KeyCorp Holds Annual Meeting

CLEVELAND, May 22, 2014 /PRNewswire/ -- KeyCorp KEY today announced at its annual meeting that shareholders can expect the company to be "Focused Forward" in 2014, and continue to execute on its relationship strategy that drove growth and shareholder value in 2013.   

"Our relationship-based strategy, unique business model, and disciplined approach enabled us to grow despite economic headwinds," said Beth Mooney, CEO and Chairman, KeyCorp.  "In 2013, Key acquired and expanded relationships with clients, invested in our businesses, improved efficiency, and returned peer-leading capital to our shareholders. We are proud of this record and it gives our shareholders confidence Key is on the right track."

During the annual meeting, shareholders elected 12 business leaders to Key's Board of Directors, highlighting the strength, diversity, and independence of the Board. The election was one of four proposals put before shareholders at the company's annual meeting, held Thursday, May 22 at One Cleveland Center in Cleveland, OH.

Shareholders heard from Mooney about the Board's approval on May 13, 2014 of an increase in Key's quarterly common stock dividend by 18%.  One of the best capitalized banks in the country, Key received a "non-objection" from the Federal Reserve on their 2014 capital plan and, according to Mooney, estimated shareholder payout over the next four quarters could increase to over 80% of net income. Key's capital plan included up to $542 million in share repurchases during the next four quarters. 

Shareholders also ratified the appointment of Ernst & Young LLP as the company's independent auditors for the 2014 fiscal year and approved an advisory proposal on compensation of KeyCorp's named executive officers. A shareholder proposal which requested the Board separate the Chairman and Chief Executive Officer roles at Key was also presented and defeated.

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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 $90.8 billion at March 31, 2014. 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.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events many of which are inherently uncertain and outside of Key's control.  Key's actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements.  Factors that could cause Key's actual results to differ materially from those described in the forward-looking statements can be found in Key's Annual Report on Form 10-K for the year ended December 31, 2013, which has been filed with the SEC and is available on Key's website at www.Key.com/IR and on the SEC's website at www.sec.gov.  Key does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

SOURCE KeyCorp