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Key Bank Properties For Sale 

    



Interested in Purchasing a Key Bank Property for Investment?

 

If you wish to purchase a Key Bankproperty for investment, please email  info@nnndeals.com; We have access to an extensive inventory of triple net Key Bank Properties for sale in Washington DC, Maryland, Virginia and the entire United States.  

 

 

Key Bank

 

 
Price: 

$1M - $3M


Lease Term
:

10 – 15 Years


Increases:
 
10% Every 5 years 
Lease Extensions: 20 – 40 Years  

Lease Type
:
Absolute NNN Lease 

Lease
Guarantee: 

Corporate
CAP Rate Ranges:
6% – 7%
Public
Traded as NYSEKEY
S&P 500 Component
Industry Financial services
Headquarters Cleveland,Ohio,US
Key people
Beth E. Mooney, Chair and CEO
Chris Gorman,President, Corporate Bank
Donald R. Kimble, CFO
Products Banking
Revenue $4.114 billion(2013)
$887 million(2013)
Total assets $91 billion(2013)
Number of employees
14,000(2013)
Website www.key.com

      

About Key Bank:

 

KeyBank   (NYSEKEY) is an   American   regional bank   headquartered in   Cleveland,   Ohio. As of 2013, it is the 22nd largest bank in the   United States   based on total deposits.[1]   It is the 29th largest bank in the United States by total assets.[2]   Since 2008, KeyBank has been the only major bank based in Cleveland.

 

KeyCorp's primary regulator, under the   Bank Holding Company Act, is the   Federal Reserve, while KeyBank National Association is a nationally chartered bank, regulated by the   Office of the Comptroller of the Currency,   Federal Deposit Insurance Corporation (FDIC). Other subsidiaries are subject to regulation from   Consumer Financial Protection Bureau (CFPB),   U.S. Securities and Exchange Commission, and other customary regulatory bodies.[3]

 

As of 2013, KeyBank had approximately 14,000 employees [4]   and a diverse client base. Key's customer base spans retail, small business, corporate, and investment clients. There are 1,000 KeyBank[4]   branches, located in   Alaska,   Colorado,   Idaho,   Indiana,   Kentucky,   Maine,   Michigan,   New York,   Ohio,   Oregon,   Utah,   Vermont, andWashington, and 1,300   ATMs. KeyCorp maintains business offices in 31 states. As of 2015, Key was ranked 592 on the   Fortune 500   list.[5] 

The company no longer owns the naming rights to   KeyArena   in   Seattle, Washington,[6]   although the building continues to use the name. On April 11, 1995, the city of Seattle sold the naming rights to KeyCorp for $15.1 million, which renamed the Coliseum as KeyArena. In March 2009, the city and KeyCorp signed a new deal for a two-year term that ended December 31, 2010, at an annual fee of $300,000.[7]   The company did not renew the naming rights.[6] 

KeyBank also has several major sub-headquarters throughout Ohio; these are located in Cincinnati, Columbus, and Dayton. KeyBank recently took naming rights to the formerMeadWestvacoTower in Dayton, Ohio which is now named KeyBank Tower.

With RBS-owned Citizens Financial Groupacquiring Charter One Financial in 2004 (though the latter retained its name in most areas under Citizens ownership) and the acquisition of National Cityby PNC Financial Servicesin 2008, KeyBank is the last surviving major bank based in Cleveland.

The company owns the naming rights to KeyArena in Seattle, WA. On April 11, 1995, the city of Seattle sold the naming rights to KeyCorp for $15.1 million, which renamed the Coliseum as KeyArena. Now that KeyArena has lost its major tenant, there has been speculation that KeyCorp may try to amend or back out of the naming rights deal.[5] However, in March 2009, the city and KeyCorp signed a new deal for a two-year term ending December 31, 2010, at an annual fee of $300,000. [6]

Key took a very different path to the altar with Society. In 1825, New York Governor DeWitt Clinton signed 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 would pass before National Commercial would merge with First Trust and Deposit to become First Commercial Banks in 1971, still a modest New York State bank with 89 offices. A young workaholic named Victor J. Riley, Jr., became president and CEO in 1973. Riley was born in Buffalo, New York in 1931. Key would change its name to Key Bank Inc. in 1979. [10]

Riley embarked on a plan to grow Key through acquisitions. From the mid-1970s to early 1980s, it grew but largely remained in upstate New York bank. Riley went outside New York, expanding the footprint with an acquisition in Maine. However, by the mid-1980s, the state banking regulators within New England began to scoff at the idea of New York banks controlling their capital. That, coupled with increasing competition for acquisition targets, caused Riley to essentially abandon the northeastern region. He then began hunting for prey in the northwestern U.S. 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 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. In fact, it would buy the assets of two failed thrifts from the government: Empire Federal Savings and Loan and Goldome Savings Bank. Once the recession passed, Key returned to the hunt, mostly tuck-in deals within its existing footprint. For instance, in March 1992, it bought Tacoma, WA-based Puget Sound Bancorp for $807.2 million to bolster its presence in Washington. [11] Also in 1992, Key acquired Home Federal Savings of Fort Collins, its first move into Colorado. Key amassed nearly 700 banking offices. [12]

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 percent return on equitytarget and investors were cooling on Key stock after many high growth years. Accordingly, Key began testing a Vision 2001 computer system, which would speed up and enhance the loan process through faster credit scoring, loan servicing and collection capabilities.

 

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Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky,  Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey,  New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma,  Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands,  Washington, West Virginia,  Wisconsin,  Wyoming   



 

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