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Share Name | Share Symbol | Market | Type |
---|---|---|---|
KeyCorp | NYSE:KEY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 1.09% | 14.87 | 14.97 | 14.66 | 14.86 | 16,315,861 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2015
(Exact Name of Registrant as Specified in Charter)
001-11302
(Commission File Number)
OHIO | 34-6542451 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
127 Public Square
Cleveland, Ohio 44114-1306
(Address of principal executive offices and zip code)
(216) 689-3000
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 | Other Events |
On March 11, 2015, the Federal Reserve announced that it did not object to KeyCorps capital plan submitted as part of the Federal Reserves 2015 Comprehensive Capital Analysis and Review. The proposed capital plan, which occurs over a five-quarter time period, includes a common share repurchase program of up to $725 million. Share repurchases under the capital plan have been authorized by Keys Board of Directors and include repurchases to offset issuances of common shares under Keys employee compensation plans.
In May, the Board of Directors will evaluate an increase of KeyCorps quarterly dividend from $0.065 per share to $0.075 per share. In 2016, the Board will consider an additional potential increase in the quarterly dividend, up to $.085 per share, for the fifth quarter of the 2015 capital plan.
A copy of the press release announcing these actions is attached hereto as Exhibit 99.1.
Item 9.01 | Exhibits |
Exhibit |
Description | |
99.1 | KeyCorp Press Release, dated March 11, 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
KEYCORP | ||||||
Date: March 11, 2015 | ||||||
/s/ Donald R. Kimble | ||||||
By: | Donald R. Kimble | |||||
Chief Financial Officer |
Exhibit 99.1
NEWS
FOR IMMEDIATE RELEASE
KEY ANNOUNCES COMMON SHARE REPURCHASE PROGRAM AND PLANS TO
EVALUATE DIVIDEND INCREASE
No Objection from Federal Reserve to Companys Capital Plan
CLEVELAND, March 11, 2015 KeyCorp (NYSE: KEY) announced today that the Federal Reserve did not object to Keys proposed capital plan submitted during the 2015 Comprehensive Capital Analysis and Review. The capital plan, which occurs over a five-quarter time period, includes:
| A common share repurchase program of up to $725 million. |
| An increase in the quarterly common share dividend from $0.065 per share up to $0.075 per share. Keys Board of Directors will consider the potential dividend increase in May. |
| An additional potential increase in the quarterly common share dividend, up to $0.085 per share, which will be considered by the Board of Directors in 2016, for the fifth quarter of the 2015 capital plan. |
Share repurchases under the capital plan have been authorized by Keys Board of Directors and include repurchases to offset issuances of common shares under Keys employee compensation plans. Key intends to repurchase its common shares through the open market or in privately negotiated transactions over a five quarter time-period, which differs from prior year authorizations that occurred over a four quarter time-period. The Company anticipates repurchasing common shares under the 2015 capital plan through June 30, 2016. The reacquired shares will be held as treasury shares and may be reissued for various corporate purposes.
Beth E. Mooney, Keys Chairman and Chief Executive Officer, stated We are pleased that we received no objection to our capital plan from the Federal Reserve. This provides us with the ability to increase our dividends and continue to repurchase common shares, consistent with our capital priorities. After returning 82% of net income to shareholders in 2014, Key remains one of the best capitalized banks in its peer group. We are well positioned to execute on our strategic priorities and grow our businesses, while remaining disciplined in managing capital for our shareholders.
About Key
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nations largest bank-based financial services companies, Key has assets of approximately $94 billion.
Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of 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.
This release contains forward-looking statements, including statements about Keys capital actions. Forward-looking statements can be identified by words such as plan, potential, expect, anticipate, intend, or estimate. Forward-looking statements represent managements current expectations regarding future events. If underlying assumptions prove to be inaccurate or unknown risks arise, actual results could vary materially from these expectations. Factors that could cause Keys actual results to differ from those described in the forward-looking statements can be found in KeyCorps Form 10-K for the Year ended December 31, 2014, which has been filed with the Securities and Exchange Commission and is available on Keys website (www.key.com/ir) and on the Securities and Exchange Commissions website (www.sec.gov). These factors may include, among others: deterioration of commercial real estate market fundamentals, defaults by our loan counterparties or clients, adverse changes in credit quality trends, declining asset prices, our concentrated credit exposure in commercial, financial and agricultural loans, and unanticipated changes in our liquidity position.
# # #
Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.
For more information contact:
Investor Relations: Vernon Patterson, 216.689.0520, vernon_patterson@keybank.com
Investor Relations: Kelly Dillon, 216.689.3133, kelly_l_dillon@keybank.com
Media: Jack Sparks, 720.904.4554, jack_sparks@keybank.com
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