BANKING & FINANCE - Oct. 5, 1993
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Keycorp and Society Corp. Announce Merger: The merger of the two bank holding companies will form the nation’s 10th-largest banking company. If the merger is approved by shareholders and regulatory authorities, Albany, N.Y.-based Keycorp and Cleveland-based Society will aim to complete the deal by early 1994. The merger would give the new company combined assets of more than $58 billion and nearly 1,400 offices in 18 states. Under terms of an agreement signed by executives of both companies, Keycorp shareholders would receive 1.205 common shares of the new company for each of their Keycorp shares. Society shareholders would retain their current number of shares. The transaction would have a total value of about $7.8 billion, based on Keycorp’s closing stock price Friday of $38.50 a share and Society’s closing stock price of $32.50 a share, the companies said.
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