ALBANY, N.Y. -- Keycorp said it has signed a definitive agreement to acquire Jackson County Federal Bank of Medford, Ore., in an exchange of stock worth $49 million.

Jackson County Federal has $350 million of assets, eight branches, and three loan production offices in southern Oregon. It would merge into Key Bank of Oregon, a $1.8 billion-asset unit of Albany-based Keycorp.

Earlier this week, $32 billion-asset Keycorp launched an uninvited bid for $900 million-asset Evergreen Bancorp of Glens Falls, N.Y.

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