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KeyBank Acquires 10 Sterling B&T Branches

SOUTHFIELD, MI-Cleveland-Based KeyBank has expanded into Michigan with the purchase of 10 Sterling Bank & Trust locations. The acquired company plans to continue its commercial and residential lending base.

By Dan Heaton | Updated on July 26, 2004

SOUTHFIELD, MI-Cleveland-based KeyBank National Association has purchased the 10 Michigan branches and approximately $380 million in related deposits of Sterling Bank & Trust FSB in suburban Detroit. The former Sterling branches — located in Clawson, Dearborn, Grosse Pointe Woods, Livonia, Rochester Hills, Roseville, Southfield, Sterling Heights, Waterford and West Bloomfield – reopened Friday under the Key brand name.

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.”

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