The federal Office of the Comptroller of the Currency has awarded KeyBank an "outstanding" rating for exceeding the terms of the Community Reinvestment Act, according to a media release issued Tuesday.
Enacted in 1977, the CRA requires banks to meet the credit needs of low- and moderate-income communities across America, the bank-issued release said, and KeyBank is the only national bank among the 50 largest banks to be rated "outstanding" by the OCC seven review periods in a row.
KeyBank gained the top rating after a process that examines lending, investment and services practices. The other ratings are satisfactory, needs to improve, or substantial noncompliance.
The OCC assesses the CRA performance of a bank in an examination every three to four years, and Key's recent exam period covered Jan. 1, 2003, through June 2008.
In 2004, KeyBank honed its focus on underserved areas with a program called KeyBank Plus, the release said. The program offers products and services beyond traditional banking, including the cashing of government and payroll checks for fees below industry standards, free financial education and mortgage products for first-time homebuyers.
Other factors that led to Key's "outstanding" rating include its commitment to supplier diversity and focus on philanthropy, the release said.
The 17-county Central New York District of KeyBank has 74 branches, 111 ATMs and 570 employees.
Business After Hours
to be held Thursday
Commerce Chenango has planned a Business After Hours open to the public at its offices in the Eaton Center in Norwich from 5 to 7 p.m. Thursday.
The event is part of Chamber of Commerce Week from Monday through Friday, a media release from the local chamber said. The week is to promote awareness of the roles chambers have in business and the community. Statewide, there are more than 260 local chambers, which represent about 400,000 businesses, the release said.
Commerce Chenango promotes local businesses and the economy in many ways and offers benefits to members, including programs for health and dental insurance, energy savings, networking, workshops, special events and resources. The Chamber also works to create a link between the public and private sectors, the release said.
For more information, call Rachel Crandall at the Chamber at 334-1402.
Expo in Oneonta set for Saturday
The 2009 Business Expo will be at Southside Mall in Oneonta from 10 a.m. to 5 p.m. Saturday.
The event offers opportunities to meet with representatives from more than 20 area businesses, organizers said.
The exposition is presented by Wilber National Bank, Cleinman Performance Partners, the Otsego County Chamber and The Daily Star in cooperation with Southside Mall, Central New York Radio Group and WCDO Radio.
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To suggest a business story, announce a new business or changes to an existing one, e-mail drichardson@thedailystar.com or call Denise Richardson at 432-1000 or (800) 721-1000, ext. 213.
