Attached files
| file | filename |
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| 8-K - FORM 8-K - KEYCORP /NEW/ | l42470e8vk.htm |
Exhibit 99.1
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CONTACTS:
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ANALYSTS Vernon L. Patterson 216.689.0520 Vernon_Patterson@KeyBank.com Christopher F. Sikora 216.689.3133 Chris_F_Sikora@KeyBank.com |
MEDIA William C. Murschel 216.471.2885 William_C_Murschel@KeyBank.com |
INVESTOR RELATIONS: www.key.com/ir |
KEY MEDIA NEWSROOM: www.key.com/newsroom |
FOR IMMEDIATE RELEASE
KEYCORP REPURCHASES WARRANT FROM U.S. TREASURY
CLEVELAND, Apr. 20, 2011 — KeyCorp (NYSE: KEY) announced today that it completed the
repurchase of the warrant issued to the United States Department of the Treasury (“U.S. Treasury”)
as part of the TARP Capital Purchase Program. The warrant provided the right to purchase
35,244,361 shares of KeyCorp common stock at $10.64 per share. KeyCorp and the U.S. Treasury
agreed upon a repurchase price of $70 million for the warrant. With this transaction complete, the
U.S. Treasury no longer holds any investment in KeyCorp under the TARP Capital Purchase Program.
“Our repurchase of the warrant completes the U.S. Treasury’s period as an investor under the TARP
Capital Purchase Program. We are pleased to have this repurchase completed and, as we move
forward, we are focused on our relationship strategy and commitment to extraordinary service, which
serve as the foundation for everything that we do,” said KeyCorp
Chairman and Chief Executive Officer Henry L. Meyer III. “We are pleased that the repurchase
of the warrant will limit future shareholder dilution.”
KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with
assets of approximately $90 billion. Key companies provide investment management, retail and
commercial banking, consumer finance, and investment banking products and services to individuals
and companies throughout the United States and, for certain businesses, internationally. For more
information, visit https://www.key.com/aboutkey.
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead
represent only management’s current expectations and forecasts regarding future events, many of
which, by their nature, are inherently uncertain and outside of Key’s control. Key’s actual
results and financial condition may differ, possibly materially, from the anticipated results and
financial condition indicated in these forward-looking statements. Factors that could cause Key’s
actual results to differ materially from those described in the forward-looking statements can be
found in Key’s Annual Report on Form 10-K for the year ended December 31, 2010, which has been
filed with the SEC and are available on Key’s website at www.Key.com/IR and on the SEC’s website at
www.sec.gov. Forward-looking statements are not guarantees of future performance and should not be
relied upon as representing management’s views as of any subsequent date. Key does not undertake
any obligation to update the forward-looking statements to reflect the impact of circumstances or
events that may arise after the date of the forward-looking statements.
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