On Wednesday, Pittsburgh-based KeyBank announced it had awarded more than $500,000 to 21 western Pennsylvania organizations for education improvement.
The awards, funded through the state’s Educational Improvement Tax Credit (EITC), allow KeyBank to offset some of its state tax liability for contributions to schools that provide tuition assistance to students from low-income households, or to approved Educational Improvement Organizations. The donations will provide KeyBank with a state tax credit of up to 90 percent of their state tax liability, officials said.
“At KeyBank, we believe in supporting organizations and programs that help students succeed in school and eventually graduate and have access to college and career-building opportunities,” Vic Laurenza, KeyBank’s Western Pennsylvania Market President, said. “We appreciate the EITC program and the opportunity to give back to the organizations that are educating the next generation of leaders.”
Organizations received between $20,000 and $40,000, the bank said. Included in the award recipients were: Community Foundation of Fayette County, Fund for the Advancement of Minorities through Education Inc. (FAME), Junior Achievement of Western PA, Pittsburgh Jewish Educational Improvement Foundation, and Villa Maria Cathedral Preparatory Catholic School System.
KeyBank is headquartered in Cleveland, Ohio, and is one of the country’s largest bank-based financial services companies with assets of approximately $188 billion, as of Sept. 30, 2023. The bank has an estimated 1,000 branches in 15 states, with approximately 1,300 ATMS.