KeyBank buys EverTrust Financial
Published 9:00 pm Thursday, June 24, 2004
EVERETT – KeyBank will pay $194.7 million to acquire one of Everett’s landmark financial institutions, EverTrust Financial Group.
The deal, which will make KeyBank the second-largest bank in Snohomish County, was signed Thursday and announced Friday morning. EverTrust’s 160 employees were notified Thursday afternoon.
KeyBank’s district president, James Peoples, said EverTrust was attractive to his nationwide banking company because of its strong presence in Snohomish County, which Key projects will continue to grow. He called the acquisition “a very, very important piece … a great fill-in project for us.”
EverTrust chief executive Michael Hansen said his bank had turned down previous buy-out offers, but agreed to this one because the two banks have similar philosophies and business lines. “The fit is absolutely perfect,” he said.
The deal must still be approved by regulators and by EverTrust shareholders. That probably will happen later this year, Hansen and Peoples said.
EverTrust was formed in 1916 in Everett as the Scandinavian-American Savings Association. It was known as Everett Mutual Bank until it changed its named to EverTrust Financial Group in January 2001. Its headquarters building on Colby Avenue — the Everett Mutual Tower — is downtown Everett’s tallest office building.
