KeyCorp announced the appointment of Timothy J. King as president of its Retail Banking operations, effective May 10, 2004. King will report to Jack L. Kopnisky, KeyCorp’s Group Executive for Consumer Banking.
King, whose financial services career spans 30 years, leaves his role as chairman, president and CEO of Wells Fargo Insurance, Inc., a Minneapolis- based subsidiary of Wells Fargo & Co. In his new position, he will oversee a $34.7 billion-deposit retail banking business with a 12-state branch network that includes more than 900 KeyCenters, 2,200 ATMs and one of the nation’s most highly regarded internet banking sites, Key.com(R). He will also be responsible for the continued development of Key’s insurance strategy.
“Tim’s experience is invaluable and his track record speaks for itself,” Kopnisky said. “His management background includes retail banking and branch administration, mergers and acquisitions, personal and commercial insurance, bank channel investments, consumer finance, commercial real estate, brokerage and investments. He’s also owned and operated his own commercial real estate firm, which reflects an entrepreneurial flair that will be most welcome at Key.
“Tim continues to demonstrate strong leadership and strategic, long-range thinking. Under Tim’s leadership, Wells Fargo Insurance became the largest bank-owned insurance agency in the United States. We look forward to working with such a dynamic and innovative leader who will help improve the financial performance of our retail bank and insurance operations.”
“It’s an exciting time to be joining Key,” said King. “The bank is building a customer service-oriented reputation based on creating a differentiated, positive experience for Key’s clients. It’s a model focused on employee engagement and customer advocacy. The potential opportunity is extraordinary.”
In addition to leading Wells Fargo Insurance, King was chairman of First Allied Securities, Rural Community Insurance Services and H.D. Vest Financial Services. He also served as vice chairman of Acordia, Inc., a commercial property-casualty and personal lines insurance agency. King was president of Norwest Insurance and president of Norwest Investment Services until the merger of Norwest Corporation and Wells Fargo. He came to Norwest to help lead mergers and acquisitions and financial reporting for the Southwestern Community Banking Group.
Prior to joining Norwest, King was president of Webstrand Corporation, a commercial real estate group in Toledo, Ohio. Earlier, he was senior vice president of Suburban Bank in Bethesda, Maryland, where he was responsible for retail banking and branch administration, lending, marketing and operations of its statewide system. King also was senior vice president of BancOhio Corporation in Columbus, Ohio, where he served as regional president of its Northwestern Banking Group and president of its insurance subsidiary.
A Cleveland, Ohio native, King began his career with Cleveland Trust Bank, as vice president in commercial lending and corporate mergers and acquisitions.
King earned his bachelor’s degree in history/business from the University of Notre Dame. He received his master’s degree in business administration from Capital University in Columbus and attended John Marshall Law School in Cleveland.
King currently serves as board member and past president of the American Banker’s Insurance Association (ABIA).
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $84 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides account access and financial products 24 hours a day.