KeyCorp Acquires AutoFinance Group, Expands National Consumer Finance Presence

KeyCorp, a leading financial services company, has completed the acquisition of AutoFinance Group, Inc. (AFG), a specialist in subprime automobile financing. The acquisition marks a significant step in KeyCorp's strategic plan to create a nationwide consumer finance organization, led by Group Executive Vice President A. Jay Meyerson. The acquisition will enable KeyCorp to broaden financing alternatives for its auto dealer network and integrate its extensive network with AFG's operations in 28 states.

Key Takeaways:

• The acquisition will result in the issuance of approximately 10 million shares of KeyCorp common stock to AFG common stock holders.
• A.E. Steinhaus, AFG's president and CEO, has been named Group Executive for KeyCorp's automotive finance group, overseeing the organization's national expansion.
• The organization will operate with seven regional offices and a number of satellite offices, providing full-service finance and service capabilities.
• KeyCorp's assets total $67.5 billion and equity capital stands at $4.7 billion at June 30, 1995.
• The company has over 1,400 offices in 25 states from Maine to Alaska.

Statistics:

• $67.5 billion: Total assets of KeyCorp at June 30, 1995
• $4.7 billion: Equity capital of KeyCorp at June 30, 1995
• 25 states: Territory covered by KeyCorp's over 1,400 offices
• 28 states: Territory covered by AutoFinance Group's operations
• 10 million: Approximate number of shares of KeyCorp common stock issued to AFG common stock holders
• 1,400: Number of offices operated by KeyCorp in 25 states

Sources:

• "KeyCorp Completes Acquisition of AutoFinance Group" by PR Newswire
• Safe Harbor Statement in KeyCorp's News Release
• KeyCorp's Facts and Figures as of June 30, 1995