Shareholders of IB&T Corp. have approved the Boise, Idaho, bank's $54.9 million merger with KeyCorp.

The merger was approved Thursday by stockholders holding 95.42 percent of IB&T's common stock.The merger agreement, signed last January, provides each IB&T shareholder with a value of about $22.82 per share. Fifty-five percent of the purchase price will be made in KeyCorp common stock and the rest in cash unless Key Corp exercises its option to pay the entire conversion price in cash.

The acquisition is expected to be completed by the end of September, a spokesman said.

IB&T Corp., with 31 offices throughout Idaho, had total assets of $621 million and deposits of $517 million on April 30. It is the parent company of Idaho Bank & Trust Co. and First Bank of Troy.

KeyCorp, based in Albany, N.Y., is a $12.5 billion financial services company with operations along the northeast and northwest United States, including Utah.