CLEVELAND, April 22, 2016 /PRNewswire/ -- KeyCorp
(NYSE: KEY) announced today that its Board of Directors has
appointed Austin A. Adams,
Gary M. Crosby, and Carlton L. Highsmith to KeyCorp's Board of
Directors effective upon the closing of the merger of First Niagara
Financial Group, Inc. ("First Niagara") into KeyCorp. The new
Directors are currently members of First Niagara's Board of
Directors. As previously announced, the Merger Agreement between
KeyCorp and First Niagara provides that three members of First
Niagara's Board would be appointed as directors of KeyCorp
effective upon the closing of the merger.
Austin Adams retired from
JPMorgan Chase in 2006, where he served as the Corporate Chief
Information Officer. Prior to his role at JPMorgan Chase, he
served as the Chief Information Officer at Bank One. He has
been a director of First Niagara since 2014.
Gary Crosby has been the
President and Chief Executive Officer of First Niagara since
2013. Prior to that date, he held several different positions
within First Niagara, including Chief Operating Officer and Chief
Administrative Officer. He has been a director of First
Niagara since 2013.
Carlton Highsmith founded and
served as the President and Chief Executive Officer of The
Specialized Packaging Group until its merger with PaperWorks
Industries in 2009, after which he served as Vice Chairman of the
Board until his retirement in 2010. Mr. Highsmith was
previously a director of New Alliance Bancshares, Inc., which First
Niagara acquired in 2011. He has been a director of First
Niagara since 2011.
"Austin, Gary, and Carlton are highly respected industry
veterans who will add additional expertise and new perspectives to
Key's Board of Directors," said Sandy
Cutler, KeyCorp's Independent Lead Director and Chair of the
Nominating and Corporate Governance Committee.
"Bringing KeyCorp and First Niagara together has many benefits
for our clients, shareholders, and communities, including the
opportunity to add such talented individuals to our Board," said
Beth Mooney, Chairman and Chief
Executive Officer of KeyCorp.
The merger is expected to close in the third quarter of 2016 and
remains subject to regulatory approvals. The addition of the
three new Directors will increase the size of KeyCorp's Board of
Directors to 17 members.
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 $98.4 billion at March
31, 2016. 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.
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