BANKING & FINANCE - March 10, 1992

KeyCorp Obtains Washington State Bank: KeyCorp, a banking company based in Albany, N.Y., agreed to acquire the largest independent bank in Washington state, Puget Sound Bancorp, for $807 million. KeyCorp, with assets of $23 billion, has operations in eight states: New York, Maine, Alaska, Washington, Oregon, Idaho, Utah and Wyoming. Under the merger agreement, Tacoma, Wash.-based Puget Sound’s shareholders will receive 0.88 shares of KeyCorp common stock. The deal will boost KeyCorp’s 42-branch network in Washington to 130 branches.