CLEVELAND and BUFFALO, N.Y., July 12,
2016 /PRNewswire/ -- KeyCorp (NYSE: KEY) and First
Niagara Financial Group, Inc. (NASDAQ: FNFG) ("First Niagara")
announced today that KeyCorp has received regulatory approval from
the Federal Reserve to complete the merger with First Niagara
Financial Group.
The merger of First Niagara into KeyCorp is expected to be
completed on or about August 1, 2016,
pending the satisfaction of customary closing conditions.
Systems and client conversion is expected during the fourth quarter
of 2016, subject to pending regulatory approval by the OCC for the
merger of First Niagara Bank into KeyBank.
"We are pleased to reach another important milestone as we bring
Key and First Niagara together," said Beth
Mooney, KeyCorp CEO and Chair. "I'm also proud that our two
companies have worked so well together to meet our commitment for
clients, communities, employees, and shareholders. We remain
confident in and committed to meeting the growth and financial
objectives of the First Niagara acquisition."
First Niagara, headquartered in
Buffalo, New York, had
$40 billion in assets and
$30 billion in deposits as of
March 31, 2016, and approximately 390
branches in New York, Pennsylvania, Connecticut, and Massachusetts. The
planned acquisition was originally announced on October 30, 2015.
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
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.
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, $30 billion in deposits, and approximately 5,300
employees providing financial services to individuals, families and
businesses across New York,
Pennsylvania, Connecticut and Massachusetts. For more information, visit
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
meet other closing conditions to the merger; 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