The 52-week price range is $9.75-$15.08 and the company has a market capitalization of $9.32 billion. Underperform rating was given by 1 analyst and Outperform rating was given by 12 analyst.
Advertisement
“After months of discussions and tough negotiations with KeyBank, I am pleased that we were able to reach an agreement that ensures thousands of KeyBank and First Niagara jobs will remain in Western New York for years to come”, said U.S. Senator Chuck Schumer.
The agreement, finalized over the weekend, will ensure that all KeyBank and First Niagara branch employees will be offered a full-time and comparable job with the bank following the acquisition.
Shares of KeyCorp (NYSE:KEY) opened at 11.09 on Monday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company recent traded volume was higher than its average volume of 2.74 million shares.
The new KeyBank branch network created by the merger will include 488 branches in upstate NY and in Connecticut, Massachusetts and Pennsylvania.
KeyCorp. (NYSE:KEY) wants to close over 100 retail branches as it carries out the proposed acquisition of First Niagara Financial Group.
The branches, less than a quarter-mile apart, could both become KeyBank branches for a short period, with the company projecting the transition between Key locations starting in October.
KeyBank will commit to not laying off any First Niagara branch employees, and will offer nearby jobs to employees who are now at branches scheduled to be closed. Additional closings, including the 36 KeyBank branches, will take place through early 2017.
KeyCorp will compensate the affected employees of the merged branches by placing them in the combined entity following the completion of the deal in the second half of 2016. This includes 70 branches that are scheduled to be consolidated in October 2016. KeyBank is notifying customers of these branches about the consolidations, according to the release.
KeyBank commits to an overall employment level comparable to the 6,117 total jobs now employed by the two banks.
While KeyCorp now has no KeyBank branches in the Lehigh Valley, its acquisition of First Niagara – slated to be complete by the third quarter – will give it a solid presence in Pennsylvania.
Advertisement
“I am confirming that Buffalo is our Northeast regional headquarters and that Key will invest and grow in NY, including our plans to expand our mortgage, auto lending and insurance businesses”, KeyCorp Chairman Beth Mooney said in announcing the expansion. The merger is on track to be complete by the third quarter of 2016.
