Key Bank of Utah acquired the $133 million in Utah deposits of Citibank Utah Friday at the close of business, and three former Citibank branches will open for business Tuesday (Monday is a bank holiday) as branches of Key Bank.
The former Citibank branches in Bountiful, at the Brickyard shopping center and in Fashion Square will remain open. Key Bank said three other former Citibank branches will be closed because they are "very close to existing Key Bank offices."A spokesman said accounts housed in the closed Citibank offices will be transferred to the nearest Key Bank office.
The acquisition of Citibank Utah by Key Bank of Utah was first announced last March. The past seven months have been used to gain approvals of regulatory authorities. Official closing and transfer activities will take place over the weekend.
The acquisition covers only deposits, not the loan portfolio, of Citibank Utah.
Key Bank of Utah is a subsidiary of Key-Corp, a financial institution based in Albany, N.Y., with $16 billion in assets.