BUFFALO, N.Y. and
CLEVELAND, March 23, 2016 /PRNewswire/ -- KeyCorp (NYSE:
KEY) and First Niagara Financial Group (NASDAQ: FNFG) announced
today that each company's shareholders voted in favor of the merger
between the two companies.
Shareholders approved the merger during special meetings held
today in Buffalo, NY by First
Niagara and Cleveland, OH by
KeyCorp. Out of the votes cast at each of the special
meetings, over 90% were in favor of the merger.
"I would like to thank our shareholders for their support and
their vote of confidence," said Beth
Mooney, Chairman and CEO, KeyCorp. "KeyBank and First
Niagara are indeed Better Together – a powerful combination that
will bring a new level of capabilities and expertise to our
clients; new opportunities for our employees; and even greater
investment in our communities. Our integration efforts are on
track, and we remain both confident in and committed to achieving
the financial and growth targets of the First Niagara
acquisition."
"We are very pleased that First Niagara shareholders have
overwhelmingly demonstrated their support for the merger with
KeyCorp. This is an important step in bringing our two companies
together for the benefit of our customers, employees, shareholders
and the communities we serve," said Gary M.
Crosby, Chief Executive Officer, First Niagara Financial
Group.
KeyCorp and First Niagara entered into a merger agreement on
October 30, 2015. Today's affirmative
votes by shareholders of both companies allow the proposed merger
to continue to move forward. The merger is still subject to
regulatory approvals. Closing of the merger is anticipated
during the third quarter of 2016.
About KeyCorp
KeyCorp was organized more than 160
years ago and is headquartered in Cleveland, Ohio. One of the nation's
largest bank-based financial services companies, Key had assets of
approximately $95 billion at December
31, 2015. Key provides deposit, lending, cash management and
investment services to individuals and small and mid-sized
businesses in 12 states under the name KeyBank National
Association. 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 key.com or follow us
on Facebook or Twitter
(@KeyBank).
About First Niagara
First Niagara, through its wholly owned subsidiary,
First Niagara Bank, N.A., is a multi-state community-oriented bank
with approximately 390 branches, $40
billion in assets, $29 billion
in deposits, and approximately 5,400 employees providing financial
services to individuals, families and businesses across
New York, Pennsylvania, Connecticut and Massachusetts. For
additional information on First Niagara, visit us at
www.firstniagara.com, follow us on Twitter @FirstNiagara, or like
us on Facebook at FirstNiagaraBank.
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 and
First Niagara'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: ability to
obtain regulatory approvals and meet other closing conditions to
the merger, including the risk that regulatory approvals required
for the merger are not obtained or are obtained subject to
conditions that are not anticipated; delay in closing the merger;
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