KeyCorp to Buy Technology Focused Investment Bank
KeyCorp (KEY) in Cleveland has agreed to buy Pacific Crest Securities, a technology-focused investment bank and capital markets firm.
The $91.8 billion-asset KeyCorp disclosed the agreement in a Thursday press release tied to its second-quarter earnings. Key did not disclose the price it would pay for the Portland, Ore., firm.
The transaction is expected to close in the third quarter.
"Adding technology expertise to our corporate bank will enhance our model and capabilities to accelerate growth while also underscoring our commitment to be the leading corporate and investment bank serving middle market companies," Beth Mooney, KeyCorp's chairman and chief executive, said in the release.