First Niagara and KeyCorp Announce Shareholder Approval of Merger
March 23 2016 - 11:39AM
First Niagara Financial Group (NASDAQ:FNFG) and KeyCorp (NYSE:KEY)
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.
“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.
“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.”
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 agreement is still subject to regulatory
approvals. Closing of the merger is anticipated during the
third quarter of 2016.
About First NiagaraFirst 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.
About KeyCorpKeyCorp 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 https://www.key.com/. KeyBank is
Member FDIC.
First Niagara Contacts
Investors:
Ram Shankar
Senior Vice President, Investor Relations
(716) 270-8623
Ram.shankar@fnfg.com
News Media:
David Lanzillo
Senior Vice President, Corporate Communications
(716) 819-5780
david.lanzillo@fnfg.com
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