ALBANY, N.Y. -- Key Bank of New York has converted from a federal to a state charter, said Derrick D. Cephas, state superintendent of banks.

Key Bank, the largest subsidiary of Albany-based KeyCorp, sought the change to take advantage of anticipated state legislation that would allow interstate branching.

KeyCorp chairman Victor J. Riley Jr. has said he might be interested in buying banks in Vermont and eastern Massachusetts but would rather run them from Key Bank of New York than set up new banks in each state.

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