News Summary
KeyBank continues to dominate the Cleveland Metropolitan Statistical Area, holding a 45.24% share of the deposit market despite slight decreases in totals. The total deposits in the area have seen a minor decline, with other major banks like Huntington Bank and PNC Bank following KeyBank’s lead. Even with reduced market shares, KeyBank’s strength comes from robust business practices and a focus on relationship-based banking, as it celebrates its bicentennial amidst a dynamic banking landscape.
Cleveland Maintains KeyBank’s Local Market Dominance
As of June 2025, KeyBank, headquartered in Key Tower, downtown Cleveland, holds a substantial 45.24% share of the deposit market in the Cleveland Metropolitan Statistical Area (MSA), amounting to over $58 billion. Despite a slight decrease from the previous year, KeyBank remains the leading bank in the area.
The total deposits within the Cleveland MSA exceed $128.3 billion in 2025, reflecting a minor 0.3% decrease from 2024. KeyBank’s market share, while still impressive, has seen a reduction compared to prior years.
Other Major Competitors
In addition to KeyBank, several other banks are significant players in the Cleveland banking landscape. Huntington Bank ranks second with a market share of 12.39%, followed by PNC Bank at 8.43%, Citizens Bank at 6%, and Third Federal Savings and Loan Association of Cleveland at 5.41%.
Growth and Market Dynamics
KeyBank’s local deposit share experienced growth between 2021 and 2022 due to internal changes in how the bank calculates deposits. This adjustment allowed for the routing of corporate deposits through KeyBank’s main office, which could have been attributed to other markets.
In the past year, KeyBank has recorded an overall deposit increase of $2.7 billion, attributed primarily to robust business practices rather than any specific strategic initiatives. The bank’s spokesperson outlined that the success stems from a relationship-based business model, a strong balance sheet, and effective risk management practices.
Branch Network Status
Currently, there are 532 bank branches in the Cleveland MSA, showing a minimal decline of only eight branches since 2024. Huntington Bank leads the area with the largest branch network, boasting 76 locations, while KeyBank follows with 60 branches. Other major banks in the area include JPMorgan Chase Bank with 46 branches, PNC Bank with 45 branches, and Fifth Third Bank with 43 branches.
The pace of branch closures across the market has slowed down, especially following a wave of consolidation that occurred during and after the COVID-19 pandemic. This trend emphasizes the evolving financial landscape in Cleveland, where competition among banks remains dynamic.
Context of KeyBank’s Bicentennial Celebration
As KeyBank celebrates its bicentennial, it continues to focus on growth both locally and across its broader operational footprint. This milestone serves to underscore the bank’s deep roots in the region and its commitment to maintaining its leadership position.
The continuing dominance of KeyBank in the Cleveland market illustrates the competitive nature of the banking sector in the area. With significant deposit shares and a robust branch network, KeyBank stands as a central institution in Cleveland’s financial community.
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Additional Resources
- Crain’s Cleveland: KeyBank Remains Largest Bank by Deposits in Cleveland MSA
- Cleveland.com: Cleveland Officially Named Host City for 2030 Special Olympics USA Games
- Cleveland 19: Cleveland Firefighters Respond to Window Washer Stranded at Key Tower
- News 5 Cleveland: Over 500 Participate in Fight for Air Climb at Key Tower
- Wikipedia: Cleveland
Author: STAFF HERE CLEVELAND WRITER
CLEVELAND STAFF WRITER The CLEVELAND STAFF WRITER represents the seasoned team at HERECleveland.com, your premier source for actionable local news and information in Cleveland, Cuyahoga County, and beyond, delivering "news you can use" with in-depth coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—backed by years of expert reporting and robust community input, including local press releases and business updates, while providing top reporting on high-profile events like the Rock and Roll Hall of Fame inductions, Cleveland International Film Festival, and holiday parades, alongside key organizations such as the Cleveland Clinic, Cleveland Orchestra, and Great Lakes Science Center, plus leading businesses in manufacturing and healthcare like Sherwin-Williams and University Hospitals, and as part of the broader HERE network including HEREDayton.com, offering comprehensive, credible insights into Ohio's vibrant landscape. HERE Cleveland HERE Dayton
