KeyCorp Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by KeyCorp on August 14, 2026. The filing announces a corporate action regarding the redemption of a specific class of preferred stock.
Key Financial Metrics
The filing details the following financial specifics regarding the redemption event:
- Instrument: Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock.
- Shares Outstanding: 525,000 depositary shares (representing 21,000 shares of Preferred Stock).
- Aggregate Liquidation Preference: $525,000,000.
- Redemption Price: $25,312.50 per share ($1,012.50 per depositary share).
- Price Composition: $25,000 liquidation preference per share plus accumulated and unpaid dividends through the redemption date.
The filing does not provide data on overall company revenue, net profit, operating cash flow, margins, total debt, or general liquidity positions.
Material Changes
KeyCorp has initiated the redemption of all outstanding Series D Preferred Stock. Upon completion on September 15, 2026, these shares will cease to be outstanding, and all associated rights will terminate except for the right to receive the redemption payment.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of general business risks. The primary contingency noted is the scheduled cash outflow for the redemption on September 15, 2026, executed through the Depository Trust Company (DTC).
Investor Verification Checklist
- Verify the exact cash outflow required for the redemption ($525,000,000 liquidation preference plus accrued dividends).
- Confirm the redemption date of September 15, 2026.
- Review the impact of this preferred stock removal on the company's capital structure and dividend obligations.
- Check the press release (Exhibit 99.1) for any additional context on the rationale for the redemption.