David Quon joined KeyBank Business Capital, the asset-based lending arm KeyCorp, as a senior business development executive. Quon will be based in Chicago and report to Paul Cronin, head of KeyBank Business Capital.
KeyCorp has named Clark Khayat executive vice president and chief strategy officer with responsibility for corporate strategy, mergers and acquisitions and strategic investments.
KeyCorp has closed its acquisition of First Niagara Financial Group. Systems and client conversion is expected during the fourth quarter of 2016, subject to pending regulatory approval by the Office of the Comptroller of the Currency for the merger of First Niagara Bank into KeyBank.
KeyCorp reported Q1/16 earnings were down from the same quarter in 2015 and noted its provision charge was higher as its asset quality measures were impacted by credit migration primarily in the oil and gas portfolio.
According to Reuters, five U.S. regional banks put aside millions of dollars during Q1/16 to cover potential losses from loans to the energy sector.
KeyCorp added Austin A. Adams, Gary M. Crosby and Carlton L. Highsmith to its board of directors. The additions will be effective upon the closing of the merger of First Niagara Financial Group into KeyCorp.
The shareholders of KeyCorp and First Niagara Financial Group voted in favor of a merger between the two companies. More than 90% of votes cast were in favor of the merger.
KeyCorp and First Niagara Financial entered into a definitive agreement under which KeyCorp will acquire First Niagara in a cash and stock transaction for total consideration valued at approximately $4.1 billion.
KeyCorp said Q3/15 net income from continuing operations of $216 million was up 10% from $197 million a year earlier. Revenue of $1,068 million was up from $998 million in Q3/14.