KeyCorp of Cleveland has agreed to purchase Casco Northern Bank and Bank of Verm

Source

Portland Press Herald

Date

6-25-1994

Pages

1A, 8A

Abstract

KeyCorp of Cleveland has agreed to purchase Casco Northern Bank and Bank of Vermont from Bank of Boston for $198.5 million, a move that will make Key Bank of Maine the largest lending institution in the state. Key Bank of Maine, with $2.6 billion in assets and 92 branches, is currently the second largest bank in Maine. Casco Northern has $1.1 billion in assets and 34 branches, and the combined assets of the two banks will put the institution ahead of Fleet Bank of Maine, which has $3.1 billion in assets. The deal is subject to the approval of state and federal regulators, and will probably result in branch closings and job losses. Details, related article.

Subjects

Banks and banking, Casco-Northern Corporation -- Portland, KeyCorp

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