KeyCorp Inks merger with Union State Bank.(BANKING)

Cleveland-based KeyCorp, the holding company for KeyBank, has agreed to merge with U.S.B. Holding Co. Inc., the holding company for Union State Bank. U.S.B. Holding Co. is based in Orangeburg, N.Y. Union State Bank is a state-chartered commercial bank with assets of about $3 billion, loans of $1.6 billion and $2 billion in deposits. The deal is valued at about $575 million, based on July 26's closing price for KeyCorp common stock. KeyBank operates 950 branches in 13 states, including Alaska. KeyCorp is one of the nation's largest bank-based financial services companies, with assets of about $94 billion.

Inside Alaska Business is compiled by Nancy Pounds of Anchorage. To submit information for IAB, email to editor@akbizmag.com. Information is printed two months after it is received on a space-available basis.

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