Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANN ARBOR, MI-KeyBank N.A. has signed a purchase agreement to acquire the 11 Detroit area offices and deposits of Southfield-based Sterling Bank & Trust FSB. A purchase price has not been disclosed.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.