KeyCorp said Wednesday that offers to exchange preferred securities for cash and common stock had boosted its common equity by about $540 million, helping the Cleveland bank surpass its goal to raise the $1.8 billion of capital dictated by a government stress test.

The regional banking company, like other companies both inside the financial industry and out, has been swapping preferred securities for common stock in part to cut dividend payments but also to boost its common equity. KeyCorp said in May, when the stress test results were announced, that exchanging preferred shares for common stock was one means it might use to raise the $1.8 billion.

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