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KEYCORP TO PURCHASE 48 SECURITY PACIFIC BANK OFFICES

 KEYCORP TO PURCHASE 48 SECURITY PACIFIC BANK OFFICES
 ALBANY, N.Y., April 2 /PRNewswire/ -- Victor J. Riley, Jr., chairman, president and chief executive officer of KeyCorp (NYSE: KEY) announced today that Key Bank of Washington, a wholly owned subsidiary of KeyCorp has agreed to purchase 48 Security Pacific Bank branches in the State of Washington from BankAmerica. An additional 38 Security Pacific Bank branches in Washington will be acquired by West One Bancorp of Boise, Idaho. The acquisition of these branches is the result of a joint bid submitted by KeyCorp and West One Bancorp to BankAmerica. Regulatory mandate required that divestiture agreements for these branches be signed prior to the planned merger of BankAmerica Corp. and Security Pacific Corp. Exact terms of the bid were not disclosed.
 Pending regulatory approval and the completion of the merger between BankAmeria Corp. and Security Pacific Corp., Key Bank of Washington will acquire approximately $1.5 billion in deposits and approximately $700 million in loans.
 Commenting of the proposed purchase, Riley stated, "This transaction will solidify our number two market-share position in Washington State, coming only four weeks after the announcement of our merger with the $4.9-billion Puget Sound Bancorp, headquartered in Tacoma. We were able to quickly leverage the more than $100 million in excess capital which will be acquired with Puget Sound. As a result, KeyCorp's operation of the former Security Pacific branches should be accretive to earnings per share immediately upon conclusion of the transaction."
 Rile continued, "The addition of up to $700 million of western loans further balances our geographic diversification. At year-end 1991, 68 percent of KeyCorp's loans were in the East and 32 percent were in the West. Assuming completion of this and the Puget Sound transaction, the ratio reflects a 53 percent to 47 percent distribution respectively."
 Of the 48 Security Pacific branches to be purchased by KeyCorp, 15 are located in the greater Seattle area. The remaining 33 are in smaller communities throughout the rest of the State of Washington. In addition to these branches, KeyCorp will also acquire four Security Pacific Business Banking Centers and a Private Banking Center.
 KeyCorp, with assets of more than $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- 4/2/92
 /CONTACT: Lee Irving, treasurer, 518-486-8579, day, 518-479-3273, after hours; Don Kauth, investor relations, 518-487-4491, day, 518- 583-1608, after hours; or Susan Peterson, media relations, 518-486-8258, day, or 518-587-3008, after hours, all of KeyCorp/
 (KEY) CO: KeyCorp ST: New York IN: FIN SU: TNM


LC -- CL018 -- 4549 04/02/92 16:27 EST
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Publication:PR Newswire
Date:Apr 2, 1992
Words:475
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