Touting Utah as one its best-performing markets, KeyBank announced Monday it will add six new branches in Utah, the largest expansion program the bank has undertaken since it entered the state in 1987 by acquiring Commercial Security Bank (CSB).
KeyBank, a subsidiary of Cleveland-based KeyCorp, said it will spend nearly $9 million this year on the new branches — called KeyCenters — at five Wasatch Front locations.
Once completed, the new branches will bring KeyBank's total to 38 in Utah.
The six new branches are planned for Salt Lake City, West Jordan, Sandy, Draper, Orem and Park City.
"For quite some time, Utah has been one of the best-performing, high-growth-potential markets in key's nationwide banking footprint," said Doug Black, KeyBank's Utah District president.
"With this expansion, we will be better positioned to serve our growing customer base in several key markets in Utah and to leverage the growth potential we continue to see throughout the state."
The branches in Draper and Park City will be the first penetration of KeyBank into those two communities.
Black said Key's new locations will include a cross-section of the company's different types of offices geared toward a specific market.
For example, the new Salt Lake City office at 4200 W. 2100 South will be a prototype "Commercial Convenience Center," the first of its kind among Key's national network. Black said it will be designed to meet the needs of business and commercial clients by having on staff a variety of commercial banking specialists.
The Orem branch will be a "Financial Solutions Center," termed a "flagship" office with representatives of multiple Key business lines on hand to provide a single center for a variety of financial services.
Draper, Park City, West Jordan and Sandy will get what Key terms "Financial Sales Centers," which will offer an array of retail-focused services for consumers and small-business clients as well as automated systems that the bank believes will enhance the speed and convenience of routine transactions.
Key made its first expansion since coming to Utah in July 1999, when it opened a Financial Solutions Center in Sandy.
When this year's expansion is completed, Key will have 38 KeyCenters and 45 automated teller machines (ATMs) in the state.
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