Similarly, former Sterling Bank & Trust automated teller machines (ATMs) located in Michigan will carry the KeyBank name, and will become part of Key's network of nearly 2,200 ATMs nationwide. "The addition of these branches gives Key a stronger presence in the metropolitan Detroit area," says Rick Robertson, president of KeyBank's Michigan district. "It also allows us to provide a full range of retail, small business and high-net-worth services to individuals and businesses in these attractive Detroit communities."

Sterling Bank & Trust FSB chairman, president and chief executive officer Tom St. Dennis, says the acquisition will allow the former Sterling banks to grow its commercial and residential lending base. "Sterling will continue its core businesses of commercial real estate, construction and residential lending in Michigan and California from its main offices in Southfield," he says. "Furthermore, the sale of these branches and deposits will position the bank well for strategic opportunities and allow us to better serve our current and future customers."

KeyBank now operates 31 offices and 47 ATMs throughout southeastern Michigan with total deposits of $1.1 billion. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $86 billion. Sterling Bank & Trust was chartered in 1984 and is one of Michigan's highest-capitalized privately held thrifts. Its primary focus is on commercial real estate, construction and residential lending.