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KeyBank launches growth in face of tough climate
By Arika Herron
While many businesses are cutting back, KeyBank is flourishing — and focusing heavily on central Indiana communities. Even with the economy lacking certain stability, growth and expansion plans are on the drawing boards.
Gary Hentschel, president of the Cleveland, Ohio-based bank’s central Indiana district, said Key is planning its expansion to the tune of 16 new bank branches in central Indiana by 2011, including the new Beech Grove location. When the construction is complete, 50 branches total will call Marion and eight surrounding counties home.
“Central Indiana is growing — demographically, economically; it is a growth area,” he said. “If you look at our position in this particular market, we have a good market share. We have roughly a 5-percent market share, which is a good market share, not great. But it is a great position to grow from.”
Hentschel said he and bank officials are hoping increased presence will translate into longer roster of customers. Key’s goal is to double its take from the market in four to five years. The initiative not only is designed to attract new customers but also to make Key more convenient to existing customers, he said.
“Financial literacy is a mission of KeyBank,” said Dan Davis, vice president and public relations manager for the Great Lakes region. “We pride ourselves on being a relationship bank, not a transactional bank. We like to get to know our customers and understand their financial goals and their needs.”
“We have a very strong commitment to this market,” Hentschel said.
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