When KeyBank’s Executive Vice President of Corporate Responsibility Bruce Murphy visited the New Pittsburgh Courier in February, he was dubbed the Six Billion Dollar Man after revealing that the bank would invest that amount and more into mortgages, loans, economic development and philanthropy across its corporate footprint—including Pittsburgh.
On May 17, the first local result of that commitment was realized when Executive Vice President and KeyBank Foundation Chair Margot Copeland presented a $1 million check to the Pittsburgh Promise, during the Promise’s “Senior Signing Day” celebration at Duquesne University.
In an interview with the Courier, Copeland said the choice for the first large local philanthropic investment was practically a no-brainer—especially after having met Promise Executive Director Saleem Ghubril last year.
“We have a long history of investing in education. It’s our sweet spot,” she said. “We are actually looking at starting a similar effort in Cleveland (where KeyBank is headquartered) and I met Saleem, and since then he’s been very helpful.”
Echoing the “can you do what you say you do” investment caveat Murphy mentioned in February, Copeland said follow-through, management and positive results—like the major foundation and corporate support for the Promise—are factors.
“When making an investment of this size, you want to make sure it’s managed well,” she said. “It’s not enough to get students into college, we have to graduate them. The completion aspect is very important to us, and we’re pleased with the results the Promise has shown.”
KeyBank Western Pennsylvania Corporate Responsibility Officer Charles Peterson said the Promise investment goes hand-in-hand with other education initiatives.
“We look at this as a continuation of our program to move sixth graders to high school and keep them connected,” he said. “It’s called ‘Be a middle school mentor.’ I’m a mentor and my student is now attending City Charter Academy.”
Peterson said all KeyBank employees are expected to devote time to serving the communities they work in, and on May 24, they will show it during their annual “Neighbors Make the Difference Day.”
“This year we’ll have 7,000 employees working on 890 projects all afternoon,” said initiative national coordinator Karen White. “They’ll be painting, landscaping for seniors, serving food, and reading to children from Portland, Oregon to Portland, Maine. And nobody’s off the hook, all Pittsburgh leadership, including Market President Todd Moules will be volunteering.”
Copeland said it’s nice, but she’s done it so long it doesn’t impress her husband—but something else at the Promise Singing Day event will.
“I have to make sure I get a picture when I’m up there on stage because my husband’s not going to believe I’m sitting next to (Promise Board Chairman) Franco Harris,” she said.
KeyBank’s $6.8 billion investment over the next five years will be broken down into four areas: $5 billion in new mortgage loans targeting low- and moderate-income individuals and communities; $2.5 million in small business/farm loans, again to low- and moderate-income communities; $8.8 million in community development lending and investment; and $175 million in philanthropy—which includes education, workforce and living-wage job development, providing technical assistance and education to businesses and homeowners, and service—supporting employee-driven volunteer efforts.
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