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KEYCORP AND PUGET SOUND BANCORP TARGET JANUARY 1993 FOR MERGER

 KEYCORP AND PUGET SOUND BANCORP TARGET JANUARY 1993 FOR MERGER
 ALBANY, N.Y., July 28 /PRNewswire/ -- Victor J. Riley, Jr., chairman, president and chief executive officer of KeyCorp (NYSE: KEY) and W.W. Philip, chairman and chief executive officer of Puget Sound Bancorp (NASDAQ: PSNB) announced today that they expect the merger of their organizations to occur in January of 1993. Consummation of the transaction is subject to approval by the shareholders of both KeyCorp and Puget Sound Bancorp at meetings expected to be held on Sept. 17, 1992. Approval by the appropriate regulatory authorities is pending.
 Riley commented, "We look forward to the merger with enthusiasm. Our merger partner's shareholders can look forward not only to the January receipt of 1.32 shares of KeyCorp common stock for each share of Puget Sound Bancorp they hold, but, also, in the interim, to dividends at a higher rate than they are now receiving. Bill Philip has told me that in addition to Puget Sound Bancorp's regular third quarter dividend of $0.26 per share, he is recommending to his board of directors that their dividend be raised in the fourth quarter of 1992 and first quarter of 1993 to a new quarterly rate of $.34 per share. Further, in keeping with the spirit of our merger, the recommendation will also include a change in expected payment dates to Oct. 15, 1992, and Jan. 15, 1993 based on record dates of Sept. 30 and Dec. 31, respectively. The new amount and payment schedule, of course, is consistent with those already anticipated by current KeyCorp shareholders.
 "We believe the 1993 merger date will provide for clearer identification of KeyCorp's 1992 financial results and adequate time for Key Bank of Washington to absorb the 48 Security Pacific branches to be purchased from Bank of America on Sept. 3, 1992. The Security Pacific acquisition was approved by the FDIC on July 24, 1992."
 KeyCorp, with assets over $23 billion, is a multi-regional bank holding company headquartered in Albany, N.Y. It has focused its banking expansion activities in the Northeast and Northwest. As "America's neighborhood bank," KeyCorp pursues a middle-market target concentrating its resources in cities and smaller communities of the northern tier of states, thus avoiding overcrowded marketplaces and single industry loan exposure.
 -0- 7/28/92
 /CONTACT: Lee Irving, 518-486-8579 or 518-479-3273 after hours; Susan Peterson, 518-486-8258 or 518-587-3008 after hours; both of KeyCorp; or Katie Weiss of Puget Sound Bancorp, 206-593-3774 or 206-525-1039 after hours/
 (KEY) CO: KeyCorp ST: New York IN: SU:


KK -- CL020 -- 4197 07/28/92 15:19 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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