F*ck You: KeyBank

This is the first in a series of stories where we check out the tangible consequences of an un(der)regulated market and how it impacts our neighborhoods.

KeyCorp had "humble" beginnings as Cleveland Trust Company (CTC). They acquired Exhibit A in 1922 and closed/sold the building within the year. We are talking about the Garfield Bank on St. Clair and 79th in on the border of St.Clair-Superior and Glenville neighborhoods. I will consider the area west of MLK BLVD as St. Clair-Superior neighborhood; who am I to declare what is or isn't bin a neighborhood i do not live in but geographically I do not think it makes sense for it to be Glenville. Here is a map showing the Google results of "bank" with the Garfield Bank at the center:

There is only one bank in St. Clair-Superior where there used to be three; Washington Bank, Lake Shore Bank & Trust, and Garfield Bank. We allowed bank consolidation with the expectation that they are safer for our money, and yet 2008 happened where KeyBank got 2.5 Billion dollars in bailout money. We removed the money from our community and threw it in with a Cleveland company. How did they repay the neighborhood? They replaced 3 banks spread throughout the community to one on the western edge. Get a car to get bank access or plan your life around underfunded public transit.

The St. Clair Superior neighborhood has 3 of 4 citizens experiencing "near poverty" defined as below 200% the poverty rate in 2021. This is a part of disinvestment from the area. This impacted Glenville as well, with 3 of 5 citizens experiencing "near poverty". Exhibit B is the Lake Shore Bank and Trust on E 55th and St. Clair:

This bank remained in use for the neighborhood into the 70s and was donated to a non-profit that was functioning in the area at the time. The center has abandoned the building as of 2006. The bank got a write-off for an asset they no longer had to maintain for the community. It is currently owned by Wilson Ave. Group LLC, who was recently foreclosed on for the neighboring former Library building in April 2023. Is this one going to follow? What are the plans for HIJ, the new owners of the Library?

Exhibit C is the Washington Bank. This one is for sale as of May 2023 and still for sale for $400k as of August 15th 2023. It appears that the owner bought it for $52,500. What a come-up! The building is in pretty rough shape. The lack of access to a local bank with an interest (as the members are a part of the community) to bringing economic success to the area. I cannot find what happened to this bank, and if you know, reach out to me at caleb@rustbeltrevived.com.