CLEVELAND, March 1 -- The merger of the Society Corp. and KeyCorp became effective Tuesday, creating a national banking franchise of 14 banking subsidiaries with more than 1,300 branchand affiliate offices in 18 states.
Termed one of the fastest major bank holding company mergers in history, the 'new' KeyCorp was formed five months after the merger was announced.
The new KeyCorp, headquartered in Cleveland, is the 11th largest bank holding company in the nation, with nearly $60 billion in assets and some 30,000 employees. The banking franchise will be organized into four regional groups: Northwest, Rocky Mountain, Great Lakes and Northeast.
Victor Riley Jr., chairman of KeyCorp, said the merger signals the company's entry into a 'new era as one of the nation's leading financial services providers.'
'We've been able to broaden our geographic presence and expand our product lines, while continuing our core strategy of staying close to our customers,' said Riley. 'I cannot envision a better scenario for our customers, shareholders, employees and communities.'
Under the terms of the merger agreement, each outstanding share of KeyCorp Common Stock has been converted into 1.205 'new' KeyCorp Common Shares. Society Common Shares remain outstanding as 'new' KeyCorp Common Shares.
The new KeyCorp is listed as 'KEY' on the New York Stock Exchange. The Society symbol 'SCY' will no longer be used.
(Written by Jonathan Jay Gibian in Cleveland)
