KEYCORP /NEW/ acquired HSBC Bank USA retail branches (Buffalo & Rochester, New York) for $95 million, a transaction completed in July 2012, structured as Branch purchase-and-assumption (deposit-premium acquisition of 37 retail branches).
HSBC Bank USA retail branches (Buffalo & Rochester, New York) operates in Consumer / retail banking (KeyBank Community Bank), is based in United States (Buffalo & Rochester, New York). KeyBank acquired 37 retail banking branches in the Buffalo and Rochester, New York markets originally owned by HSBC Bank USA (divested by First Niagara Bank in connection with First Niagara's purchase of HSBC's upstate New York franchise). The branches added approximately $2.1 billion in deposits and about $260 million in loans, and brought Key's branch count in those markets to roughly 100. The purchase-and-assumption agreement was signed in January 2012.
Expanded KeyBank's retail deposit franchise and branch footprint in Western New York and Rochester, bringing its branch count in those markets to roughly 100.
Advisory firms were not disclosed for this transaction.