KeyBank 2006 Annual Report Download - page 12

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12 5Key 2006
Icame to Key because I share its values,”
notes Key Vice Chair Beth Mooney.
“I believe in Henry Meyer’s vision
for the company. And I’m passionate
about our community banking model,
which creates excellent opportunities for
profitable growth.”
Mooney joined Key in May 2006 to
lead Community Banking, or as CEO
Meyer puts it, “to champion our vision
for Community Banking and bring that
vision to life.”
Community Banking serves individu-
als, small businesses and a significant
portion of the commercial middle-market
in 13 states from Maine to Alaska. Every
day, its nearly 9,000 employees interact
with tens of thousands of clients who can
conduct business at any one of 950
branches or through Key’s call centers,
award-winning website or robust ATM
network.
Mooney thinks of her business as a
community-centric endeavor, best man-
aged and executed by local leaders who
are responsible and accountable for the
performance of their respective districts.
“But our local teams are backed by a
corporation with more than $92 billion in
assets,” says Mooney. “We’re creating an
organization with a national presence
that can deliver with the speed, efficiency
and flexibility of a local bank. It’s
absolutely the right way to go.”
2006 RESULTS
Community Banking earned $427
million in 2006, up 2 percent from the
previous year. Those results accounted
for 36 percent of Key’s total earnings
from continuing operations. Interest
income – challenged by tighter interest
rate spreads and fierce competition for
deposits – rose 3 percent, to $1.8 billion,
while noninterest income increased
.5 percent, to $892 million, driven by
increases in annuity fee income, electronic
banking fees and service charges on
deposit accounts. Total revenue, at $2.6
billion, was up 2 percent from 2005.
Average deposits grew to $46.7 billion
in 2006, up 5 percent from the previous
year. Average loans and leases decreased
1percent to $26.7 billion.
Mooney believes Community Banking
can do better. “We’re not where we want
to be or where we’re going to be. But I
“
RALLYING
KEY COMMUNITY BANKING
AROUND CLIENTS
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