The deal requires federal and state regulator approval, but Key says it expects close the deal in the third quarter of this year. A value of the real estate involved was not broken out.
KeyBank says it wants to expand its footprint in the Detroit market, according to Jack Kopnisky, head of consumer banking for KeyBank. The new operations also will help KeyBank expand its retail, small-business and high-net-worth client bases in suburban Detroit.
The acquisition will add 11 Sterling branch offices to Key's existing 21 Detroit area locations.
Sterling has deposits of approximately $380 million. Key has Michigan deposits of $680 million.
All KeyBank personnel and operations also will remain in place, the bank says in a statement.
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