CLEVELAND -- Shareholders of the Society Corp. and KeyCorp approved Wednesday the merger of the two banks, creating the nation's 11th largest bank holding entity.
The merger will go into effect March 1 as the companies form the 'new' KeyCorp, headquartered in Cleveland with nearly $60 billion in assets.
'Today's enthusiastic show of support by our shareholders confirms the value of this merger as envisioned by these two companies just five months ago,' said Robert Gillespie, chairman of Society.
Gillespie will become president and chief operating officer of the merged company. Victor Riley Jr., chairman of KeyCorp, will serve as the new company's chairman.
Under the terms of the merger agreement, Society common shares will become new KeyCorp common shares, while each outstanding share of KeyCorp will be converted into 1.205 'new' KeyCorp common shares. Stock in the new company will be listed under 'KEY' on the New York Stock Exchange; the Society symbol 'SCY' will no longer be used.
Upon completion of the merger, KeyCorp will have more than 1,300 branches and affiliate offices in 18 states and more than 30,000 employees.