Page 30 - Westchester County - 2018 Economic Development Guide

WESTCHESTER SMART FINANCE FROM WALL STREET
TO MAIN STREET
Financial services is a key growth industry for Westchester County, which likewise provides a strong and stable financial environment in which to do business. Currently employing more than 30,000 people, this thriving sector is anchored by two Purchase-based Fortune 500
companies — MasterCard and Morgan Stanley — which help fuel our growing and increasingly diverse financial sector.
Since the early 1990s, MasterCard, a giant in the global payments industry, has been headquartered in Westchester. With offices in more than 43 countries, Morgan Stanley is a leading global financial services firm providing investment banking, securities, investment management and wealth man- agement services.
BANKING SERVICES
FOR A WIDE RANGE OF BUSINESS NEEDS
To effectively support the needs of diverse local businesses, Westchester has also wel- comed numerous community and regional banks to the area in recent years. These in- clude Signature Bank, Lakeland Bank, Patriot Bank Putnam County Savings Bank, Sterling National Bank and Orange Bank & Trust.
KEYBANK
With 58 branches across The Hudson Val- ley and the New York metropolitan area, Cleveland-based KeyBank is the 13th largest bank in the United States. The bank serves retail consumers, and offers private banking services for business owners, serving small, medium and large enterprises of up to one billion in revenues. Under the leadership of Chairman Beth Mooney, KeyBank acquired First Niagara in 2016.
Here, Joseph Markey, President, Hudson Val- ley/Metro NY Market, discusses KeyBank’s role in the Westchester banking sector.
What is KeyBank’s unique take on the Westchester market?
While KeyBank is a national bank - offering a range of financial products and services - we pride ourselves in cultivating a culture of openness and friendliness with all our
clients, and work with them to find the right financial solutions to meet their needs. This great culture helps set us apart from the competition, and we’ve found that our Westchester clients appreciate the one-on- one attention in addition to knowing that they’re getting the best financial services and products available.
How does your business model benefit your clients?
On the commercial side, by following a big bank model that offers services from Wall Street to Main Street, we’re able to offer commercial banking, and mergers & acqui- sitions advisory services, as well access to the foreign currency exchanges.
Additionally, with KeyBanc Capital Markets, we have the best middle market investment bank in the country that is fully integrated with our commercial banking business. Industry verticals in the invest- ment bank include, packaged foods, special- ty chemicals, healthcare and software. Our commercial clients like to work with a bank that knows their industry exceedingly well,
KeyBank’s Joseph Markey
and we leverage our equity research practice. It’s a compelling model.
Tell us about your Westchester clients.
We have a wide range of consumer, private banking and commercial clients — from those that have been banking with us for decades to fast-growing companies that seek sophisticated financial expertise and access to capital markets when they need it.
What do you enjoy about working with Westchester-based companies?
There is significant growth and investment occurring throughout Westchester County. Since the transition from First Niagara, this area has had the largest backlog of busi- nesses seeking services, such as loans or cash management, across KeyBank’s nation- wide footprint.
I love working with companies that are growing rapidly and are bold, helping them make investments in their businesses as the economy improves. I am excited for 2018 and Westchester’s continued growth.
EXCEPTIONAL FINANCIAL RATINGS
Citing the county’s careful management of its finances, Westchester contin- ues to receive the highest credit ratings of any New York State county after the three credit agencies independently affirmed the county’s strong credit rating in late 2017.
Both Fitch Ratings and Standard & Poors maintained ‘AAA’ ratings — the highest possible, while Moody’s maintained the second highest rating — an Aa1.
Fitch, in its affirmation, noted that its AAA rating reflected the county’s superior financial resilience, stable general fund reserves, strong regional econo- my and relatively low unemployment compared with state and national averages.
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WESTCHESTER COUNTY ECONOMIC DEVELOPMENT GUIDE