KeyBank On Track To Acquire HSBC Branches
CLEVELAND, June 21, 2012 /PRNewswire/ -- KeyBank National Association ("KeyBank") is on track to acquire 37 retail banking branches owned by HSBC Bank NA, ("HSBC") in Buffalo and Rochester, NY.
The closing is expected to occur on July 13, 2012, with KeyBank acquiring 26 branches in the Buffalo area and 11 in and around Rochester, bringing to 99 the total number of KeyBank branches in those markets. The acquisition will add approximately $2.4 billion in deposits and $400 million in loans.
"Western New York and Rochester are attractive markets for us," said Beth Mooney, chairman and CEO of KeyCorp (KEY). "We look forward to welcoming HSBC customers and employees to the KeyBank family as we continue to make local investments through our lending, civic and community support, and volunteerism."
This transaction strengthens Key's ability to grow its presence, acquire customers and provide exceptional service to consumer, business banking and wealth management clients in these markets.
"Everything is proceeding according to plan and we are excited about the reaction we've received from customers, employees and the community," said Bill Koehler, president, Key Community Bank. "We've been working very closely with HSBC to ensure a smooth customer conversion. During conversion weekend and for several weeks afterwards, Key will have additional staff in our branches and call centers to answer questions and respond to customer needs. We will also offer extended branch hours in all of our locations in these markets on Tuesdays, Thursdays and Saturdays for a period of time after conversion to ensure a quality customer experience."
HSBC customers have been mailed a welcome kit with all of the information they need to have a seamless transition to becoming a KeyBank customer. For additional information and answers to frequently asked questions, visit Key's dedicated conversion website at https://www.key.com/about/welcome-hsbc-clients.jsp.
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.
KeyCorp 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.