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Company outpaces competition with 538% average annual growth rate over 16 years
SUPERIOR, CO – February 19, 2009 – Key Equipment Finance, one of the nation’s largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE:KEY), today announces its top ranking as the fastest-growing equipment leasing company in the United States over the past 16 years, as determined by The Monitor magazine. The equipment leasing trade magazine has compiled data on the nation’s leasing companies annually since 1992. Key Equipment Finance outpaced the 24 remaining companies of the original 1992 MONITOR 100 list with a 538% average annual growth rate in net assets.
“This interesting snapshot of the past and present equipment leasing industry puts Key Equipment Finance with an average annual growth rate twice that of the next ranked company, which I speaks volumes about the hard work and dedication of our employees,” said Paul A. Larkins, chief executive officer of Key Equipment Finance. “Our first-place ranking among the two dozen remaining companies from the original Monitor list is indicative of our ability to fulfill the needs of our diverse customer base even as we respond to ever-changing market demands.”
For its annual survey, the Monitor compiles data on approximately 150 leasing companies throughout the United States. The recent 16-year retrospective by the Monitor shows fewer than 25% of the companies from the original MONITOR 100 remained on the list in 2008.
Key Equipment Finance, called Keycorp Leasing in 1992, ranked 78th on the original list with $170 million in net assets. In 2007, the company reported $14.8 billion in net assets, giving it a current ranking of 11th in the industry. Key Equipment Finance is the second-largest equipment leasing company affiliated with a bank in the U.S. when measured by new business volume.
About Key Equipment Finance
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets:
- businesses of all sizes in the U.S. (from small business to large corporate);
- equipment manufacturers, distributors and value-added resellers worldwide;
- federal, provincial, state and local governments as well as other public sector organizations; and
- lease advisory services for larger structured equipment needs including single investor and leveraged leases, securitizations, and structured debt.
Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $10 billion core equipment portfolio with annual originations of approximately $5.6 billion. The company has major management and operations bases in Chicago, Illinois; Albany, New York; London, England; Hong Kong, China and Sydney, Australia. The company, which supports clients in 40 countries, employs 800 people worldwide and has been in the equipment financing business for over 35 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at www.kefonline.com.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $101 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit www.key.com.
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