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KeyCorp to Acquire EverTrust Bank
CLEVELAND -- KeyBank N.A., a wholly owned subsidiary of KeyCorp, and EverTrust Financial Group Inc., the holding company for EverTrust Bank, a state-chartered savings bank headquartered in Everett, Wash., recently announced the signing of a definitive agreement in which Key would acquire EverTrust.The transaction, subject to approval by EverTrust shareholders and banking regulators, is expected to close in the fourth quarter. Under terms of the agreement, EverTrust shareholders would receive an aggregate price of $194.7 million or a cash distribution of $25.60 per EverTrust common share.The acquisition, when completed, will add 12 banking offices in Snohomish and King counties to Key's 73 offices in its Seattle-Cascades District, which includes 12 counties. With assets of $770 million, EverTrust's primary market is Snohomish County, where Key currently operates eight offices.EverTrust's principal lines of business include commercial real estate, small business, private banking and asset management, all of which are among Key's core businesses."This is a strategic fill-in acquisition for Key that will significantly enhance our presence in the Puget Sound region's important Everett market and along the I-5 corridor," said Jack Kopnisky, head of Consumer Banking at Key. "The office network expands our reach in high-growth, attractive communities contiguous to our current operations, thereby offering great opportunities to expand Key's small business, middle-market, retail and high-net-worth businesses.""Throughout the discussion process KeyBank proved to the EverTrust board of directors that this was the best fit possible for our customers, our employees and our shareholders," added Michael B. Hansen, EverTrust Financial Group chief executive officer. "We believe that this merger offers substantial opportunities."KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $84 billion.Visit KeyCorp: www.key.com"