Net income from continuing operations attributable to common shareholders at KeyCorp (NYSE: KEY) totaled $201 million in the fourth quarter, down from $292 million a year earlier.
Earnings per share for the period totaled 21 cents, down from 33 cents in the fourth quarter of 2010. A $24 million charge resulting from an announcement by Visa of a planned litigation escrow deposit pushed fourth-quarter profit lower, according to Cleveland–based Key, a banking company.
For the full year, net income from continuing operations attributable to common shareholders was $857 million, or 92 cents a share, up from $413 million, or 47 cents a share, in 2010.
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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.
Key announced earlier this month it will acquire 37 HSBC branches in the Buffalo and Rochester areas later this year for a deposit premium of $110 million.
The locations are among those involved in First Niagara Bank’s planned acquisition of HSBC’s upstate New York branch network. First Niagara agreed to sell 26 of the branches located in Erie, Niagara, and Orleans counties as part of an agreement with the Justice Department in November.
The remaining 11 branches are located in Monroe County.
First Niagara, based in Buffalo, announced plans in July to acquire 195 HSBC locations in upstate New York, Westchester County, and Connecticut. The deal is expected to close in the second quarter.
“Viewed in a broader perspective, this acquisition marks an important milestone for Key,” Chairwoman and CEO Beth Mooney said in a news release. “During the challenging last few years, we have focused on taking actions to strengthen our balance sheet, fortify our capital, effectively manage risk and expenses, and focus on our core relationship business. Those actions, while sometimes difficult, have now positioned us so that we can, in a disciplined manner, act on opportunities to strengthen our franchise.”
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