Moving to upgrade its private banking services in the Sunshine State, KeyCorp has named Thomas R. Becker chairman and chief executive of Key Trust Co. of Florida.
For the past year, Mr. Becker has been chief fiduciary officer for Key's personal trust business in Ohio, Michigan, and Indiana. He has worked in trust and investment management since 1968.
He takes the reins from James A. Capodanno, formerly a senior vice president at Key Trust Co. of Florida. Mr. Capodanno, who specializes in developing new accounts, has moved to Denver to help build KeyCorp's private banking business in the Rocky Mountains region.
"What we've done is switch the skills" from new business development to account management, said William M. Hunter 2d, executive vice president and chief administrative officer for Key PrivateBank. Mr. Capodanno concentrated on signing on new accounts; Mr. Becker will focus more on expanding Key Trust's services, Mr. Hunter said.
Key Trust of Florida is a 10-year-old amalgam of KeyCorp's own operations in the state and businesses it acquired from Ameritrust, Central National Bank, and Society National Bank.
Based in Naples, Fla., with $750 million in trust assets, the unit - formerly known as Society National Trust Co. - has branches in Fort Myers, North Palm Beach, and Tampa.
Mr. Hunter said many retirees who from the Midwest will recognize the company's Key logo. He said gaining a broader clientele "will take a little more time, because we're not as well known to native Floridians."
The Florida operation, which employs 26 people, differs from other KeyCorp trust units in that it has full banking powers. Key Trust of Florida, for example, can take deposits and make loans.
The unit focuses solely on the wealthy market. To that end, KeyCorp this year sold a mass-market thrift, Society First Federal Savings Bank of Fort Myers, to First Union Corp.
Last year, the Florida unit's trust and credit business brought in a combined $3 million in revenues, compared with $250 million for KeyCorp's overall private client services.
Advising Mr. Becker will be Edmund J. Keane Jr., KeyCorp's group executive for Florida. Mr. Keane plans to retire this year.