The board of directors at KeyCorp (NYSE: KEY) authorized a new share buyback program for up to $426 million of the banking company’s common stock.
Key, based in Cleveland, plans to buy back stock through the open market and private transactions. The company expects to complete the current program by the first quarter of 2014.
The acquired shares will be held as treasury shares or reissued for corporate purposes.
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“Today’s actions are consistent with our capital priorities and demonstrate the board’s ongoing commitment to return capital to our shareholders,” Key Chairwoman and CEO Beth Mooney said in a news release.
KeyBank has more than 1,000 branches in 14 states and assets of more than $89 billion.
Key is the number two bank in the Syracuse–metro area deposit market with 27 branches, more than $1.8 billion in deposits, and a market share of 16.8 percent, according to the latest statistics from the Federal Deposit Insurance Corp. The bank has two offices, more than $58 million in deposits, and a market share of 1.58 percent in the Utica–Rome area
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