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KeyBank strengthens upstate New York franchise

July 2012

Client(s) KeyBank National Association

Jones Day advised KeyBank National Association, the lead subsidiary of KeyCorp, in its acquisition of 37 bank branches with $2.4 billion in deposits currently owned by HSBC Bank USA, N.A., in Buffalo and Rochester, New York. The branches were sold by First Niagara Bank, N.A. to KeyBank, in connection with First Niagara's acquisition of HSBC's upstate New York banking franchise.

Under the terms of its assignment, purchase and assumption agreement with First Niagara, KeyBank paid a 4.5% premium on deposits, or approximately $110 million based on current deposit balances.

In addition to M&A and regulatory representation, Jones Day is providing employee benefits, broker-dealer and tax advice regarding this transaction.

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