SEATTLE - A Seattle subsidiary of Tacoma-based Puget Sound Bancorp completed acquisition of Olympic Savings Bank in an exchange of stock valued at $2.75 million.

Olympic Savings Bank has $94 million in assets and eight branches, including one inside a Safeway supermarket.

The thrift will initially retain its name and operate as an independent division of Puget Sound Savings Bank. But when KeyCorp of Albany, N.Y., acquires the holding company, Puget Sound Bank's branches will become branches of Key Bank of Washington.

The Puget Sound-Olympic deal was announced in February and won Olympic shareholders' approval June 25.

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