News

SouthTrust adds its ATMs to Key's agent bank program

August 12, 2003

CLEVELAND, Ohio and BIRMINGHAM, Ala. -- SouthTrust Corporation (NASDAQ: SOTR), a Birmingham, Ala.-based, $51.7-billion financial institution, is adding its 876 ATMs to KeyCorp's (NYSE:KEY) agent bank ATM network.

Under the agreement, SouthTrust ATMs will now become part of Key's ATM network for agent banks, which offers surcharge-free or fee-reduced ATM access to customers of its bank participants. The agent banks pay Key a fee for the service.

(See related stories Building on the installed base, Key's Agent Bank program continues to grow, Key signs biggest participant yet for its ATM access program and 9 Ohio FIs expand ATM networks through Key's Agent Bank program)

Before the SouthTrust agreement, Key agent bank clients, including banks, savings and loans and credit unions, had access to more than 2,200 ATMs in 15 states, including Key-branded ATMs in ARCO am/pm retail locations in the Western United States.

According to a news release, the addition of SouthTrust adds 876 ATMs in nine states, including Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.

Key's agent bank program currently provides national and regional ATM access to financial services clients in California, Colorado, Idaho, Indiana, Maine, New York, Oregon, Pennsylvania, Texas and Washington. Key also offers its agent bank services in Alaska, Arizona, Michigan, Nevada, Utah and Vermont.

"We are offering the expanded network to our existing agent bank clients first and then to prospective clients who are looking to expand their reach through a non-reciprocal ATM network arrangement," said Sarah Grotta, senior vice president of Key Consumer Payment Sales, in the release.

Joe Verciglio, SouthTrust's senior vice president of Retail Alternative Delivery, said, "We view this as an opportunity to use and expand our ATM network capacity by capturing additional transactions from agent bank cardholders."