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In an interview with American Banker, KeyCorp Chief Executive Beth Mooney discusses why the bank struck a $16.5 billion agreement to expand low- and moderate-income lending, and details of the negotiations involved.
March 18 -
Bankers need to let investors know in advance what types of deals they are willing to pursue, along with the financial parameters. Doing so is a critical step in managing shareholder expectations at a time when consolidation is heating up.
February 8 -
While executives are eager to put excess capital to work, the sell-off of KeyCorp stock following the announcement of the First Niagara deal shows investors will react swiftly and severely when it appears a buyer has overpaid.
October 30
Shareholders of KeyCorp in Cleveland and First Niagara Financial Group in Buffalo, N.Y., have approved Key's deal to acquire First Niagara.
Based on preliminary results, more than 90% of the votes cast by KeyCorp's shareholders supported the $4.1 billion deal, Chairman and Chief Executive Beth Mooney said during a special meeting Wednesday. Investors in First Niagara, which hosted a separate meeting Wednesday, also backed the deal, with more than 90% of the votes cast in favor, KeyCorp said in a press release.
KeyCorp
Mooney attributed the decline in her company's share price to "extreme volatility in the stock market," and said the $93 billion-asset company had performed in line with other banks.
Sen. Charles Schumer, D-N.Y., and some consumer groups have also opposed the deal. KeyCorp announced Friday that starting next year