Four Maine community institutions will benefit from KeyBank's decision to sell 13 of its rural branches in the state.
Skowhegan Savings Bank will buy six branches from KeyBank, a subsidiary of Cleveland-based KeyCorp. After the acquisition, Skowhegan would have $318 million of assets.
"This acquisition will enhance Skowhegan Savings Bank's position as the premiere community bank in central Maine," said William S. Randall, Skowhegan's president and chief executive officer.
Camden National Corp., parent of Camden National Bank, signed an agreement to buy four branches in coastal Maine. Sanford Institution for Savings will pick up two branches from KeyBank, and Kingfield Bank will buy one.
KeyCorp announced in November 1996 a plan to sell some of its branches in primarily rural areas.
By selling to community banks, KeyBank keeps its larger competitors, Fleet Financial Group and Peoples Heritage Financial Group, from gaining market share, said Gerard Cassidy, analyst for Tucker Anthony Inc., Portland, Maine.