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August 6, 2018
Biz Money

KeyBank promotes Kelley to Maine market president

Photo / Courtesy KeyBank
Photo / Courtesy KeyBank
Raymond T. (Chip) Kelley takes over as Maine market president, taking over from Sterling Kozlowski, who died June 9.

Less than two months after the death of Sterling Kozlowski, KeyBank's Maine market president, the bank has named his successor.

Raymond T. (Chip) Kelley takes over the position as Maine market president in addition to his role as commercial sales leader for Maine, New Hampshire and eastern Massachusetts. Kelley joined KeyBank in 2005 after 13 years at Bank of American in Portland. He graduated from Colby College and lives in Cape Elizabeth.

Kelley will be the "external executive face of Key," the bank said in a press release. He will also partner with Key's corporate responsibility group. He maintains offices in Key's Maine Market Center at One Canal Street in Portland and in Key's Boston commercial office.

"I've worked with this talented team of banking and financial professionals for many years, and it is a great honor to now take the helm as market president," said Kelley. "KeyBank's commitment to the customers and communities we serve has made us a leader in the market, and I am excited to continue to drive the Maine team forward."

"Chip possesses extensive commercial banking experience, market knowledge, and strong leadership qualities," said E.J. Burke, co-president of Key Community Bank. "Together with his active involvement in the community, he is the ideal candidate to fill this role."

Kozlowski, 58, who died suddenly June 9, had served as Maine market president since 2012. The Falmouth resident was a native of Pittsford, N.Y., and had worked for Marine Midland and HSBC before joining KeyBank.

KeyBank is Maine's fourth-largest bank, based on market share, with 9.25% of the market. Through June 30, 2017, according to Federal Deposit Insurance Corp. data, ranking behind TD Bank (13.47%), Camden National (10.59%) and Bangor Savings (10%).

Maine has more, not fewer, banking employees

It's a common gripe that banks are becoming more automated and that tellers are becoming a rarity.

In fact, in Maine at least, the opposite has been true the past three years.

At 26 insured institutions in Maine, there were 4,688 full-time equivalent employees through the first quarter of this year, according to the Federal Deposit Insurance Corp. That's up from 4,580 in the same period in 2017 and 4,422 in 2016.

Assets also grew in that period: $27.04 billion as of March 31, 2018, up from $25.7 billion in March 2017 and $22.4 billion in the comparable period in 2016.

Nationally, employment did not grow alongside assets. Full-time employment peaked in 2017, at 2.08 million workers, even as assets continued to grow in 2018 to $17.53 trillion, from $16.96 trillion in 2017 and $16.29 trillion in 2016.

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