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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.
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