TACOMA, Wash. -- Puget Sound Bancorp said its shareholders approved its proposed merger into KeyCorp of Albany, N.Y.

KeyCorp shareholders assented to the deal the same day, authorizing the issuance of up to 26,710,000 shares of KeyCorp common stock for the transaction.

Certain other conditions, including bank regulatory approval, are pending. The merger is expected to take place Jan. 15.

Under the terms of the definitive agreement, announced on March 9, Puget Sound shareholders will receive 1.32 shares of KeyCorp common stock for each Puget share.

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.