Printer Friendly

KEYCORP ACQUIRES SECURITY PACIFIC BANKING OFFICES

 KEYCORP ACQUIRES SECURITY PACIFIC BANKING OFFICES
 ALBANY, N.Y., Sept. 3 /PRNewswire/ -- Victor J. Riley, Jr.,


chairman, president and chief executive officer of KeyCorp (NYSE: KEY), has announced the completion of its acquisition of 48 former Security Pacific Bank, Washington N.A. offices. These branches will become Key Bank of Washington branches at the close of business today.
 The transaction provides KeyCorp with an additional $1.3 billion in deposits and $715 million in loans. Fifteen of the acquired branches are located in the greater Seattle area with the remaining 33 situated throughout the rest of the state of Washington. KeyCorp has also acquired four former Security Pacific Business Banking Centers and a Private Banking Center.
 "We expect the operation of these branches will be immediately accretive to earnings per share," said Riley. "This transaction and the planned merger with Puget Sound Bancorp slated for the middle of January 1993, will solidify our number two market-share position in Washington. At that time, Key Bank of Washington will have approximately 180 branches, 3,600 employees and more than $7 billion in assets. KeyCorp's overall geographic loan diversification is expected to be enhanced by both transactions with a projected 53 percent of KeyCorp's loans in the East and 47 percent in the West."
 The 48-branch KeyCorp acquisition was the result of a joint bid submitted by KeyCorp and Idaho-based West One Bancorp to BankAmerica for a total of 86 Security Pacific Bank branches which had to be divested by regulatory mandate prior to the planned merger of BankAmerica Corp. and Security Pacific Corp. That merger took place on April 22 of this year.
 Both the Federal Deposit Insurance Corporation and the Washington Supervisor of Banking granted approval to KeyCorp for the acquisition on July 24, 1992.
 KeyCorp (NYSE: KEY), with assets over $23 billion, is a multi- regional bank holding company headquarted 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- 9/3/92
 /CONTACT: Lee Irving, 518-486-8579 or 518-479-3273 after hours; or Don Kauth, 518-487-4491 or 518-583-1608 after hours; both of KeyCorp/
 (KEY) CO: KeyCorp ST: New York IN: FIN SU: TNM


KK -- CL011 -- 6507 09/03/92 14:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 3, 1992
Words:400
Previous Article:KELLOGG COMPANY DONATES TO HURRICANE RELIEF EFFORTS
Next Article:MESA AIRLINES REACHES CODE-SHARE AGREEMENT WITH AMERICA WEST AIRLINES
Topics:


Related Articles
KEYCORP TO ACQUIRE NATIONAL SAVINGS BANK OF ALBANY, N.Y.
DEFINITIVE AGREEMENT REACHED FOR KEYCORP TO ACQUIRE NATIONAL SAVINGS BANK OF ALBANY, NEW YORK
DEFINITIVE AGREEMENT ANNOUNCED FOR KEYCORP TO ACQUIRE HOME FEDERAL SAVINGS BANK
DEFINITIVE AGREEMENT ANNOUNCED FOR KEYCORP TO ACQUIRE HOME FEDERAL SAVINGS BANK
KEYCORP ANNOUNCES COMPLETION OF ITS ACQUISITION OF FIRST CITIZENS BANCORP OF INDIANA
KEYCORP ANNOUNCES COMPLETION OF ITS ACQUISITION OF THE BANK OF GREELEY
KEYCORP ANNOUNCES COMPLETION OF ITS ACQUISITION OF BANK OF VERMONT
KEYCORP ANNOUNCES COMPLETION OF ITS ACQUISITION OF CASCO NORTHERN BANK, NATIONAL ASSOCIATION
MELLON BANK TO ACQUIRE BOND SERVICES BUSINESS OF KEYCORP
KEYCORP ANNOUNCES COMPLETION OF ITS ACQUISITION OF AUTOFINANCE GROUP, INC.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters