KeyCorp, the parent company of Key Bank of Utah, and Cleveland-based Society Corp. said Thursday that the merger of KeyCorp, based in Albany, N.Y., and Society has been approved by the Federal Reserve.
Also, regulatory authorities of Alaska, Colorado, Idaho, Maine, Oregon, Utah, Washington and Wyoming have approved the merger. Applications are pending in Arizona and New York.Shareholders of both bank holding companies will vote on the merger in separate meetings February 16.
With those approvals, which a spokesman for KeyCorp said are to be granted soon, the merger is expected to be completed on March 1.
Under terms of the merger agreement, KeyCorp shareholders will receive 1.205 common shares of the new company for each of their KeyCorp shares. Society shareholders will retain their existing number of shares.
The merged company will be called Key Bancshares Inc.