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KEY BANK ACQUIRES NORTHWESTERN NATIONAL BANK

 TACOMA, Wash., July 22 /PRNewswire/ -- Key Bank of Washington today announced the completion of its acquisition of Northwestern National Bank. Total assets of the three-branch, Port Angeles-based Northwestern National Bank are approximately $47 million.
 Steps to acquire Northwestern National Bank were begun by the former Puget Sound Bancorp in 1991. The process was continued by Key Bank after the completion of its merger with Puget Sound Bancorp on January 15, 1993.
 The Northwestern National branches, located in Port Angeles, Forks and Sequim, will commence business on July 23 as branches of Key Bank.
 Commenting on the acquisition, Deborah L. Bevier, chairman and chief executive officer of Key Bank of Washington, said, "The Northwestern acquisition will help fulfill our objective to expand Key Bank's branch network in Washington. We're always seeking opportunities to fill in market gaps around the state and introduce Key Bank's full-range of financial services to new customers and communities."
 The Northwestern National branches will be managed, along with Key Bank's existing Port Angeles and Winslow branches, as part of the new Peninsula District -- part of Key Bank's Central Division.
 Jack Martin, the president and chief executive officer of Northwestern National Bank has accepted the position of vice president and manager of Key Bank's Peninsula District. The approximately 32 branch employees of Northwestern National will be retained as employees of Key Bank.
 "Key Bank's acquisition of Northwestern National will significantly enhance the availability of competitive banking products and services to customers in our three communities," said Martin. "I look forward to working with the same staff and serving the same customers as part of Key Bank."
 The process of converting systems and accounts will continue throughout the weekend of July 24 and Key Bank's on-line systems will be operating when the branches open for business on Monday, July 26. For convenience, customers can continue to use their Northwestern National Bank checks. When their supply of checks is depleted they may reorder Key Bank checks.
 Tacoma-based Key Bank of Washington, with assets of more than $6.6 billion and 193 branches, is a subsidiary of KeyCorp. KeyCorp (NYSE: KEY), with assets over $32 billion, is a multi-regional bank holding company heaquartered in Albany, N.Y. As "America's neighborhood bank," KeyCorp avoids overcrowded marketplaces, concentrating its resources in smaller communities.
 -0- 7/22/93
 /CONTACT: Rob Gill, corporate relations, of Key Bank, 206-593-3774, or after hours, 206-286-9950/
 (KEY)


CO: Key Bank of Washington; Northwestern National Bank ST: Washington IN: FIN SU: ACQ

LM-JH -- SE019 -- 4895 07/22/93 20:06 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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