KeyBank Once Again Steps Up for the Community
KeyBank not only fulfilled its groundbreaking $16.5 billion Community Benefits Plan early; it also announced that it is increasing its commitment to $40 billion.
The announcement comes as KeyBank eclipses its goal of the initial five-year $16.5 billion commitment one year early by delivering more than $18 billion in lending and investments across its footprint. These investments have supported affordable housing and community development projects nationwide, small business and home lending in low- and moderate-income communities and philanthropic efforts targeted toward education, workforce development and safe, vital neighborhoods.
“Corporate citizenship matters; it matters for our communities, for our clients and for our colleagues. Delivering on the commitments of our Community Benefits Plan has brought access to capital for neighborhoods and neighbors who have often faced unfair barriers to financial support. Receiving a 10th consecutive ‘outstanding’ rating for exceeding the requirements of the Community Reinvestment Act serves as affirmation that KeyBank’s approach is the right one — but we recognize the work isn’t finished,” says Chris Gorman, chairman, CEO and president
JOANN Inc. Sews Up IPO
JOANN Inc. has announced pricing for its IPO stock, saying that it and its shareholders are selling 10.9 million shares for $12 each. Considered a leader in sewing and fabrics and one of the fastest growing players in the arts and crafts industry, JOANN filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed IPO. According to published reports about half the proceeds from the sale will go to the company, while the other half will go to existing shareholders, including Leonard Green & Partners in California. Green will remain the company’s largest and controlling shareholder, according to the SEC filing, and will still own 27.8 million shares after the IPO.
Dealers Drive Auto Sales
According to the Greater Cleveland Automobile Dealers’ Association (GCADA), sales of new vehicles were up 25.1% for the month of March and up 7.65% for the year to date when comparing 2021 to the same period last year.
“With the COVID-19 restrictions in place by mid-March of 2020, we expected the March 2021 numbers to be quite positive in comparison. As we have tracked for more than 10 years, March generates the highest new vehicle sales of any month of the calendar,” says Louis A. Vitantonio, president of the GCADA. “Although the Auto Show was not able to run, the Show’s effect was evident in the numbers, given the amount of lease terminations that were generated from past March selling months.”
UH Ahuja Moves Forward with Expansion Plans
University Hospitals (UH) revealed details on its announced $236 million Phase 2 expansion of its Ahuja Medical Center, expected to open in 2023. Plans are to expand the medical center by more than 68%, including a 216,000-square-foot tower and a 78,0000-square-foot sports medicine facility. Phase 2 will also include a family-focused home for expectant mothers and newborns, a breast health center and a men’s health center. UH estimates that the expansion will add some 1,000 jobs in Beachwood.