed concern with KeyCorp’s pending acquisition of Buffalo–based First Niagara Financial Group (NASDAQ: FNFG), which is scheduled for the third quarter of 2016.
That’s according to a report on the plan for which First Niagara provided a link in its news release issued Friday.
Cleveland, Ohio–based KeyCorp (NYSE: KEY) is the parent company of KeyBank, while First Niagara Financial Group is the parent company of First Niagara Bank.