The Federal Reserve Board gave KeyCorp permission Wednesday to buy McDonald & Co. Investments Inc., a Cleveland-based securities firm.

The deal, valued at $580 million, is expected to close Friday. It was approved overwhelmingly last month by shareholders at McDonald & Co. The merger does not require approval from KeyCorp's shareholders.

McDonald & Co. operates 44 offices in 11 states and offers investment banking, securities underwriting, investment advisory, and retail brokerage services.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.