BUFFALO, N.Y., May 18, 2017 /PRNewswire/ -- KeyCorp (NYSE: KEY) today held its annual meeting in Buffalo, NY, where it highlighted a successful and transformational year for the nearly 200-year-old institution in 2016. Shareholders heard how Key is growing across the company, the success of the First Niagara merger, and the continued commitment to creating shareholder value.
"Key's successful acquisition of First Niagara, the largest in our company's history, and the addition of one million new clients is certainly a headline for 2016. But just as important is that Key delivered on our commitments to grow and create momentum for 2017," said Beth Mooney, Chairman and Chief Executive Officer, KeyCorp.
Mooney reflected on KeyCorp's history in New York, while also highlighting Key's strong levels of client growth: "Key was founded in New York nearly 200 years ago. Meeting with our shareholders in Buffalo today has given us the opportunity to acknowledge the transformational impact of the First Niagara acquisition as well as our success across the organization in 2016. Outside of the acquisition, Key's Community Bank grew net retail households by more than 45,000 and the Corporate Bank added or expanded over 1,200 relationships. This growth will enable us to continue helping our clients and our communities thrive for many more years to come."
During the annual meeting, shareholders elected 16 nominees to KeyCorp's Board of Directors, each with executive leadership experience within a variety of national and international organizations, across a number of industries. Board elections were one of five proposals put before shareholders at the company's annual meeting, held at the Albright-Knox Art Gallery in Buffalo, NY.
Other proposals presented and approved by shareholders included the appointment of Ernst & Young LLP as the company's independent auditor for the 2017 fiscal year, an advisory proposal on compensation of KeyCorp's named executive officers, and an advisory proposal on the frequency of the shareholder vote on KeyCorp's executive compensation. A shareholder proposal which requested the Board seek an independent Board Chairman was presented but not approved by the shareholders.
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. 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, 2016, as well as in KeyCorp's subsequent SEC filings, all of which have been filed with the Securities and Exchange Commission and are 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.