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Show CSB, Key Bank merge Commercial Security Bancor-poration, Bancor-poration, headquartered in Salt Lake City and KeyCorp, headquartered headquar-tered in Albany, New York, concluded con-cluded their merger today when KeyCorp acquired Commercial Security. The shareholders approved the amended merger agreement at a special shareholders' sharehol-ders' meeting Wednesday, Dec. 30. With the signing of the merger agreement, Commercial Security Bank becomes Key Bank of Utah. "We are pleased to be a part of the KeyCorp organization," indicated indi-cated Robert H. Bischoff, vice chairman. "KeyCorp is a premier financial services institution and has an envable record of conservative conserva-tive and profitable operation." "Only the name changes," says Ross E. Kendell, president and chief operating officer. "We still have the same branch locations and we still have the same branch managers, tellers, and loan officers that we have had for many years as Commercial Security Bank. We have changed the name of the bank so that it conforms with the names of other KeyCorp Banks located in Washington, Oregon, Alaska, New York and Maine." KeyCorp's roots go back many years, just as do CSB's. "KeyCorp's beginnings go back 150 years," said Richard K. Hemingway, Hem-ingway, CSB's Chairman of the Board. "They have been a very successful up-state New York banlft' t and have developed a uniquV, 'snow-belt strategy' by concentrating concentrat-ing their growth efforts in America's Amer-ica's smaller cities and towns across the country's northern tier. Their focus has been on 'home town' banking, just like CSB." KeyCorp is a nationally integrated inte-grated financial services company with assets over $11 billion. Serving Serv-ing markets in 12 states from coast to coast through more than 490 offices, KeyCorp bank and non-bank non-bank subsidiaries provide financial services to individuals and small business. |