A year after Keycorp and Society Corp. completed a merger forming the nation's 10th-largest banking company, Wall Street is beginning to wonder when the deal will pay off for investors.

To the discomfort of the merged bank's officers and the consternation of long-term investors, the Cleveland-based company's stock is trading at a 10.1% discount to what Society's value stood at immediately prior to the Oct. 4, 1993, announcement of the merger.

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