KeyCorp (NYSE:KEY) Announces Common Share Cash Dividend


KeyCorp (NYSE:KEY) reported that its Board declared a dividend of $0.075 per share on the company’s outstanding common shares for 4Q2015. The dividend payable date is December 15, 2015 and it will be payable to holders of record date of respective common shares as of December 1, 2015. It stated that a dividend payout of $1.9375 a share on the corporation’s unpaid 7.750% ‘Non-Cumulative’ Perpetual Convertible-Preferred Stock, “Series A”, will be payable on December 15 with record date of November 30, for the period beginning commencing on September 15, 2015 to December 15, 2015

The highlights

Since agreeing to buy First Niagara Financial Group in a deal valued at $4.1 billion, KeyCorp Chief Executive Beth Mooney has visited almost all of the Cleveland-located bank’s new markets. Recently, she visitedPhiladelphia and spoke to First Niagara’s staff to welcome them into the unit and disclose them the expected scenario when the deal concludesin 2016.

During an interview, Mooney, the first and only female Chief Executive of a top twenty U.S. bank, talked about entering the crowded Philadelphia industry and her strategies for what Key gets from First Niagara, which is one of the largest local deposit-taker with more than 43 branches as of June 30.

The details

After the First Niagara acquisition was concluded, it was stated that the major factor was merging the upstate NY footprints of both banks to get increased market share there. However, the question is how does Philadelphia comes in that plan? There is no doubt that upstate New York was in the focus, but KeyCorp (NYSE:KEY) also liked the connecting markets that First Niagara bought in the post-recession world, including Harleysville in 2010.The CEO told the employees and the analysts in Philadelphia that they consider Philadelphia is a lucrative market where company’s depth of products will be remarkable.

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