The Postal Service has named KeyCorp its depository and cash management provider for 288 post offices in Alaska.The deal is Cleveland-based KeyCorp's fourth Postal Service contract in a year. It represents about $250 million of deposits annually.In all, KeyCorp will be handling about $6.7 billion of deposits for 5,000 post offices.
The Postal Service has been consolidating its 5,000 banking relationships. It now deals with just 24 banks. The Alaska deal "moves us one step closer to our goal," said Stephen M. Kearney, treasurer.