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Published: Wednesday, 12/8/2010

KeyCorp plans to open up to 30 offices yearly

CLEVELAND — KeyCorp, Ohio's second-largest bank, will add as many as 30 branches a year as it returns to profitability, according to Chief Executive Officer Henry L. Meyer.

The bank is focusing on “higher-growth markets,” Mr. Meyer said. Offices are planned in the Northwest, including in Seattle and Portland, Ore., as well as in Colorado and central Indiana, he said. KeyCorp opened 39 branches this year and had 1,029 offices at the end of September.

The bank became profitable in the second quarter after eight consecutive losses. Shares in KeyCorp, which has yet to repay $2.5 billion in bailout funds, have risen 43 percent this year, making it the third-best-performing stock in the 24-company KBW Bank Index. Fifth Third Bancorp is Ohio's biggest lender.

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