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KEYCORP MORTGAGE TO PURCHASE MORTGAGE SERVICING RIGHTS FROM TRANSOHIO

 KEYCORP MORTGAGE TO PURCHASE MORTGAGE
 SERVICING RIGHTS FROM TRANSOHIO
 ALBANY, N.Y., July 30 /PRNewswire/ -- Victor J. Riley, Jr., chairman, president and chief executive officer of KeyCorp (NYSE: KEY), announced today that KeyCorp Mortgage Inc. has purchased $3 billion of mortgage servicing rights from TransOhio Federal Savings Bank, a thrift institution headquartered in Cleveland. Exact terms of the purchase were not disclosed.
 The $3 billion servicing portfolio, consisting of approximately 50,000 loans, will increase KeyCorp Mortgage's total servicing portfolio to approximately $20 billion. This will make KeyCorp Mortgage the nation's 19th largest mortgage banking company.
 "This purchase fits into our growth strategy," said Jeffrey A. Evershed, president and chief executive officer of KeyCorp Mortgage. "A larger servicing portfolio will increase our productivity over the long term, making us more profitable."
 The loan servicing rights purchased from TransOhio will be transferred to the KeyCorp Mortgage servicing center in Williamsville, N.Y.
 "An addition of this magnitude will also have a positive effect on jobs in the Buffalo area," Evershed added. KeyCorp Mortgage expects to add 35 new customer service positions as a result of the TransOhio portfolio purchase.
 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- 7/30/92
 /CONTACT: Peter C. Eimer of KeyCorp Mortgage Inc., 716-635-2258, or 716-633-2668, after hours/
 (KEY) CO: KeyCorp ST: New York IN: FIN SU:


BM -- CL016 -- 5092 07/30/92 12:23 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
Words:284
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