Finance History|11 Wall Street — SCY Stopped and the Cleveland Book Kept KEY
· 1994-3
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Finance History|11 Wall Street — SCY Stopped and the Cleveland Book Kept KEY
kevin
People treat KeyCorp as a Cleveland bank that always printed KEY after a finished New York book.
The surviving listed issuer after 1 March 1994 was the merged KeyCorp, formed that day from Society Corporation of Cleveland and the Albany KeyCorp.
A 1 March 1994 report of the closing said Society common shares remained outstanding as the new KeyCorp common shares.
Each old KeyCorp common share converted into 1.205 new KeyCorp common shares.
The same report said the combined company listed as KEY on the New York Stock Exchange and that Society's letters SCY would no longer be used.
The Albany predecessor Key Banks Inc. had already used KEY on this exchange. Company histories date that earlier listing to 1979.
After the close, those letters belonged to the Cleveland book.
The letters KEY still open on this exchange.
The mechanism is a merger of equals in which the Society common tape survives, drops SCY, and takes the acquired firm's letters without opening a second common book.
The pin is the Broad Street facade of the Exchange on the morning the combined book printed KEY.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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