CLEVELAND, July 13, 2012 /PRNewswire/ -- KeyBank
National Association ("KeyBank") completed its acquisition of 37
retail banking branches owned by HSBC Bank NA, ("HSBC") in
Buffalo and Rochester, NY. Among the 37 branches KeyBank
acquired, 26 branches are in its Western
New York District and 11 are in its Rochester District, bringing to 100 the total
number of KeyBank branches in those markets.
The acquisition, which adds approximately $2.1 billion in deposits and $260 million in loans, respectively (excluding
approximately $70 million in credit
card loans which is scheduled to close in September 2012), strengthens Key's ability to
provide exceptional service to consumer, business banking and
private banking clients in these markets while growing its presence
and acquiring new customers. With the close of this transaction,
Key has a total of 1,096 branches across 14 states.
"We're focused on making sure this conversion goes smoothly, and
that our new customers and employees have a positive experience,"
said Bill Koehler, president, Key
Community Bank. "We look forward to providing the solutions,
advice and service that help our customers and communities thrive
in these attractive markets."
"We will have additional staff in our branches and call centers
to answer questions and respond to customer needs," Koehler added.
"We are also extending branch hours on Tuesdays, Thursdays and
Saturdays in all of our locations in these markets for a period of
time after conversion."
Under the terms of the transaction, KeyBank paid 4.4% premium on
deposits, or approximately $95
million. The assumed deposits consist primarily of
transaction and savings accounts. The purchased loans consist
entirely of in-market performing loans, primarily residential real
estate loans. The agreement excluded all commercial loans and
deposits for clients with annual revenue greater than $30 million. Key offered employment to
substantially all of the HSBC employees at the acquired
branches.
This news release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not historical facts but
instead represent management's current expectations and forecasts
regarding future events, many of which, by their nature, are
inherently uncertain and outside of Key's control. Key's
actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Factors that could
cause Key's actual results to differ materially from those
described in the forward-looking statements can be found in Key's
Annual Report on Form 10-K for the year ended December 31, 2011, and Quarterly Report on Form
10-Q for the period ended March 31,
2012, each of which has been filed with the SEC and are
available on Key's website at www.Key.com/IR and on
the SEC's website at www.sec.gov.
Forward-looking statements are not guarantees of future performance
and should not be relied upon as representing management's views as
of any subsequent date. Key does not undertake any obligation to
update the forward-looking statements to reflect the impact of
circumstances or events that may arise after the date of the
forward-looking statements.
About Key
KeyCorp (NYSE: KEY) traces its history back more than 160
years and is headquartered in Cleveland, Ohio. One of the nation's
largest bank-based financial services companies, Key has assets of
approximately $87 billion, as of
March 31, 2012.
Key provides deposit, lending, cash management and investment
services to individuals and small businesses in 14 states under the
name of KeyBank National Association. Key also provides
a broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name.
For more information, visit https://www.key.com/. KeyBank is
Member FDIC.
SOURCE KeyCorp