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FIRST AMERICAN BANK OF NEW YORK ACQUIRED BY KEYCORP

 ALBANY, N.Y., March 26 /PRNewswire/ -- Victor J. Riley, Jr., chairman, president and chief executive officer of KeyCorp (NYSE: KEY), reported today the completion of the acquisition of substantially all of the assets of First American Bank of New York (First American) by Key Bank of New York. Key Bank of New York has acquired approximately $1 billion in deposits and $700 million in loans.
 Key Bank has also acquired 40 of the First American's branches, twenty-five of which are located in Albany's Capital District. Of the remaining 15 branches, nine are located in the Mohawk Valley, four in the North Country, one in Cooperstown and another in New York City.
 Riley commented, "This transaction, coupled with the acquisition of National Savings Bank last month, will enhance our shareholders' value as both transactions are expected to be immediately accretive to earnings per share."
 Key Bank of New York's president and chief executive officer, Gary R. Allen, added, "The addition of the First American branches to Key Bank of New York's delivery system is a welcomed one. We are especially pleased to be able to further demonstrate our commitment to the Capital District while, at the same time, providing the former First American customers with the safety, soundness and convenience of banking at Key Bank."
 Key Bank of New York has assets in excess of $14 billion and serves communities across New York State through its 330-plus branch network.
 KeyCorp (NYSE:KEY), with assets over $30 billion, is a multi- regional bank holding company headquartered in Albany, New York. 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- 3/26/93
 /CONTACT: Lee Irving, 518-486-8579, or Susan Peterson, 518-486-8258, both of KeyCorp; or Herbert E. Knoll, Jr. of Key Bank of New York, 518-486-8253/
 (KEY)


CO: KeyCorp; First American Bank of New York ST: New York IN: FIN SU: TNM

BM -- CL003 -- 9941 03/26/93 08:30 EST
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Publication:PR Newswire
Date:Mar 26, 1993
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