KeyCorp filed an 8-K on November 14, 2026, announcing its intention to redeem all 20,000,000 depositary shares of its Series E Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock on December 15, 2026.

Key Highlights

  • Full redemption announced: All 20,000,000 depositary shares of Series E Preferred Stock (NYSE:KEYPrI; CUSIP No. 493267702) will be redeemed on December 15, 2026.
  • Aggregate liquidation preference: The 500,000 shares of Preferred Stock carry an aggregate liquidation preference of $500,000,000, according to the filing.
  • Redemption price: The company disclosed a redemption price of $1,015.3125 per share of Preferred Stock, equal to $25.3828125 per depositary share, covering the $25.00 liquidation preference plus accumulated and unpaid dividends through the redemption date.
  • Delisting to follow: Upon redemption, the Preferred Stock will be delisted from trading on the New York Stock Exchange, the filing states.
  • Redemption agent: Computershare, located at 250 Royall Street, Canton, MA 02021, will serve as redemption agent.
  • DTC settlement: All shares are held in book-entry form through the Depository Trust Company and will be redeemed in accordance with DTC procedures.

KeyCorp Series E Preferred Stock Redemption: Key Terms and Process

According to the filing, KeyCorp (NYSE:KEY) provided notice on November 13, 2026, of its intention to redeem every outstanding depositary share of its Series E Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock. The redemption is scheduled for December 15, 2026, and covers all 20,000,000 depositary shares, each representing a 1/40th ownership interest in one share of the Preferred Stock. The company reported that there are 500,000 underlying shares of Preferred Stock currently outstanding, carrying an aggregate liquidation preference of $500,000,000.

The filing disclosed that the cash redemption price is set at $1,015.3125 per share of Preferred Stock, or $25.3828125 per depositary share. The company described this price as equaling the liquidation preference of $1,000.00 per share ($25.00 per depositary share) plus accumulated and unpaid dividends and distributions through the redemption date. The filing noted that upon completion of the redemption, "the Preferred Stock will no longer be outstanding and all rights with respect to such stock will cease and terminate, except the right to payment of the redemption price."

The filing also stated that upon redemption, the Preferred Stock will be delisted from the New York Stock Exchange. Computershare will act as redemption agent, and settlement will proceed through the Depository Trust Company's standard book-entry procedures. The company separately noted that it has approximately $193 billion in assets as of September 30, 2026, and operates approximately 950 branches across 15 states. The filing contains forward-looking statements that the company cautions are subject to risks and uncertainties described in its most recent Form 10-K and subsequent regulatory filings.

What Was Disclosed

KeyCorp announced the full redemption of its NYSE-listed Series E Preferred Stock depositary shares on December 15, 2026, at $25.3828125 per depositary share, covering both the $25.00 liquidation preference and accumulated unpaid dividends. The shares will be delisted upon redemption.