With Looming Fear of Significant Job Loss, Due to Bank Merger, Senator Schumer & Rep. Higgins Announce Major Agreement with Keybank to Help Save At-Risk Jobs and Dramatically Reduce Job Loss in the Region; Agreement will Also Pave the Way for Growth in Up

Statement

U.S. Senator Charles E. Schumer and U.S. Representative Brian Higgins today announced that an agreement has been reached with KeyBank CEO Beth Mooney to save at-risk jobs in Upstate New York and bring additional investment and new jobs to the region. Schumer and Higgins have been negotiating with KeyBank CEO Beth Mooney for months on a plan to ensure Western New York was not adversely impacted by the potential acquisition of First Niagara by KeyBank. The agreement, which was finalized over the weekend, will ensure that all KeyBank and First Niagara branch employees will be offered a full-time and comparable job with the bank following the acquisition. The agreement also helps ensure the long-term presence of corporate, commercial, and administrative jobs through a commitment from KeyBank that, by 2021, KeyBank will have at least the same number of employees in Upstate New York as the two separate institutions do today - 6,117 - and this agreement paves the way for further investment and even higher employment numbers as KeyBank continues to grow. In addition, at Schumer and Higgins's urging KeyBank has committed to being a national leader in addressing the devastating impact of blighted and vacant housing, which has negatively impacted communities across Upstate New York, and Western New York in particular.

"After months of discussions and tough negotiations with KeyBank, I am pleased that we were able to reach an agreement that ensures thousands of KeyBank and First Niagara jobs will remain in Western New York for years to come. With the specter of significant job loss looming, I worked closely with Rep. Higgins to negotiate a plan with KeyBank CEO Beth Mooney that ensures Upstate New York will benefit from, and not be devastated by, this potential merger. In the months and years to come, I look forward to making sure the terms of this plan, which is designed to save the maximum number of existing jobs, and create new ones, too, is lived up to. I also plan to work closely with KeyBank and community leaders to continue to grow the regional economy and add even more jobs at KeyBank's Buffalo Headquarters" said U.S. Senator Charles E. Schumer.

"The initial news of this acquisition created great angst in Western New York where the two banks hold a large footprint and employ thousands of workers," said Congressman Brian Higgins. "Our primary fear has been the impact the acquisition could have on local families, neighborhoods and business districts in Western New York. KeyBank has listened and worked closely with us to address community concerns and minimize the potential for adverse situations throughout the transition. We are also pleased that KeyBank has agreed to embrace standards included in our Vacant Home Act legislation, which fights neighborhood blight associated with zombie properties. We will continue to work with Senator Schumer and Key leadership to ensure follow-through on these commitments and, with support from the dedicated local workforce, hope to see KeyBank grow and thrive in Western New York for years to come."

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