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KeyBank has again closed a Newfane branch that it previously closed for two months this summer due to a problem with a persistent odor caused by mold. Key closed the branch, at 2700 Main St., on Friday. The bank previously reopened the branch on Aug. 19. Key spokesman Matt Pitts said the bank closed the branch "due to ongoing concerns and out of an abundance of cauti…

Business

An alleged fraud by an Indiana-based payroll processor has cost KeyCorp $123 million in the third quarter, erasing gains in fee income from investment banking and dragging the Cleveland-based bank's earnings down. Key reported net income of $383 million, or 38 cents per share, down from $468 million or 45 cents per share a year ago. Without the pre-tax fraud charge — wh…

Business

KeyBank's next chairman and CEO is quite familiar with Buffalo. When First Niagara Bank was combining its operations with Key's, Christopher M. Gorman spearheaded those efforts, as Key's merger integration executive. "He knows this community pretty well and he knows how important this community is to KeyBank," said Gary M. Crosby, First Niagara's former CEO and a cur…

Business

KeyBank chairman and CEO Beth E. Mooney will retire at the beginning of May 2020, the Cleveland-based bank announced Thursday. Christopher Gorman, who currently serves as president of banking, will be her successor. Effective immediately, Gorman was promoted to president and chief operating officer and was named to the board. Gorman was widely seen as the likely success…

Business

Entrepreneurs and small business owners will have a chance to network and learn about resources available to grow their businesses, at an upcoming KeyBank event. The KeyBank Business Boost and Build program event is scheduled for 5:30 p.m. to 7:30 p.m. on Sept. 26, at Key's branch at 752 E. Delavan Ave. in Buffalo. The event is free; attendees are asked to register by S…

Business

KeyBank reopened its Newfane branch on Monday, after temporarily closing it over two months ago. Key had closed the branch, at 2700 Main St., to resolve a problem with persistent odor caused by mold. "Following remediation and cleaning that was done out of an abundance of caution, air quality tests returned normal results and did not find anything that poses a health…

Business

KeyBank has "lost, or is in immediate jeopardy of losing" about $122 million as a result of alleged fraud by an Indiana-based payroll processor, according to a lawsuit filed by the bank against the company. The South Bend Tribune in Indiana first reported that Key filed suit in federal court against an Elkhart, Ind.-based payroll processor, Interlogic Outsourcing, and N…

Business

KeyBank's branch in Newfane remains temporarily closed while the bank tries to resolve a problem with a persistent odor caused by mold. The branch, at 2700 Main St.,  has been closed since June 14. Key has not set a reopening date, but the branch's drive-up ATM remains in operation. While the branch is temporarily closed, Key is directing customers to its locations i…

Business

KeyBank liked the job Elizabeth S. Gurney was doing as executive director of the First Niagara Foundation. So much so, the bank gave her the added duties of head of the KeyBank Foundation, whose philanthropy touches the Cleveland-based bank's markets across 15 states. Gurney, a local native, remains based in Buffalo. She took over the KeyBank Foundation's top leaders…

Business

KeyBank announced $181,000 in donations to six recipients, in conjunction with the grand opening of its new East Side branch. The amounts and recipients are: $100,000 to the Northland Workforce Training Center. $25,000 to Belmont Housing Resources for its neighborhood improvement program. $25,000 to Independent Health for its "Good for the Neighborhood" event…

Business

KeyBank's new branch at Delavan and Grider isn't quite ready to open, but prospective customers keep tugging on the front door, assuming that it is. Employees pop out and invite the confused customers to come back on Monday, which is opening day. A paper sign attached to the door conveys the same message. Meanwhile, an ATM on the property is already running, and had 30 …

Business

KeyBank's new East Side branch is getting ready to open next month, and its neighbors are noticing. "They are emailing us pictures of the branch progress," said Kawanza A. Humphrey, Key's regional corporate responsibility officer. "Our awning went up (this week) and we immediately got a picture from a community member." The new branch is a visible piece of the five-y…

Business

KeyCorp.'s commercial real estate lending division has provided a $45.8 million loan to Hamister Group to refinance debt on the Orchard Heights senior housing property in Orchard Park. KeyBank Real Estate Capital originated the fixed-rate, 15-year loan for the 162-unit property at 5200 Chestnut Ridge Road, which was constructed in 1992 and renovated in 2016. It includes…

Business

KeyBank plans to open its new East Side branch on June 3, the latest sign of the renewed interest banks have taken in that part of the city. The full-service branch will revive part of a former Rite Aid at East Delavan Avenue and Grider Street. Key is adding the East Side location at a time when many banks, including Key, have shut branches elsewhere. But Beth E. Moo…

Buffalo

A group of 10 banks and local philanthropic foundations – including M&T Bank Corp. and the Ralph C. Wilson Jr. Foundation – are pledging more than $8 million to support nonprofit organizations working on Buffalo's East Side, building off the state's recent commitment of $50 million to benefit the same impoverished areas. The partnership is creating a pooled investme…