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LIVONIA, MI-Adhering to its metro-Detroit expansion plans, KeyBank, an affiliate of Cleveland-based KeyCorp, has signed a 3,300-sf lease at the Powerscourt building. Located at 17199 N. Laurel Park Dr., the office is intended to accommodate the expansion of Key's commercial real estate capital and private banking teams.The financial services company initially grew its Motor City presence in April 2004 by acquiring the deposits and Michigan offices of Southfield-based Sterling Bank & Trust FSB. The moved added approximately $380 million in deposits and 11 branches to Key's inventory.

Since then, KeyBank has placed most of its district-based operations within its community bank. Businesses once reporting to Cleveland now exist locally as a single organization. According to company documents, Key's commercial banking business grew 13% nationally and 23% locally last year, reflecting a positive outcome in the company's revised strategy.

Leading the company's Michigan business was Rick Northrup and Kirk Albert--two key players in the Midwest expansion. "Our position as a Wall Street-capable institution is making an impact with a product set ranging from capital markets and M&A advisory services to leasing," Northrup says. "We have all of that and are delivering it here locally on 'Main Street,' which has made us a sought banking partner. The growth we've achieved exceeding that of the bank nationally--and in light of a local economy experiencing a lot of stress in the automotive industry--speaks well of our people and products."