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KeyCorp Completes Acquisition of EverTrust Financial Group
CLEVELAND -- KeyCorp has completed its acquisition of EverTrust Financial Group Inc. of Everett, Wash., officials announced earlier today. The acquisition will add $770 million in assets, 12 banking offices and two commercial mortgage loan production offices to Key's Seattle-Cascades Washington District.Under the terms of the agreement, EverTrust shareholders received an aggregate price of approximately $195 million, or $25.6016 cash per EverTrust common share. Following the conversion of EverTrust's application systems to Key, KeyCorp expects to merge EverTrust into KeyBank National Association and begin operating the EverTrust branches as KeyCenters (branches) in mid-November."As of today, customers of EverTrust will have access to Key's wide range of product offerings and will benefit from our strong commitment to customer service," said Jim Peoples, Key's Seattle-Cascades district president. "Key plans to introduce new and enhance existing products and services, including small business services, home equity loans and corporate cash management products and services."EverTrust customers also will have access to 73 KeyCenters throughout the Seattle-Cascades area, he added. KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $88 billion. Visit KeyCorp: www.key.com"