CLEVELAND and BUFFALO, N.Y., Sept.
22, 2016 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced
today that it has received regulatory approval from the Office of
the Comptroller of the Currency (OCC) for the merger of First
Niagara Bank into KeyBank. KeyCorp acquired First Niagara Bank on
August 1, 2016 pursuant to its merger
with First Niagara Financial Group.
Conversion of First Niagara systems and clients to KeyBank is
scheduled to take place over Columbus
Day Weekend, October 7-11,
2016. All First Niagara branches will close at 3 p.m. Friday, October 7, with branches reopening
as KeyBank branches on Tuesday, October
11.
"As we bring KeyBank and First Niagara together, at every turn
we have worked to make this transition as smooth as possible," said
Beth Mooney, KeyCorp CEO and Chair.
"I am proud that our two companies have worked so well together to
meet our commitments to customers, communities, employees, and
shareholders. We look forward to showing our new customers how
KeyBank will help them make better, more confident financial
decisions."
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back
190 years to Albany, New York.
Headquartered in Cleveland, Ohio,
Key is one of the nation's largest bank-based financial services
companies with assets of approximately $101
billion as of June 30, 2016.
The acquisition of First Niagara Financial Group, which became
effective on August 1, 2016, added
assets of approximately $40 billion,
based on June 30, 2016 balances. Key
provides deposit, lending, cash management, insurance and
investment services to individuals and small and mid-sized
businesses in 15 states under the names KeyBank National
Association and First Niagara Bank, National Association, through a
network of more than 1,200 branches and more than 1,500 ATMs.
Key also provides a broad range of sophisticated corporate and
investment banking products, such as merger and acquisition advice,
public and private debt and equity, syndications and derivatives to
middle market companies in selected industries throughout
the United States under the
KeyBanc Capital Markets trade name. For more information, visit
www.key.com. KeyBank and First Niagara Bank are Member FDIC
Institutions.
Forward-Looking Statements
This communication contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 including, but not limited
to, KeyCorp's and First Niagara's expectations or predictions of
future financial or business performance or conditions.
Forward-looking statements are typically identified by words such
as "believe," "expect," "anticipate," "intend," "target,"
"estimate," "continue," "positions," "plan," "predict," "project,"
"forecast," "guidance," "goal," "objective," "prospects,"
"possible" or "potential," by future conditional verbs such as
"assume," "will," "would," "should," "could" or "may", or by
variations of such words or by similar expressions. These
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Forward-looking
statements speak only as of the date they are made and we assume no
duty to update forward-looking statements. Actual results may
differ materially from current projections.
In addition to factors previously disclosed in KeyCorp's reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: difficulties and delays in integrating
the First Niagara business or fully realizing cost savings and
other benefits; business disruption following the merger; changes
in asset quality and credit risk; the inability to sustain revenue
and earnings growth; changes in interest rates and capital markets;
inflation; customer acceptance of KeyCorp's products and services;
customer borrowing, repayment, investment and deposit practices;
customer disintermediation; the introduction, withdrawal, success
and timing of business initiatives; competitive conditions; the
inability to realize cost savings or revenues or to implement
integration plans and other consequences associated with mergers,
acquisitions and divestitures; economic conditions; and the impact,
extent and timing of technological changes, capital management
activities, and other actions of the Federal Reserve Board and
legislative and regulatory actions and reforms.
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SOURCE KeyCorp