KeyCorp To Acquire Pacific Crest Securities

CLEVELAND, July 17, 2014 /PRNewswire/ -- KeyCorp KEY, today announced that it has entered into a definitive agreement to acquire Pacific Crest Securities, a leading technology focused investment bank and capital markets firm.  Following the closing of the transaction and upon receipt of regulatory approvals, Pacific Crest Securities will join KeyBanc Capital Markets, the corporate and investment banking business unit of Key. 

This acquisition underscores Key's commitment to creating the leading corporate and investment bank serving middle market companies.  The combined platforms bring together two firms with a shared vision of enhancing their differentiation in the market by capitalizing on the convergence of technology across traditional industry verticals.

"I am pleased to welcome the Pacific Crest team to Key," said Chairman and CEO, Beth E. Mooney.  "Adding technology expertise to our Corporate Bank will enhance our model and capabilities to accelerate growth while also underscoring our commitment to be the leading corporate and investment bank serving middle market companies."

"Pacific Crest Securities brings significant momentum to KeyBanc Capital Markets with a highly talented team of professionals recognized for their technology investment banking and equity capital markets expertise," said President of KeyBanc Capital Markets, Randy Paine. "We are excited about what this combination achieves for our clients and our business. Clients will benefit from our expanded capabilities and the unique perspective we will bring to the market around connectivity trends that are shaping the future of our economy."

Founded in 1990 and based in Portland, Ore., Pacific Crest Securities provides deep expertise in Internet & Digital Media, Software & Systems, Communications, Semiconductors and Clean Technology.  The firm applies its knowledge of the drivers of value creation along with a global network of relationships to technology's high-growth sectors, such as global internet, mobility, SaaS, cloud and big data, next gen infrastructure, and energy and industrial technology.

"I am very excited about the combination of Pacific Crest and KeyBanc Capital Markets," said Chairman and CEO of Pacific Crest Securities, Scott Sandbo.  "The impact of technology in traditional industries is nearing a tipping point.  KeyBanc Capital Markets does great work in these sectors and I am confident our teams working together will provide an unmatched level of insight and advice on a trend that is shaping virtually every area of the economy."

The transaction is subject to regulatory approval and customary closing conditions and expected to close in the third quarter of 2014.

KeyCorp was advised by its own wholly owned subsidiary, KeyBanc Capital Markets Inc.

About Pacific Crest Securities
Pacific Crest is the premier investment bank for technology, operating at the leading edge, where global connectivity is fueling an unprecedented expansion cycle. The firm applies its knowledge of the drivers of value creation and global network of relationships to technology's high-growth sectors, such as global internet, mobility, SaaS, cloud and big data, next gen infrastructure, and energy and industrial technology. As a result, Pacific Crest's clients — technology's foremost institutional investors and market leading companies — rely on it to achieve superior returns and gain competitive advantage from the seismic shifts occurring in technology.

Pacific Crest has 170 employees and is headquartered in Portland, Ore.

About KeyBanc Capital Markets:
KeyBanc Capital Markets provides deep industry expertise and capital markets and advisory solutions to companies in targeted verticals, which include the Consumer & Retail, Healthcare, Industrial, Oil & Gas, Real Estate, Technology and Utilities, Power & Renewables industries.  Its award-winning equity research team provides coverage on more than 550 companies.  KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association ("KeyBank N.A.") are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.

About KeyCorp:
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 has assets of approximately $91.8 billion at June 30, 2014.   Key provides deposit, lending, cash management and investment services to individuals and small businesses in 12 states under the name of KeyBank N.A.  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 press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as "outlook," "goal," "objective," "plan," "expect," "anticipate," "intend," "project," "believe," "estimate" and other words of similar meaning. Forward-looking statements represent management's current expectations and forecasts regarding future events. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2013, which has been filed with the Securities and Exchange Commission and is available on Key's website (www.key.com/ir) and on the Securities and Exchange Commission's website (www.sec.gov). Forward looking statements speak only as of the date they are made and Key does not undertake any obligation to update the forward-looking statements to reflect new information or future events.

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SOURCE KeyCorp