01—Abstract
Summary
Summary of the 8-K filed August 14, 2026. Cited figures are marked; the original filing is the authoritative source.
KeyCorp (NYSE: KEY) filed a Form 8-K on August 14, 2026 to disclose that it has given notice of its intention to redeem all 525,000 depositary shares of its Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock on September 15, 2026.
The filing states that 525,000 depositary shares, representing 21,000 shares of Preferred Stock, are outstanding, with an aggregate liquidation preference of $525,000,000a. Each share will be redeemed for cash at $25,312.50 ($1,012.50 per depositary share), equal to the $25,000 per share liquidation preference plus accumulated and unpaid dividends and distributions through the redemption date. Once redeemed, the Preferred Stock will no longer be outstanding and holders' rights will terminate, except the right to receive the redemption price.
The shares are held in book-entry form through the Depository Trust Company and will be redeemed under DTC procedures. Computershare, KeyCorp's transfer agent, will act as redemption agent.
The accompanying press release (Exhibit 99.1) also states that KeyCorp had approximately $191 billionb in assets at June 30, 2026, and operates approximately 950 branches and 1,100 ATMs across 15 states. The filing is a routine capital-management notice and does not disclose new financial results or changes to guidance.
02—Key points
Key Highlights
- KeyCorp gave notice on August 14, 2026 of its intention to redeem all 525,000 depositary shares of its Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock
- Redemption date is September 15, 2026
- Redemption price is $25,312.50 per share ($1,012.50 per depositary share), equal to the $25,000 liquidation preference per share plus accumulated and unpaid dividends
- Aggregate liquidation preference of the outstanding preferred stock is $525,000,000, represented by 21,000 shares of Preferred Stock
- Redemption is made in cash in accordance with the Company's Third Amended and Restated Articles of Incorporation, as amended
- Computershare, the transfer agent, will serve as redemption agent
- KeyCorp reported approximately $191 billion in assets at June 30, 2026
03—Questions
Frequently Asked Questions
What is KeyCorp redeeming and when?
KeyCorp is redeeming all 525,000 depositary shares, each representing a 1/25th interest in a share of its Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, on September 15, 2026.
How much will holders receive?
Holders will receive $25,312.50 per share of Preferred Stock, or $1,012.50 per depositary share. This equals the $1,000 per depositary share liquidation preference plus accumulated and unpaid dividends and distributions through the redemption date.
What is the total value of the redemption?
The filing states an aggregate liquidation preference of $525,000,000 for the outstanding preferred stock. The filing does not state the total accumulated and unpaid dividends included in the redemption price.
How will the redemption be processed?
The shares are held in book-entry form through the Depository Trust Company and will be redeemed under DTC procedures. Computershare, KeyCorp's transfer agent, is serving as redemption agent.
What happens to the preferred stock after redemption?
Once redeemed, the Preferred Stock will no longer be outstanding, and all rights with respect to it will cease and terminate, except the right to receive the redemption price.
04—Continue