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KEYCORP RECEIVES REGULATORY APPROVALS TO ACQUIRE NATIONAL SAVINGS BANK OF ALBANY

 ALBANY, N.Y., Jan. 27 /PRNewswire/ -- Victor J. Riley, Jr., chairman, president and chief executive officer of KeyCorp (NYSE: KEY) and George O. Pfaff, chairman and chief executive officer of National Savings Bank of Albany (NASDAQ: NSBA) announced today that all necessary bank regulatory approvals have been received for KeyCorp to acquire National. The expected closing date for the transaction is February 26, 1993.
 The number of shares of KeyCorp common stock to be received by National shareholders based upon the approval of the transaction by the Federal Reserve Board on January 19, 1993 will, upon consummation, equal .883 shares of KeyCorp common stock for each share of National common stock. As an example, based upon the January 26, 1993 closing price of KeyCorp's common stock of $38.875, this would equate to an equivalent value of $34.33 per share of National's common stock.
 National Savings Bank, headquartered in Albany, New York, has nine offices located throughout the Capital District, Saratoga and Plattsburgh, New York and has been serving the banking needs of its communities for over 120 years.
 KeyCorp, 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- 1/27/93
 /CONTACT: Lee Irving of KeyCorp, 518-486-8579, or Russell G. Melton of National Savings Bank, 518-472-6848/
 (KEY NSBA)


CO: KeyCorp; National Savings Bank ST: New York IN: FIN SU: TNM

DA -- CL032 -- 9893 01/27/93 16:53 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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