CLEVELAND (AP) — KeyCorp is looking to sell its lending subsidiary Champion Mortgage, the financial services company said.
KeyCorp acquired Champion, based in Parsippany, N.J., in 1997. It offers mortgages and home equity loans in 26 states and has a loan portfolio of about $2.5 billion. Cleveland-based KeyCorp has hired UBS Investment Bank to assist with the possible sale.
Henry L. Meyer III, KeyCorp chairman and CEO, said a decision was reached that Champion Mortgage "no longer fits with our longer-term strategic priorities."
KeyCorp, which operates KeyBank and McDonald Financial Group, has more than 900 bank branches, operating in Utah and 13 other states.
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