Schenectady, N.Y., March 3, 2010 – KeyBank and Proctors announced today an agreement under which Key has sold its branch at 436 State Street to Proctors for less than its market price, in order to continue the bank’s support of downtown Schenectady growth and revitalization. Proctors plans to turn the space into a multi-use, community gathering place, banquet hall and performance space with arts offices.
The new space has been named Key Hall at Proctors, and a logo was unveiled at today’s announcement.
“KeyBank is a valuable partner in the revitalization of downtown Schenectady, and we are grateful for its continuing support,” said Philip Morris, CEO, Proctors. “This is a unique space and will be one more reason for people to spend time in downtown Schenectady.”
“Key was committed to ensuring that this branch be used for the community,” said Jeffrey Stone, President, Capital Region, KeyBank N.A. “We have a long history of supporting Proctors and downtown Schenectady, and we know that Proctors will make that happen.”
The 12,000 square-foot three-story structure, built during the early part of the 20th century, includes an atrium made of Vermont marble with three-story ceilings and a 55-foot long marble cashier’s counter, as well as office space. Materials will be repurposed and used in the new facility. The building is handicapped-accessible.
Proctors plans to keep the building facade and to use the vault in some way. The cashier’s counter will be cut into smaller pedistals and used as cocktail tables placed around the atrium. Morris estimates that the atrium area could hold 450 people at 8-foot round tables.
“Thank you to KeyBank for this donation to Proctors, the cornerstone of our economic revitalization effort in Schenectady County,” said Susan Savage, Chairwoman of the Schenectady County Legislature. “This project will be a welcome addition to our downtown arts and entertainment district, bringing even more people to see all that Schenectady County has to offer.”
“Thanks to efforts like these between the private and public sector, Schenectady’s Renaissance continues,” said Schenectady Mayor Brian U. Stratton. “I commend KeyBank for working with Proctors to bring another outstanding cultural venue to our downtown.”
“This agreement addes to the vibrancy of downtown while preserving a beautiful building,” said Ray Gillen.
Morris said he is looking into getting the building placed on the National Register of Historic Buildings in order to use historic tax credits for the renovation. The building has always been a bank. It was Citizen’s Trust in 1918. NationalCommercial Bank moved into the building in 1968 and was later renamed KeyBank. Key moved out of the 436 State Street branch in 2009 to a new location at 315 State Street.
KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $93.3 billion. Recently recognized by the Business Review as one of the Great Places to Work in the Capital Region, the 10-county Capital Region NY district, one of 23 KeyCorp districts, has assets of approximately $3.3 billion. Across New York State, Key has one of the largest networks of branches and ATMs. Key is a leader in community involvement, and contributes more than $1 million to local nonprofit agencies and organizations throughout the Capital Region. A strong proponent for local economic growth, Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through 950 branches and offices, a network of approximately 1,500 ATMs, telephone banking centers (1.800.KEY2YOU), and a Web site, Key.com, which provices account access and financial products 24 hours a day.
Since 1926, Proctors, a historic, beautifully restored theatre located in the heart of downtown Schenectady, has presented the very best in entertainment for New York’s Capital Region. Over the years, Proctors has evolved to a destination of choice among Capital Region residents for arts, entertainment, and arts-based education.
Proctors Theatre is listed on the National Register of Historic Places. Proctors presents world-class singers, side-splitting comedians, electrifying dance programs, wonderful classical productions, including opera and symphony orchestras, and top-tier touring Broadway musicals.
In 2003, Proctors embarked on an exciting new $30 million expansion. A new stage house, three times the size of the prior stage, was completed in December 2005 to accommodate blockbuster touring Broadway shows.
In September 2007, the renovations of the adjacent former Carl Company were complete, adding the 434-seat GE Theater with its giant screen, iwerks movies, new conference spaces and new offices along with a coffee shop and additional space for theatergoers. A new comedy series, small plays and musical events were added to create an exciting entertainment facility.
With these changes, Proctors truly became a performing arts center and cultural anchor in downtown Schenectady.
A detailed history of Proctors is available at www.proctors.org/History of Proctors.