KeyBank remains on track to acquire 37 HSBC branches in the Buffalo and Rochester markets in July. The deal should close July 13, according to Key. The bank will acquire 26 branches in the Buffalo area and 11 in the Rochester market. The acquisition will bring $2.4 billion in deposits and $400 million in loans. […]
KeyBank remains on track to acquire 37 HSBC branches in the Buffalo and Rochester markets in July.
The deal should close July 13, according to Key. The bank will acquire 26 branches in the Buffalo area and 11 in the Rochester market. The acquisition will bring $2.4 billion in deposits and $400 million in loans.
The locations are among those involved in First Niagara Bank’s acquisition of 195 HSBC branches in upstate New York, Westchester County, and Connecticut. First Niagara, based in Buffalo, closed that acquisition in May.
First Niagara plans to sell off some of those branches to other banks. In addition to Key, other locations will go to DeWitt-based Community Bank and Five Star Bank of Warsaw.
“Everything is proceeding according to plan and we are excited about the reaction we’ve received from customers, employees and the community,” Bill Koehler, president of Key Community Bank, said in a news release. “We’ve been working very closely with HSBC to ensure a smooth customer conversion. During conversion weekend and for several weeks afterwards, Key will have additional staff in our branches and call centers to answer questions and respond to customer needs.
“We will also offer extended branch hours in all of our locations in these markets on Tuesdays, Thursdays and Saturdays for a period of time after conversion to ensure a quality customer experience.”
KeyBank is number two in the Syracuse–area deposit market with 28 branch offices, more than $1.7 billion in deposits, and a market share of more than 16 percent. In the Utica–Rome area, Key has two branches, more than $64.4 million in deposits, and a deposit market share of more than 1.7 percent, according to the latest statistics from the Federal Deposit Insurance Corp.
Key, based in Cleveland, has more than 1,000 branches in 14 states nationwide and assets of more than $87 billion.
Contact Tampone at ktampone@cnybj.com
