KeyCorp : Board Increases Quarterly Cash Dividend to Five Cents Per Common Share
05/17/2012| 08:50am US/Eastern
CLEVELAND, May 17, 2012 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share on the company's common stock. The dividend was declared on May 16, 2012, and is payable on June 15, 2012 to shareholders of record at the close of business on May 29, 2012.
"We understand our stock dividend is important to our shareholders, and our Board of Directors made an important statement by increasing the common stock dividend from $0.03 to $0.05 per share," said KeyCorp Chairman and CEO Beth Mooney. "This action reflects Key's ongoing focus on delivering shareholder value."
The Board of Directors also approved a cash dividend of $1.9375 per share on the Corporation's outstanding 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A, to holders of record as of the close of business on May 31, 2012, for the period commencing on (and including) March 15, 2012 to (but excluding) the dividend payable date of June 15, 2012.
During KeyCorp's annual meeting, shareholders also elected all of the company's 14 nominees to the KeyCorp Board of Directors; ratified the appointment of Ernst & Young as the company's independent auditors; and approved, with more than 95% of the vote, a proposal on compensation of named executive officers.
In a separate, non-binding advisory vote, shareholders approved a proposal requesting the company's Board of Directors to adopt a policy requiring an independent, non-executive chairman of the Board. KeyCorp's independent Lead Director, Alexander M. Cutler, said "We take the results of the advisory vote very seriously and will carefully consider it as we review our Board leadership and corporate governance."
Key traces its history back more than 160 years and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $87 billion, as of March 31, 2012.
Key provides deposit, lending, cash management and investment services to individuals and small businesses in 14 states under the name of KeyBank National Association. 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.