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KEYCORP SHAREHOLDERS APPROVE MERGER WITH PUGET SOUND BANCORP

 KEYCORP SHAREHOLDERS APPROVE MERGER WITH PUGET SOUND BANCORP
 ALBANY, N.Y., Sept. 17 /PRNewswire/ -- At a special meeting held today, KeyCorp (NYSE: KEY) shareholders approved the issuance of up to 26,710,000 shares of KeyCorp common stock pursuant to an agreement and plan for the merger of Puget Sound Bancorp (NASDAQ: PSNB) into a subsidiary of KeyCorp.
 The proposed merger, initially announced on March 9, 1992, received a 97 percent affirmative vote from the KeyCorp shareholders voting at today's meeting. Consummation of the merger is subject to certain other conditions, including approval by bank regulatory authorities. It is also subject to the approval of Puget Sound Bancorp's shareholders who will vote on the merger at their annual meeting scheduled for later today.
 Under the terms of the definitive agreement, Puget Sound Bancorp shareholders will receive 1.32 shares of KeyCorp common stock for each share of Puget Sound Bancorp common stock. The merger is expected to close Jan. 15, 1993.
 KeyCorp (NYSE: KEY), 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.
 -0- 9/17/92
 /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/
 (KEY PSNB) CO: KeyCorp; Puget Sound Bancorp ST: New York IN: FIN SU: TNM


SM -- CL002 -- 0472 09/17/92 09:20 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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