Monday, November 17, 2008
KeyCorp receives $2.5B in Treasury deal
Portland Business Journal
KeyCorp said it has raised $2.5 billion in capital through the U.S. Department of the Treasury’s Capital Purchase Program.
The Cleveland-based bank said in October that it would participate in the program, announced earlier that month.
Under the plan, which is part of the Emergency Economic Stabilization Act signed into law Oct. 3, the Treasury Department will buy $250 billion in preferred stock in the nation’s financial institutions. The hope is that the capital injection will restore confidence in banks and encourage them to lend more freely.
KeyCorp (NYSE: KEY) has 69 KeyBank branches in Oregon.
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