KeyCorp Completes Acquisition of U.S.B. Holding Company

KeyCorp (NYSE: KEY) completed its acquisition of U.S.B. Holding Co., Inc. (NYSE:UBH) of Orangeburg, N.Y. The acquisition will add $3.0 billion in assets and 31 branches to Key’s Hudson Valley/Metro NY District. U.S.B. Holding Co., Inc., is the holding company for Union State Bank (USB), one of the leading state-chartered commercial banks serving southern New York state.

In mid-January, following the conversion of USB’s application systems to Key, KeyCorp expects to merge USB into KeyBank National Association ("KeyBank") and begin operating the USB branches as Key branches.

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Michael R. Orsino

"At such time, customers of USB will have access to Key’s wide range of product offerings and will benefit from Key’s strong commitment to customer service," said Key’s Hudson Valley/Metro NY President Michael R. Orsino. "Key’s specialties in small business, middle market banking, private banking and wealth management will be an excellent fit in these markets."

Orsino noted that USB’s branch network will augment Key’s existing branch network in the Hudson Valley/Metro NY area, providing customers access to 62 branches throughout the Hudson Valley/Metro NY area, Key’s nationwide network of approximately 1,500 ATMs, one of the top-ranked online banking sites in the industry, debit and credit cards, and wealth management services. In addition, Key’s Corporate and Investment Banking units will provide corporate finance, capital markets and investment banking services to middle-market and larger corporations.

Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $97 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

KeyBank, a subsidiary of KeyCorp (NYSE: KEY), is one of New York’s largest financial services companies, has one of the largest statewide networks of branches and ATMs and is a leader in community involvement. Following Key’s completion of the acquisition, the nine-county Hudson Valley/Metro NY District will have 62 branches, approximately 84 ATMs, and 420 employees. A strong proponent for local economic growth, Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through branches and offices; a network of approximately 1,500 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com, that provides account access and financial products 24 hours a day.

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