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KEY BANK'S THIRD QUARTER FINANCIAL RESULTS AT RECORD LEVELS

 TACOMA, Wash., Nov. 19 /PRNewswire/ -- Key Bank of Washington reported record net income of $25.3 million in the third quarter of the year. This represents an increase of 73.9 percent over net income of $14.6 million for third quarter of 1992.
 Net income for the first three quarter of 1993 rose 58.6 percent to $67.7 million, up from $42.7 million during the same period in 1992.
 Loans totaled $5.4 billion as of Sept. 30, 1993, an increase of 10.6 percent or $0.5 billion over third quarter 1992. Deposits averaged $5.7 billion for the third quarter, up 14.0 percent over the same period last year, and down 1.3 percent from year-end 1992. Total assets for Key Bank of Washington were $6.8 billion as of Sept. 30, 1993.
 Key Bank of Washington's 1992 financial results have been restated to reflect the acquisition of Puget Sound Bank, Bellingham National Bank and San Juan County Bank in a pooling-of-interests transaction consummated on Jan. 15, 1993. In addition, 1993 financial results include Key Bank's September 1992 acquisition of portions of the former Security Pacific Bank of Washington.
 Key performance ratios for the third quarter of 1993 and 1992, and the first nine months of 1993 and 1992 were as follows:
 KEY BANK OF WASHINGTON
 Third quarter, 1993 1992
 For the period
 Net income $ 25,305 $ 14,550
 Return on average total assets
 (in percent) 1.50 1.02
 Return on average total equity
 (in percent) 18.68 14.51
 Efficiency ratio (in percent) 59.79 63.95
 Average for the period
 Loans -- net of unearned income $5,289,327 $4,163,459
 Earning assets 5,963,160 5,156,375
 Assets 6,673,493 5,688,387
 Deposits 5,707,479 5,006,029
 Shareholders' equity 537,483 399,057
 Year-to-date, 1993 1992
 For the period
 Net income $ 67,675 $ 42,668
 Return on average total assets
 (in percent) 1.37 1.08
 Return on average total equity
 (in percent) 17.04 16.08
 Efficiency ratio (in percent) 62.21 62.41
 Average for the period
 Loans -- net of unearned income $5,128,528 $3,929,268
 Earning assets 5,851,381 4,826,413
 Assets 6,601,410 5,280,291
 Deposits 5,643,375 4,645,972
 Shareholders' equity 531,024 354,527
 Commenting on third quarter results, Deborah L. Bevier, Key Bank's chairman and chief executive officer said, "The significant increase in our net income and other financial results reflects the financial strength of the Key Bank organization. Our team here in Washington is successfully working together to provide our customers with the diversified products and quality service they deserve."
 Tacoma-based Key Bank of Washington, with assets of $6.8 billion and 193 branches, is a subsidiary of KeyCorp (NYSE: KEY). KeyCorp with assets over $32 billion, is a multi-regional bank holding company headquartered in Albany, N.Y. It focuses its business on consumers and small to medium-sized commercial enterprises.
 -0- 11/19/93
 /CONTACT: Rob Gill, corporate relations, of Key Bank of Washington, 206-305-7344 (work), or 206-286-9950 (after hours)/
 (KEY)


CO: Key Bank of Washington; KeyCorp ST: Washington IN: FIN SU: ERN

RB-JH -- SE004 -- 6639 11/19/93 15:43 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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