Events Calendar
In This Section
Most Read Stories
Family found dead in Ohio home
Robbers order bar patrons to empty pockets
Man gets 3 years in prison for having sex with horse
Sex-toy study at Duke University raises some eyebrows
Akron man turns himself in after authorities turn up heat
Get ready for detour, delays on Route 8
Man appears alive at own funeral
Blogs:
Pets:
Not 101 Dalmations…but close!
The Heldenfiles:
Friday Notebook
Patrick McManamon:
Saturday entertainment, one more time …
Akron Zips:
No. 1 UA soccer remains perfect, Zips football defeats rival Flashes
Tribe Matters:
Tribe makes roster moves
Cleveland Browns:
Lewis doesn't like boycott
Kent State Sports:
Kent State falls to Akron, 20-28
Cleveland Cavaliers:
Gameblog: Cavs at Knicks
Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.
Varsity Letters:
Wrestling, bowling teams prepare for season
All Da King's Men:
Bigger And Better Boondoggles
Blog of Mass Destruction:
The Shooter
Akron Law Café:
NEW U.S. Supreme Court Database
See Jane Style:
Muffle Your Muffler
Car Chase:
Perfect Weather for an Autumn Drive
Let's Talk Real Estate:
RUMORS: Downtown Restaurant Explosion
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
The Black Keys to perform benefit concert at Musica on November 27
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
New 'Call of Duty' could set entertainment record
By Linda Shen
Bloomberg News
POSTED: 05:28 p.m. EDT, Jul 01, 2009
KeyCorp, Ohio's second-largest bank, raised an additional $1.8 billion as required by a government stress test.
The bank exchanged common shares for preferred stock, generating $540 million in addition to $1.3 billion previously raised by the Cleveland-based bank, KeyCorp said in a statement. Combined, KeyCorp has now ''complied with the requirements'' of the government test, the bank said.
KeyCorp was among 19 of the largest U.S. lenders to undergo a government stress test examining their ability to survive a deeper, more prolonged recession. Results released May 7 indicated KeyCorp might suffer losses of as much as $6.7 billion through 2010, and required the bank to raise another $1.8 billion as a cushion.
The bank last month sold $1 billion in common shares after increasing the sale from $750 million. KeyCorp, which accepted $2.5 billion from the government's Troubled Asset Relief Program, wants to redeem the U.S. Treasury's investment ''as promptly as possible,'' Chief Executive Officer Henry Meyer said in June.
KeyCorp shares closed down 8 cents to $5.16 on Wednesday. Shares are down 55 percent from a year ago and down 39 percent in 2009.
KeyCorp is scheduled to issue its quarterly financial report June 22.
KeyCorp, Ohio's second-largest bank, raised an additional $1.8 billion as required by a government stress test.
The bank exchanged common shares for preferred stock, generating $540 million in addition to $1.3 billion previously raised by the Cleveland-based bank, KeyCorp said in a statement. Combined, KeyCorp has now ''complied with the requirements'' of the government test, the bank said.
KeyCorp was among 19 of the largest U.S. lenders to undergo a government stress test examining their ability to survive a deeper, more prolonged recession. Results released May 7 indicated KeyCorp might suffer losses of as much as $6.7 billion through 2010, and required the bank to raise another $1.8 billion as a cushion.
The bank last month sold $1 billion in common shares after increasing the sale from $750 million. KeyCorp, which accepted $2.5 billion from the government's Troubled Asset Relief Program, wants to redeem the U.S. Treasury's investment ''as promptly as possible,'' Chief Executive Officer Henry Meyer said in June.
KeyCorp shares closed down 8 cents to $5.16 on Wednesday. Shares are down 55 percent from a year ago and down 39 percent in 2009.
KeyCorp is scheduled to issue its quarterly financial report June 22.
