KeyBanc Capital Markets, the corporate and investment banking arm of KeyCorp, appointed Ben Rechkemmer to head of Native American Financial Services (NASF). Rechkemmer is based in Michigan and will report to Mike Jackson, segment leader for KeyBanc Capital Markets.
Previously, Rechkemmer was a relationship manager with the NAFS team over his 19 years at Key. In his new position, Rechkemmer will take a more visible role as the face and voice of Key in Native American circles, providing service to Native American tribal clients.
Rechkemmer’s banking career began with Bank One (later JPMorgan Chase) where he completed commercial banking credit analyst training and served as capital markets associate before working as a senior credit underwriter in commercial banking. He joined Key’s NAFS team in its early days, establishing the underwriting framework before quickly moving into a relationship manager role with his own book of business.
“Ben is a natural fit for this role given his experience in helping NAFS grow to the national business it is today,” Jackson said. “His understanding of this segment and its challenges and opportunities ideally positions him to step into this leadership role.”
Mike Lettig, Key’s current head of Native American Financial Services, will retire later this month after a 47-year career in banking. He established Key’s NAFS business, going live with one hire and a single client. Under Lettig’s leadership, Key’s NAFS business has grown into a national business that has raised more than $15 billion in capital, with $2.5 billion in commitments, close to $3 billion in deposits and $4 billion in investment management and trust business.
“Mike’s track record of developing and leading NAFS, as well as his expertise, passion and commitment for our tribal clients have been instrumental in the growth of our business,” Jackson said. “I feel privileged to have learned from and partnered with him, and we wish him the best in retirement.”
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