<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON
OCTOBER 11, 1994 REGISTRATION NO. 33-
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
Form S-3
REGISTRATION STATEMENT under THE SECURITIES ACT OF 1933
<TABLE>
<S> <S>
AGWAY
AGWAY INC. FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) (Exact name of registrant as specified in its charter)
DELAWARE DELAWARE
(State of incorporation) (State of incorporation)
15-0277720 06-1174232
(I.R.S. Employer Identification No.) (I.R.S. Employer Identification No.)
333 Butternut Drive, 1105 North Market Street,
DeWitt, New York 13214 Wilmington, Delaware 19801
(Address of principal executive offices) (Address of principal executive offices)
315-449-6431 302-654-8371
</TABLE>
DAVID M. HAYES, Esq.
AGWAY INC.
BOX 4933
Syracuse, New York 13221
315-449-6436
(Name and address of agent for service)
------------------
Approximate date of commencement of proposed sale to the public:
As soon as practicable on or after the effective date of this
Registration Statement.
If the only securities being registered on the Form are being offered
pursuant to dividend or interest reinvestment plans, please check the
following box.
-----
If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415
under the Securities Act of 1933, other than securities offered only
in connection with dividend or interest reinvestment plans,
check the following box. X
-----
<TABLE>
<CAPTION>
CALCULATION OF REGISTRATION FEE
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Proposed maximum Proposed maximum
Title of each class of Amount to be offering price aggregate offering Amount of
securities to be registered registered per unit price registration fee
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Agway Inc.
Guarantee of the Debt Securities . . . . . . <F1> <F1> None
Series HM Preferred Stock. . . . . . . . . . 2,000 shs $ 25 $ 50,000 $ 17.24
Membership Common Stock. . . . . . . . . . . 4,000 shs $ 25 $ 100,000 $ 34.48
Agway Financial Corporation
Guaranteed, Subordinated Member and
Subordinated Money Market Certificates . . $ 50,000,000 100% $ 50,000,000 $ 17,241.50
Guaranteed, Subordinated Member and
Subordinated Money Market Certificates under
the Interest Reinvestment Option . . . . . . $ 18,400,000 100% $ 18,400,000 $ 6,344.87
-----------
$ 23,638.09
===========
<FN>
<F1> No consideration will be received by Agway Inc. for the Guarantee.
</FN>
</TABLE>
- -----------------------------------------------------------------------------
The registrants hereby amend this registration statement on such
date or dates as may be necessary to delay its effective date until the
registrants shall file a further amendment which specifically states that
this registration statement shall thereafter become effective in accordance
with Section 8(a) of the Securities Act of 1933 or until the registration
statement shall become effective on such date as the Commission, acting
pursuant to said Section 8(a), may determine.
PAGE 1 OF . EXHIBIT INDEX APPEARS ON SEQUENTIALLY NUMBERED PAGE .
<PAGE>
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
SUBJECT TO COMPLETION DATED OCTOBER 11, 1994
PROSPECTUS
(LOGO) AGWAY INC.
AND
AGWAY FINANCIAL CORPORATION
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
Price to Underwriting Discounts Proceeds to
Title of Class (1) Public or Commissions (2) Companies (3)
- -------------------------------------------------------------------------------------------------------
<S> <C> <S> <C>
Agway Inc.
Guarantee of Debt Securities -- None --
Series HM Preferred Stock (4)
Per Unit $ 25 None $ 25
Total $ 50,000 None $ 50,000
Membership Common Stock (5)
Per Unit $ 25 None $ 25
Total $ 100,000 None $ 100,000
Agway Financial Corporation
Guaranteed, Subordinated Member and
Subordinated Money Market Certificates
Per Unit 100% None
Total $ 50,000,000 None $ 50,000,000
Guaranteed, Subordinated Member and
Subordinated Money Market
Certificates under the Interest
Reinvestment Option
Per Unit 100% None
Total $ 18,400,000 None $ 18,400,000
</TABLE>
----------------
A complete description of the securities offered by Agway Financial
Corporation ("AFC") is set forth on pages 6 through 15 herein.
----------------
There is no market for any of the offered securities other than
that provided by Agway Inc. (Agway) and AFC (together the "Companies")
through their practice of repurchasing certain outstanding securities
whenever registered holders elect to tender them for repurchase. The
Companies do not intend to follow this practice with respect to the 7.75%
Subordinated Money Market Certificates described herein.
-----------------
Footnotes are located on Page 2
The date of this Prospectus is
<PAGE>
Footnotes:
(1) See pages 6 through 15 for a description of the securities being
offered and qualifications of the purchaser.
(2) The securities offered by this Prospectus are being offered by
the Companies through their employees. No commission or
other remuneration is being paid directly or indirectly to such
persons in connection with the offer and sale of the securities.
(3) It is assumed that all securities offered are sold and the amount
of proceeds is before deduction of estimated expenses of
$102,000. Because there is no underwriting of the securities
offered, there is no assurance that all or any part of the
indicated proceeds will be received by the Companies from the
offering of the securities.
(4) The Series HM Preferred Stock may be purchased only by
former members of Agway Inc.
(5) The Membership Common Stock may be purchased only by
persons entitled to membership in Agway Inc.
------------
No person has been authorized to give any information or to make
any representations not contained in this Prospectus and, if given or
made, such information or representation must not be relied upon as
having been authorized by the Companies. This Prospectus does not
constitute an offer to sell or a solicitation of an offer to buy any of the
securities in any state to any person to whom it is unlawful to make
such offer or solicitation in such state.
AVAILABLE INFORMATION
Agway is a cooperative association as defined in the Agricultural
Marketing Act of 1929 and as such is exempt from certain registration,
proxy and insider trading provisions of the Securities Exchange Act of
1934. AFC is a wholly owned subsidiary of Agway. All holders of
Membership Common Stock receive an Annual Report in November of
each year which contains the information called for by Rule 14A-3(b). An
Annual Report of Agway is also sent in January of each year to all holders
of securities who have elected the interest reinvestment option. The
Annual Report contains financial information that has been audited and
reported upon, with an opinion expressed by certified public accountants.
Other holders of securities may obtain an Annual Report or Prospectus
upon request from: Patricia Edwards, Assistant Secretary, P. O. Box
4761, Syracuse, N.Y. 13221; Telephone: 315-449-6311. Agway shall
file with the Securities and Exchange Commission supplementary and
periodic information, documents and reports required of issuers under
Sections 13(a) and 15(d) of the Securities Exchange Act of 1934. Reports
filed with the Commission can be inspected at the Public Reference Section
of the Commission at 450 Fifth Street N.W., Washington, D.C. (20549)
as well as the following Regional Offices: 26 Federal Plaza, New York,
New York (10278); and 219 South Dearborn Street, Chicago, Illinois
(60604). Copies of such materials can be obtained from the Commission
at prescribed rates. In addition, materials may be inspected or obtained at
333 Butternut Drive, DeWitt, New York 13214 (P. O. Box 4933,
Syracuse, New York, 13221; Telephone: 315-449-6436).
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The Companies hereby incorporate by reference into this Prospectus
the Annual Report of Agway on Form 10-K filed on September 23, 1994,
pursuant to Section 13 of the Securities Exchange Act of 1934, for the
fiscal year ended June 30, 1994 (File Number 2-22791).
All reports and other documents filed by Agway pursuant to Sections
13(a), 13(c), 14 and 15(d) of the 1934 Act subsequent to the date of this
Prospectus and prior to the termination of the offering of the Certificates
hereunder shall be deemed to be incorporated by reference herein and to
be a part hereof from the date of the filing of such reports and documents.
The Companies will provide a copy of any of the foregoing
documents incorporated herein by reference (other than exhibits to such
documents), without charge to each person to whom a copy of this
Prospectus is delivered, upon the request of any such person to: Patricia
Edwards, Assistant Secretary, P. O. Box 4761, Syracuse, N.Y. 13221,
Telephone: 315-449-6311.
<PAGE>
DISTRIBUTION AND REDEMPTION OF SECURITIES OFFERED
Sale of the securities offered hereby will be solicited through direct
mailings and/or personal contact by certain designated employees of
Agway. No salesmen will be employed to solicit the sale of these
securities, and no commission or discount will be paid or allowed to
anyone in connection with their sale. The individual Agway employees
who participate in the sale of these securities may be deemed to be
underwriters of this offering within the meaning of that term as defined in
Section 2(11) of the Securities Act of 1933, as amended.
While there is no guarantee of repurchase, the Companies intend to
continue their practice of repurchasing, when presented for redemption,
any security other than the 7.75% Subordinated Money Market Certificates
described herein.
THE COMPANIES
Agway Inc., incorporated under the Delaware General Corporation
Law in 1964 and headquartered at 333 Butternut Drive, DeWitt, New
York, 13214 (Telephone Number 315-449-6436), is an agricultural
cooperative directly engaged in product manufacturing, processing and
distribution, wholesale purchasing and marketing of agricultural related
products for its members and other patrons in twelve northeastern states.
AFC, a wholly owned subsidiary of Agway, is a Delaware
corporation incorporated in 1986 with principal executive offices at 1105
North Market Street, Wilmington, Delaware 19801 (Telephone Number
302-654-8371). AFC's business activities consist primarily of securing
financing through bank borrowings and issuance of corporate debt
instruments to provide funds to its sole stockholder, Agway, and AFC's
wholly owned subsidiary, Agway Holdings, Inc. (AHI) and its subsidiaries,
for general corporate purposes. The payment of principal and interest on
this and on the debt securities offered by this Prospectus is absolutely and
unconditionally guaranteed by Agway. AFC, through certain subsidiaries
of AHI, is involved in the retail sale of farm-related products, pet foods
and animal care products, and yard and garden products; wholesale
distribution of certain product categories to franchised representatives and
other businesses; distribution of petroleum products; repackaging and
marketing of vegetables; underwriting and sale of certain types of property
and casualty insurance; sales of health insurance; and lease financing.
On July 1, 1994, certain subsidiaries of AFC were transferred to
Agway Inc. and certain operating divisions of Agway Inc. were transferred
to AFC. Reference is made to Note 2 to the financial statements in the
Agway Inc. 10-K for the fiscal year ended June 30, 1994.
<PAGE>
SELECTED FINANCIAL DATA OF AGWAY INC. AND CONSOLIDATED SUBSIDIARIES
AND RATIO OF EARNINGS
The following "Selected Financial Data" of Agway Inc. and
Consolidated Subsidiaries has been derived from financial statements
audited by Coopers & Lybrand L.L.P., whose reports for the periods
ended June 30, 1994, 1993 and 1992 are included in the Annual Report on
Form 10-K, and should be read in conjunction with the full consolidated
financial statements and notes thereto.
<TABLE>
<CAPTION>
(Thousands of Dollars Except Per Share and Ratio Amounts)
---------------------------------------------------------------------------
Years Ended June 30,
---------------------------------------------------------------------------
1994 1993 1992 1991 1990
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net sales & revenues <F1> . . . . . . . . . . . $ 1,694,978 $ 1,720,594 $ 1,815,735 $ 1,986,253 $ 1,984,770
=========== =========== =========== =========== ===========
Margin (loss) from continuing operations <F2> . $ 696 $ 25,727 $ (44,571) $ 666 $ 18,821
=========== =========== =========== =========== ===========
Net margin (loss) <F3>. . . . . . . . . . . . . $ (3,304) $ 19,750 $ (58,813) $ (6,420) $ 8,102
=========== =========== =========== =========== ===========
Total assets <F1> . . . . . . . . . . . . . . . $ 1,274,314 $ 1,223,462 $ 1,204,037 $ 1,211,097 $ 1,125,774
=========== =========== =========== =========== ===========
Long-term debt. . . . . . . . . . . . . . . . . $ 176,567 $ 150,107 $ 155,405 $ 168,058 $ 156,244
=========== =========== =========== =========== ===========
Long-term subordinated debt . . . . . . . . . . $ 372,673 $ 379,619 $ 349,116 $ 303,337 $ 266,816
=========== =========== =========== =========== ===========
Preferred stock . . . . . . . . . . . . . . . . $ 71,338 $ 53,474 $ 64,522 $ 64,384 $ 61,698
=========== =========== =========== =========== ===========
Cash dividends per share of common stock. . . . $ 1.50 $ 1.50 $ 1.50 $ 1.50 $ 1.50
=========== =========== =========== =========== ===========
Ratio of margins to fixed charges . . . . . . . 1.1 1.4 0.1 1.2 1.6
=========== =========== =========== =========== ===========
Ratio of margins to combined fixed charges and
preferred stock dividend requirements (A):. . 0.7 1.3 0.1 0.5 1.4
=========== =========== =========== =========== ===========
<FN>
<F1> Certain amounts reported in fiscal years ended June 30, 1991-1993 have been reclassified to conform to current
year presentation.
<F2> 1994 data reflects the adoption of Statement of Financial Accounting Standard No. 106, "Accounting for
Postretirement Benefits Other Than Pensions." See Note 13 to the financial statements.
<F3> 1992 data reflects a $75,000 pre-tax charge for business restructuring; 1994 data reflects a $6,065 pre-tax credit
from business restructuring. See Note 3 to the financial statements in the Agway Inc. 10-K for the fiscal year
ended June 30, 1994.
</FN>
</TABLE>
(A) Ratio of Margins to Combined Fixed Charges and Preferred Dividend
Requirements
For purposes of this ratio, margins from continuing operations
represent margins before (i) income taxes and discontinued operations and
(ii) fixed charges and preferred stock dividend requirements. Fixed
charges include interest on debt and the interest factor of rent. The pro-
forma ratio of margins to combined fixed charges and preferred stock
dividend requirements as of June 30, 1994, after giving effect to the
issuance of the certificates offered hereby would be 0.6.
USE OF PROCEEDS
There is no underwriting of the securities offered; thus there is no
assurance that all or any of the proceeds will be received. The net
proceeds of the sale of the offered securities will be no greater than
$68,550,000. The funds received will be applied by the Companies
approximately in the relative order that follows:
<TABLE>
<CAPTION>
AGWAY AFC TOTAL %
----------- ------------ ------------ -----
<S> <C> <C> <C> <C>
Offering expenses $ 1,000 $ 101,000 $ 102,000 .1
Repurchase of outstanding securities 1,537,000 57,000,000 58,537,000 85.4
Redemption of long-term debt 9,911,000 9,911,000 14.5
----------- ------------ ------------ -----
$ 1,538,000 $ 67,012,000 $ 68,550,000 100.0%
=========== ============ ============ ======
</TABLE>
<PAGE>
USE OF PROCEEDS (Continued)
Although the exact amount is presently indeterminable, it is
anticipated that approximately $58,537,000 of the proceeds of this offering
will be used for the repurchase of outstanding securities, which is a
continuation of a practice of providing a market for the securities by
repurchasing such securities (at par value in the case of preferred and
common stock, and at the principal plus accrued interest in the case of
debentures and certificates) as the holders (members or other investors)
elect to tender the securities for repurchase. The practice of repurchasing
securities will not be followed with respect to the 7.75% Subordinated
Money Market Certificates described herein. The amounts of each type of
security estimated to be repurchased within the next year are as follows:
Subordinated Debentures $ 1,500,000
Money Market Certificates 55,500,000
Preferred Stock 1,500,000
Common Stock 37,000
------------
$ 58,537,000
============
Approximately $30,500,000 of the securities to be repurchased
represent the fiscal 1995 maturities of the debt securities at rates of 9.5%-
10.5%. Because the remaining securities to be repurchased are those
presented by the holders, the Companies cannot determine at this time the
interest rates or maturities of the debt securities which may be repurchased.
If the proceeds of this offering are not sufficient to provide funds for the
repurchase of all securities tendered for repurchase, Agway intends to
utilize available cash from other sources for additional repurchases. Long-
term debt which may be paid consists of long-term senior debt, capital
leases and non-compete payments. The long-term senior debt consists of
a loan with a variable interest rate (7.35% on September 30, 1994) that
will mature in quarterly installments beginning on October 1, 1994 through
January 1, 1996.
MARKET PRICE OF AND DIVIDENDS ON AGWAY'S COMMON EQUITY
The incidents of ownership of Agway's Membership Common Stock
differ considerably from those of common stock ownership in the usual
business corporation. The Membership Common Stock may be purchased
only by persons entitled to membership in the Company. Only farmers
and cooperative organizations of farmers who purchase farm supplies or
services or market farm products through Agway may be members. By
reason of the fact that the Company functions as an agricultural
cooperative, its Membership Common Stock primarily serves the purpose
of evidencing membership in the Company rather than of evidencing an
equity interest in the Company. The equity claim of Membership Common
stockholders to the assets of Agway is measured by, and restricted to, the
$25 par value of the share, plus dividends declared and unpaid, if any, for
the current year. Dividends which may be declared in any one year are
not to exceed 8% of the par value of Membership Common Stock ($2 per
share).
There is no market for common stock other than that provided by
Agway through its practice of repurchasing outstanding shares whenever
registered holders thereof elect to tender them for repurchase.
LEGAL OPINION
Legal matters in connection with the securities offered thereby have
been passed upon for the Companies by David M. Hayes, Esq., Senior
Vice President, General Counsel and Secretary of Agway. Mr. Hayes is
a Director and the General Counsel of AFC.
EXPERTS
The audited financial statements incorporated by reference in this
Prospectus have been audited by Coopers & Lybrand L.L.P. and Price
Waterhouse L.L.P. The companies and periods covered by these
examinations are indicated in their respective reports. Such financial
statements have been so included in reliance upon the reports of the various
independent accountants given on the authority of each firm as an expert
in accounting and auditing.
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED
Agway Inc.
DESCRIPTION OF HONORARY MEMBER PREFERRED STOCK, SERIES HM ($25 Par Value)
Agway is authorized to issue 80,000 shares of Honorary Member
preferred stock having a par value of $25 per share (the "Series HM
Preferred Stock"). The summary description of the Series HM Preferred
Stock which follows is subject in all respects to the provisions of the
amended Certificate of Incorporation and By-laws of Agway, copies of
which have been filed as exhibits to the Registration Statement.
Limitations on Ownership and Transfer. Series HM Preferred Stock
may be issued only to former members of Agway and no more than one
share of such stock may be issued to any one person. No subscription for
this stock will be accepted unless the subscriber was a member of Agway.
Series HM Preferred Stock may not be transferred other than to Agway
except with its written consent endorsed on the certificate. Pursuant to its
By-laws, Agway will permit transfer of such stock only to persons who
were members in Agway and will limit ownership of the stock to one share
per person.
Dividend Rights. The holders of the Series HM Preferred Stock are
entitled to receive annual dividends, when and as declared by the Board of
Directors. Dividends are non-cumulative. There are no restrictions in any
indenture or other agreement respecting the payment of dividends on Series
HM Preferred Stock.
Voting Rights. The holders of Series HM Preferred Stock have no
voting rights.
Liquidation Rights. In the event of any distribution of assets in
liquidation or dissolution of Agway, all debts of Agway shall be paid
before the holders of any class or series of preferred stock or common
stock are entitled to any distribution of assets. If assets remain after all
debts are paid, the holders of the Series HM Preferred Stock would be
entitled, subject to the liquidation rights of the Series A Preferred Stock,
Series B Preferred Stock, Series B-1 Preferred Stock and Series C
Preferred Stock, to receive only the par value thereof ($25 per share) plus
accrued dividends, if any. Any net assets of Agway remaining after
payment of the par value and accrued dividends on the Series HM
Preferred Stock would be distributed to the holders of the common stock
of Agway and any net assets remaining after the rights of such holders had
been satisfied would be distributed to the members and/or patrons of
Agway to whom its retained margin would be credited.
General. The Series HM Preferred Stock has no pre-emptive or
conversion rights. The shares of Series HM Preferred Stock will be, when
issued, duly authorized, validly issued and fully paid and non-assessable
and the holders thereof will not be liable for any payment of Agway's
debts.
Redemption Provisions. The Series HM Preferred Stock is subject,
at the option of the Board of Directors, to redemption as a whole or in
part, upon payment of the par value thereof ($25 per share) with all
accrued dividends to the date fixed for redemption. In case of partial
redemption, shares to be redeemed shall be drawn by lot. There are no
restrictions in any indenture or other document respecting the redemption
or purchase of shares by Agway.
Repurchase Practice. While there is no guarantee of repurchase, it
is the present practice of Agway to repurchase, at par, the share of any
holder of Series HM Preferred Stock when presented for repurchase, and
it is the intention of Agway to follow such practice in the future.
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Inc. - (continued)
DESCRIPTION OF MEMBERSHIP COMMON STOCK ($25 Par Value)
Agway is authorized to issue 300,000 shares of membership common
stock having a par value of $25 per share (the "Membership Common
Stock"). The summary description of the Membership Common Stock
which follows is subject in all respects to the provisions of the amended
Certificate of Incorporation and By-laws of Agway, copies of which have
been filed as exhibits to the Registration Statement.
Limitations on Ownership and Transfer. Membership Common
Stock may be issued only to persons entitled to membership in Agway, and
no more than one share of such stock may be issued to any one person.
No subscription for Membership Common Stock will be accepted unless
the subscriber is qualified for membership in Agway. Membership in
Agway consists of farmers or cooperative organizations of farmers who are
record holders of one share of Membership Common Stock of Agway and
who purchase farm supplies or farm services or market farm products
through Agway or franchised representatives. Membership Common Stock
may not be transferred other than to Agway except with its written consent
endorsed on the certificate. Pursuant to its By-laws, Agway will permit
transfer of such stock only to persons entitled to membership in Agway and
will limit ownership of the stock to one share per person. If any holder of
Membership Common Stock has ceased to be a member of Agway because
the member has ceased to be a farmer, or because the member has done
no business with Agway since the beginning of its preceding fiscal year,
such stock held by the member may be called for repurchase at the par
value thereof, plus accrued dividends, if any. It is the present intention of
Agway to call such stock for repurchase under such circumstances.
Dividend Rights. The holders of the Membership Common Stock are
entitled to receive, when and as declared by the Board of Directors, annual
dividends not to exceed 8% of par value ($2 per share). Dividends are
non-cumulative. The holders of preferred stock are entitled to receive,
when and as declared by the Board of Directors, preferential dividends
before any dividends shall be declared or paid or set aside for the
Membership Common Stock. Such dividends are cumulative except in the
case of HM Preferred Stock. There are no other restrictions in any
indenture or other agreement respecting the payment of dividends on
Membership Common Stock.
Voting Rights. The Membership Common Stock carries the exclusive
voting rights of Agway, on the basis of one vote for each share of such
stock.
Liquidation Rights. In the event of any liquidation of Agway or
other disposition of its assets, the holders of the Membership Common
Stock would be entitled, after all debts of Agway are paid, subject to the
liquidation rights of the Series A Preferred Stock, the Series B Preferred
Stock, the Series B-1 Preferred Stock, the Series C Preferred Stock and the
Series HM Preferred Stock to receive only the par value thereof ($25 per
share) plus dividends declared and unpaid, if any, for the current year.
Any net assets of Agway remaining after payment of the par value and
accrued dividends on the Membership Common Stock would be distributed
to the members and/or patrons of Agway to whom its retained margin
would be credited. No person is entitled to any distribution of assets with
respect to the retained margin or otherwise prior to the dissolution of
Agway.
General. The Membership Common Stock has no pre-emptive or
conversion rights. The shares of Membership Common Stock will be,
when issued, duly authorized, validly issued and fully-paid and non-
assessable and the holders thereof will not be liable for any payment of
Agway's debts.
Redemption Provisions. The Membership Common Stock is subject
to redemption if any holder ceases to be a member of Agway.
Repurchase Practice. While there is no guarantee of repurchase, it
is the present practice of Agway to repurchase, at par, the share of any
holder of Membership Common Stock when presented for repurchase, and
it is the intention of Agway to follow such practice in the future.
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation
The following are the securities currently being issued by AFC, which
are absolutely and unconditionally guaranteed by Agway (such securities
being referred to herein as the "Certificates"). In addition, AFC may
change the minimum rate of interest offered for certificates sold after the
date of such change by filing a supplement to this Prospectus with the
Securities and Exchange Commission setting forth the new terms.
<TABLE>
<CAPTION>
Price to Underwriting Discounts Proceeds to
Title of Class Public or Commissions AFC
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <S> <C>
Certificates:
Subordinated Money Market Certificates
(minimum 6.5% per annum) due October 31, 2001
(the "6.5% Certificates")
Per Unit 100% None $ 100
Total $ 2,500,000 None $ 2,500,000
Subordinated Money Market Certificates
(minimum 7% per annum) due October 31, 2001
(the "7% Member Certificates")
Per Unit 100% None $ 100
Total $ 2,500,000 None $ 2,500,000
Subordinated Money Market Certificates
(minimum 6.75% per annum) due October 31, 2001
(the "6.75% Certificates")
Per Unit 100% None $ 5,000
Total $ 10,000,000 None $ 10,000,000
Subordinated Money Market Certificates
(minimum 7.25% per annum) due October 31, 2001
(the "7.25% Member Certificates")
Per Unit 100% None $ 5,000
Total $ 10,000,000 None $ 10,000,000
Subordinated Money Market Certificates
(minimum 7.75% per annum) due October 31, 1997
(the "7.75% Certificates")
Per Unit 100% None $ 2,000
Total $ 25,000,000 None $ 25,000,000
Subordinated Member and Subordinated Money Market
Certificates under the Interest Reinvestment
Option (ranging from minimum of 4.5% to 10.5%
per annum) due from October 31, 1994 through
October 31, 2008
Per Unit 100% None
Total $ 18,400,000 None $ 18,400,000
</TABLE>
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation - (continued)
DESCRIPTION OF THE CERTIFICATES
Interest Rates. Interest on the 6.5% Certificates and 7% Member
Certificates, issued in $100 denominations, is payable semiannually on
January 1 and July 1, and at maturity, at a rate per annum for each
semiannual period equal to the greater of:
(1) the Certificates' "stated rate" (the "stated rate" is 6.5% for the
6.5% Certificates, and 7% for the 7% Member Certificates);
and,
(2) one-half percent (.5%) below the "Treasury Bill Rate" (as
defined below).
Interest on the 6.75% Certificates and 7.25% Member Certificates,
issued in $5,000 denominations, is payable semiannually on January 1 and
July 1, and at maturity, at a rate per annum for each semiannual period
equal to the greater of:
(1) the Certificates' "stated rate" (the "stated rate" is 6.75% for the
6.75% Certificates and 7.25% for the 7.25% Member
Certificates; and,
(2) the "Treasury Bill Rate" (as defined below).
Interest on the 7.75% Certificates, issued in $2,000 denominations,
is payable semiannually on January 1 and July 1, and at maturity, at a rate
per annum for each semiannual period equal to the greater of:
(1) the Certificates' "stated rate" of 7.75%; and,
(2) the "Treasury Bill Rate" (as defined below).
U.S. Treasury bills are issued and traded on a discount basis, the
amount of the discount being the difference between their face value at
maturity and their sales price. The per annum discount rate on a U.S.
Treasury bill is the percentage obtained by dividing the amount of the
discount on such U.S. Treasury bill by its face value at maturity and
annualizing such percentage on the basis of a 360-day year. The Federal
Reserve Board currently publishes such rates weekly in its Statistical
Release H.15 (519). Unlike the interest on U.S. Treasury bills, interest
on the certificates will not be exempt from state and local income taxation.
The "Treasury Bill Rate" for each semiannual interest payment date
is the arithmetic average of the weekly per annum auction average discount
rates at issue date for U.S. Treasury bills with maturities of 26 weeks
(which may vary from the market discount rates for the same weeks), as
published weekly by the Federal Reserve Board, during the period June 1
to November 30, inclusive, for the January 1 interest payment date or
during the period December 1 to May 31 inclusive, for the July 1 interest
payment date. In the event that the Federal Reserve Board does not
publish the weekly per annum auction average discount rate, AFC shall
select a publication of such rate by any Federal Reserve Bank or any U.S.
Government department or agency. The resulting rate will be rounded to
the nearest one hundredth of a percentage point. See "Description of
Certificates" for a further explanation of the manner of calculating the
interest rate on the certificates if the interest rate cannot be calculated
as provided above.
The following chart sets forth for the periods indicated:
(1) The "Treasury Bill Rate", as defined above.
(2) The highest per annum discount rate on six month U.S.
Treasury Bills at one of the 26 auctions during the
period used to calculate the "Treasury Bill Rate".
(3) The lowest per annum discount rate on six month U.S.
Treasury Bills at one of the 26 auctions during the
period used to calculate the "Treasury Bill Rate".
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation - (continued)
<TABLE>
<CAPTION>
Payment Average
Date "Treasury Bill Rate" High Low
- ----------------------------------------------------------------------------
<C> <C> <C> <C>
Jan.-90 7.68% 8.08% 7.35%
Jul.-90 7.70% 8.03% 7.30%
Jan.-91 7.35% 7.75% 6.96%
Jul.-91 6.05% 6.96% 5.61%
Jan.-92 5.32% 5.97% 4.50%
Jul.-92 3.97% 4.39% 3.71%
Jan.-93 3.28% 3.90% 2.78%
Jul.-93 3.13% 3.46% 2.95%
Jan.-94 3.16% 3.30% 3.02%
Jul.-94 3.71% 4.81% 3.14%
</TABLE>
If the Certificates currently being offered had been outstanding on
July 1, 1994, the stated interest rates would have been paid. Although the
period June 1, 1994 to November 30, 1994, is not complete as of the date
of this Prospectus (and hence the Treasury Bill Rate for the January 1,
1995 interest payment date cannot yet be determined), the Treasury Bill
Rate as of September 26, 1994, was 5.22%.
The six-month U.S. Treasury bill rate has fluctuated widely during
the periods shown in the chart. This rate can be expected to fluctuate in
the future. These fluctuations will cause the rate of interest payable on the
Certificates issued in $5,000 and $2,000 denominations to exceed the stated
rate whenever the Treasury Bill Rate exceeds the stated rate. Interest
payable on the Certificates issued in $100 denominations will exceed the
stated rate when the Treasury Bill Rate exceeds the stated rate by more
than one-half percent (.5%).
In the event that AFC in good faith determines that for any reason a
Treasury Bill Rate is not published during the period June 1 to November
30, inclusive, for the January 1 interest payment date or during the period
December 1 to May 31, inclusive, for the July 1 interest payment date, an
"Alternate Rate" will be substituted for the Treasury Bill Rate. The
Alternate Rate for each semiannual interest payment date is the arithmetic
average of the weekly per annum auction average discount rates or market
discount rates or stated interest rates for comparable issue(s) of securities
as is selected by AFC, with the concurrence of the Trustee. The Alternate
Rate will be rounded to the nearest one hundredth of a percentage point.
In the further event that AFC in good faith determines that neither the
Treasury Bill Rate nor Alternate Rate can be computed for the period June
1 to November 30, inclusive, for the January 1 interest payment date or for
the period December 1 to May 31, inclusive, for the July 1 interest
payment date, the rate of interest payable with respect to any Certificate
will be the rate stated thereon.
The last interest payment date for the Certificates is the date of
maturity. Interest payable on the Certificates at maturity shall be
calculated as described above, during the period June 1 to September 1 in
the year of maturity.
General. AFC is empowered to issue the Certificates pursuant to the
indenture dated as of August 23, 1989, between AFC and the Key Bank of
New York, as Trustee, as supplemented by the supplemental indenture
dated August 24, 1992. The indenture and supplemental indenture are
filed as exhibits to the Registration Statement and reference is made thereto
for a complete statement of the terms and provisions of these Certificates.
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation - (continued)
The Certificates bear interest payable semiannually on January 1 and
July 1 of each year and at maturity at the rates quoted herein. Principal
and interest on the Certificates will be payable at the office of the
transfer agent, Agway, in DeWitt, New York. Additional amounts may be added
to the principal of any Certificate pursuant to an election by the holder
thereof to have the semiannual interest payments added to and increase the
principal amount of the Certificate. The 6.5% Certificates and 7%
Member Certificates are to be issued in registered form only in
denominations of $100 and multiples thereof. The 6.75% Certificates and
7.25% Member Certificates are to be issued in registered form only in
denominations of $5,000 and multiples thereof. The 7.75% Certificates
(not eligible for the Company's normal repurchase practice) are to be
issued in registered form only in denominations of $2,000 and multiples
thereof. The 7% Member Certificates and 7.25% Member Certificates
may be purchased only by members of Agway. The 6.5% and 6.75%
Certificates may be sold to the general public and are generally purchased
by non-member patrons of Agway, Agway employees and former
employees. The 7.75% Certificates (not subject to repurchase practice)
may be purchased by both members of Agway and the general public.
The Certificates are unsecured obligations of AFC, and the payment
thereof is to be subordinated to other debt (except debts similarly
subordinated) as hereinafter mentioned. There is no provision in the
indentures that would prevent AFC or Agway from incurring additional
debt or which would restrict the interest rate or other terms of such other
debt.
Transfer. The 7% Member Certificates, the 7.25% Member
Certificates and the 7.75% Certificates are not transferable by the holder
thereof except by will or by operation of law. The 6.5% and 6.75%
Certificates are freely transferable.
Redemption Provisions. Upon not less than 30 days written notice,
AFC may, at its option, redeem all, or by lot, from time to time any part
of the Certificates at the principal amount thereof, together with accrued
interest from the last interest payment date to the date fixed for redemption
at the stated rate. Should the Certificates be redeemed by lot, all
Certificates not redeemed will be accorded equal treatment in any
subsequent redemption.
Repurchase Practice. While there is no guarantee of repurchase, it
is the present practice of AFC to repurchase at face value, plus interest
accrued at the stated rate, the Certificates of any holder whenever
presented for repurchase. It is the intention of AFC to follow such
practice in the future with respect to all of the Certificates except the
7.75% Certificates, which AFC does not intend to repurchase.
Interest Reinvestment Option. At the time of application for
purchase of the Certificates, or at any time thereafter, the holder may elect
to have all interest paid on the Certificate reinvested automatically. In the
event that the automatic reinvestment option is elected, the interest due on
each semiannual interest payment date will be added to the principal
amount of the Certificate and will earn interest thereafter on the same basis
as the original principal amount. This election may be revoked only as to
future interest payments at any time by written notice to AFC, effective on
the date when the revocation notice is duly received by AFC. Interest
reinvested will be subject to federal income tax as if it had been received
by the certificate holder at the time reinvested.
Subordination Provisions. The payment of the principal and interest
on the Certificates is subordinated in right of payment, to the extent set
forth in the indenture, to the prior payment in full of all "Senior Debt."
Senior Debt is defined as the principal of, and interest on (a) indebtedness
(other than the indebtedness of AFC with respect to its debentures and
Certificates issued under indentures dated as of August 25, 1982, August
1, 1984, August 2, 1984, September 1, 1985, September 2, 1985,
September 1, 1986, August 24, 1987, August 23, 1988 and August 23,
1989 and supplemental indenture dated August 24, 1992) of AFC for
money borrowed from or guaranteed to banks, trust companies, insurance
companies, and other financial institutions, including dealers in commercial
paper, charitable trusts, pension trusts, and other investing organizations,
evidenced by notes or similar obligations, or (b) indebtedness (other than
with respect to the indentures noted in clause (a) above) of AFC evidenced
by notes, debentures or certificates issued under the provisions of an
indenture of similar instrument between AFC and a bank
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation - (continued)
trust company, unless in any case covered by clause (a) or (b) the
instrument creating or evidencing the indebtedness provides that such
indebtedness is not superior or is subordinate in right of payment to the
certificates. Senior Debt, as thus defined, includes all debt presently
outstanding except indebtedness with respect to the debentures described
in clause (a) above. As of September 30, 1994, Senior Debt of
$78,900,000 was outstanding.
In the event of any distribution of assets of AFC under any total
liquidation or reorganization of AFC, the holders of all Senior Debt shall
be entitled to receive payment in full before the holders of the Certificates
are entitled to receive any payment. After payment in full of the Senior
Debt, the holders of the Certificates will be entitled to participate in any
distribution of assets, both as such holders and by virtue of subrogation to
the rights of the holders of Senior Debt, to the extent that the Senior Debt
was benefited by the receipt of distributions to which the holders of the
Certificates would have been entitled if there had been no subordination.
By reason of such subordination, in the event of AFC's insolvency, holders
of Senior Debt may receive more, ratably, and holders of the certificates
may receive less, ratably, than other creditors of AFC. The subordinated
debentures and Certificates rank pari passu with each other.
Modification of Indentures. The indentures permit modification or
amendment thereof, but no modification of the terms of payment or
reducing the percentage required for modification will be effective against
any certificate holder without his consent.
Events of Default and Withholding of Notice Thereof to Certificate
Holders. The indentures provide for the following Events of Default: (i)
failure to pay interest upon any of the Certificates when due, continued for
a period of 30 days; (ii) failure to pay principal of the Certificates or
Senior Debt when due; (iii) failure to perform any other covenant of AFC
as set forth in the indentures, continued for 90 days after written notice by
the Trustee or the holders of at least 25% in principal amount of the
Certificates then outstanding.
The Trustee, within 90 days after the occurrence of the default, is to
give the certificate holders notice of all defaults known to Trustee, unless
cured prior to the giving of such notice, provided that, except in the case
of default in the payment of principal or interest on any of the Certifi-
cates, the Trustee may withhold such notice if and so long as it in good
faith determines that the withholding of such notice is in the interest of
the certificate holders.
Upon the happening and during the continuance of a default, the
Trustee or the holders of 25% in aggregate principal amount of the
Certificates may declare the principal of all the Certificates and the
interest accrued thereon due and payable, but the holders of a majority of
the Certificates may waive all defaults and rescind such declaration if the
default is cured. Subject to the provisions of the indenture relating to the
duties of the Trustee in case any such default shall have occurred and be
continuing, the Trustee will be under no obligation to exercise any of its
rights or powers at the request, order or direction of any of the certificate
holders unless they shall have offered to the Trustee reasonable security or
indemnity. Subject to such provisions for security or indemnity, a majority
of the holders of outstanding Certificates will have the right to direct the
time, method and place of conducting any proceeding for exercising any
remedy available to the Trustee.
Guarantee by Agway. Agway has guaranteed absolutely and
unconditionally the payment of principal, premium and interest of the
Certificates. The guarantee is subordinated to Senior Debt of Agway and
of AFC to the same extent that the Certificates are subordinated.
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation - (continued)
The Trustee. AFC will maintain a demand account and conduct
routine banking business with the Key Bank of New York, Trustee. The
Trustee is also the Trustee of a supplemental indenture dated as of October
1, 1986, between the Trustee, Agway and AFC, which amends the
indentures between the Trustee and Agway dated as of August 25, 1982,
August 1, 1984, August 2, 1984, September 1, 1985, September 2, 1985,
and September 1, 1986. The debentures and certificates issued under the
August 25, 1982, August 1, 1984, August 2, 1984, September 1, 1985,
September 2, 1985, September 1, 1986, August 24, 1987,
August 23, 1988, and August 23, 1989 indentures and the supplemental
indenture dated August 24, 1992 rank equally as debt instruments of AFC
with the certificates covered by the indenture dated August 23, 1989 being
described herewith.
The indentures contain certain limitations on the right of the Trustee,
as a creditor of AFC, to obtain payment of claims in certain cases, or to
realize on certain property received in respect of any such claim as security
or otherwise.
Authentication and Delivery. The Certificates may be authenticated
and delivered upon the written order or AFC without any further corporate
action.
Satisfaction and Discharge of Indentures. The indentures may be
discharged upon payment or redemption of all Certificates or upon deposit
with the Trustee of funds sufficient therefor.
Evidence as to Compliance with Conditions and Covenants. As
evidence of compliance with the covenants and conditions provided for in
the indentures, AFC is to furnish to the Trustee Officer's Certificates each
year stating that such covenants and conditions have been complied with.
On October 1, 1986, AFC assumed Agway's obligations under the
indentures between the Trustee and Agway. A supplemental indenture was
filed as an exhibit to the Registration Statement No. 33-8676, dated
September 11, 1986, and reference is made thereto for a complete
statement of the terms and provisions of such obligations.
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation - (continued)
DESCRIPTION OF THE INTEREST REINVESTMENT OPTION
General. If the Certificate holder has elected to have all interest
paid on the Certificate reinvested automatically, the interest due on each
semiannual interest payment date will be added to the principal amount of
the certificate and will earn interest thereafter on the same basis as the
original principal amount. This election may be revoked - as to future
interest payments only - by written notice to AFC, effective on the date
when the revocation notice is duly received by AFC. Interest reinvested
will be subject to federal income tax as if it had been received by the
certificate holder at the time reinvested.
Rates on Previously Issued Certificates. The stated rates of interest
on Certificates previously issued by AFC that remain outstanding (and
upon which the interest reinvestment option might be exercised by any
holder thereof) are as follows:
Certificates having minimum face amounts of $100:
<TABLE>
<CAPTION>
Stated Rate of Interest Due October 31, Stated Rate of Interest Due October 31,
----------------------- --------------- ----------------------- ---------------
<C> <C> <C> <C>
9.5% 1994 8.0% 2004
10.0% 1994 8.5% 2004
5.0% 1996 7.5% 2005
5.5% 1996 8.0% 2005
9.0% 1997 8.5% 2005
9.5% 1997 5.5% 2006
4.5% 2001 6.0% 2006
5.0% 2001 6.0% 2008
6.5% 2001 6.5% 2008
7.0% 2001 8.5% 2008
7.0% 2002 9.0% 2008
7.5% 2002
</TABLE>
Interest on these outstanding Certificates is payable semiannually
on January 1 and July 1, and at maturity, at the rate per annum for each
semiannual period equal to the greater of:
(1) the Certificates' "stated rate"; and
(2) one-half percent (.5%) below the "Treasury Bill Rate", as
defined above.
Certificates having minimum face amounts of $5,000:
<TABLE>
<CAPTION>
Stated Rate of Interest Due October 31, Stated Rate of Interest Due October 31,
----------------------- --------------- ----------------------- ---------------
<C> <C> <C> <C>
10.0% 1994 8.0% 1999
10.5% 1994 9.0% 2000
8.0% 1995 9.5% 2000
8.5% 1995 4.75% 2001
6.0% 1996 5.25% 2001
6.5% 1996 6.75% 2001
6.5% 1998 7.25% 2001
7.0% 1998 8.5% 2001
8.5% 1998 9.0% 2001
9.0% 1998 5.5% 2002
7.5% 1999 6.0% 2002
</TABLE>
<PAGE>
DESCRIPTION OF SECURITIES TO BE REGISTERED (Continued)
Agway Financial Corporation - (continued)
DESCRIPTION OF THE INTEREST REINVESTMENT OPTION
Interest on these outstanding Certificates is payable semiannually on
January 1 and July 1, and at maturity, at the rate per annum for each
semiannual period equal to the greater of:
(1) the Certificates' "stated rate"; and
(2) the "Treasury Bill Rate," as defined above.
Certificates having minimum face amounts of $2,000:
Stated Rate of Interest Due October 31,
----------------------- ---------------
7.0% 1995
5.5% 1996
7.75% 1997
Interest on these outstanding Certificates is payable semiannually on
January 1 and July 1, and at maturity, at the rate per annum for each
semiannual period equal to the greater of:
(1) the Certificates' "stated rate"; and
(2) the "Treasury Bill Rate," as defined above.
<PAGE>
AGWAY INC.
AGWAY
FINANCIAL
CORPORATION
(LOGO)
PROSPECTUS
Until all dealers effecting
transactions in the registered securities, whether
or not participating in this distribution, may be
required to deliver a Prospectus. This is in
addition to the obligations of dealers to deliver
a Prospectus when acting as underwriters and
with respect to their unsold allotments or
subscriptions.
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution*:
<TABLE>
<S> <C>
Registration Fee . . . . . . . . . . . . . . . $ 24,000
Printing and Engraving . . . . . . . . . . . . 20,000
Registration Service and Trustee Expense . . . 25,000
Accounting Fees and Expenses . . . . . . . . . 4,000
"Blue Sky" Fees and Expenses . . . . . . . . . 18,000
Mailing Costs . . . . . . . . . . . . . . . . 5,000
Miscellaneous Expenses . . . . . . . . . . . . 6,000
--------
$102,000
========
</TABLE>
*Approximate
Item 15. Indemnification of Officers and Directors.
(a) Article 12 of Agway's By-Laws states as follows:
"12. INDEMNIFICATION. - To the fullest extent
possible under the provisions of the Delaware General
Corporation Law and in the manner provided for thereunder,
the corporation shall indemnify any person who is or was a
director, officer, employee or agent of the corporation or any
person who is or was serving at the request of the
corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or
other enterprise."
(b) Article 6.4 of AFC's By-Laws states as follows:
"Section 6.4. - Indemnification of Directors, Officers
and Employees. The Corporation shall indemnify to the full
extent authorized by law any person made or threatened to be
made a party to an action or proceeding, whether criminal,
civil, administrative or investigative, by reason of the fact
that he, his testator or intestate is or was a director,
officer or employee of the Corporation or any predecessor of
the Corporation or serves or served any other enterprise as a
director, officer or employee at the request of the Corporation
or any predecessor of the Corporation."
Section 145 of the Delaware General Corporation Law
permits a corporation to indemnify its officers and directors
against liabilities as provided for in the By-Laws of Agway
and AFC. Under the terms of a Directors and Officers
Liability and Corporation Reimbursement Policy purchased
by Agway and AFC, each of the directors and officers of
Agway and AFC is insured against loss arising from any
claim or claims which may be made during the policy period
by reason of any wrongful act (as defined in the policy) in
their capacities as directors or officers. In addition, Agway
and AFC are insured against loss arising from any claim or
claims which may be made during the policy period against
any director or officer of Agway and AFC by reason of any
wrongful act (as defined in the policy) in their capacities as
directors or officers, but only when the directors or officers
shall have been entitled to indemnification by Agway and AFC.
Item 16. Exhibits:
(a) Exhibits:
4(a) - The Indenture dated as of August 25, 1982,
between Agway and Key Bank of Central
New York of Syracuse, New York, Trustee,
including forms of Subordinated Money
Market Certificates (Minimum 9% per
annum) due October 31, 1997, and
Subordinated Money Market Certificates
Minimum 9.5% per annum) due October 31,
1997, filed by reference to Exhibit 4 of the
Registration Statement (Form S-1), File No.
2-79047, dated August 27, 1982.
<PAGE>
Item 16.(a) Exhibits- (continued)
4(b) - The Indenture dated as of August 1, 1984
between Agway and Key Bank of Central
New York of Syracuse, New York, Trustee,
including forms of Subordinated Money
Market Certificate (Minimum 9.5% per
annum) due October 31, 1994, and
Subordinated Member Money Market
Certificate (Minimum 10% per annum) due
October 31, 1994, filed by reference to
Exhibit 4 of the Registration Statement (Form
S-2), File No. 2-92989, dated August 28, 1984.
4(c) - The Indenture dated as of August 2, 1984
between Agway and Key Bank of Central
New York of Syracuse, New York, Trustee,
including forms of Subordinated Money
Market Certificate (Minimum 10% per
annum) due October 31, 1994, and
Subordinated Member Money Market
Certificate (Minimum 10.5% per annum) due
October 31, 1994, filed by reference to
Exhibit 4 of the Registration Statement (Form
S-2), File No. 2-92989, dated August 28, 1984.
4(d) - The Indenture dated as of September 1, 1985
between Agway and Key Bank of Central
New York of Syracuse, New York, Trustee,
including forms of Subordinated Money
Market Certificate (Minimum 7.5% per
annum) due October 31, 2005, and
Subordinated Member Money Market
Certificate (Minimum 8% per annum) due
October 31, 2005, filed by reference to
Exhibit 4 of the Registration Statement (Form
S-2), File No. 2-99905, dated August 27, 1985.
4(e) - The Indenture dated as of September 2, 1985
between Agway and Key Bank of Central
New York of Syracuse, New York, Trustee,
including forms of Subordinated Money
Market Certificate (Minimum 8% per annum)
due October 31, 1995, and Subordinated
Member Money Market Certificate
(Minimum 8.5% per annum) due October 31,
1995, filed by reference to Exhibit 4 of the
Registration Statement (Form S-2), File No.
2-99905, dated August 27, 1985.
4(f) - The Indenture dated as of September 1, 1986
between AFC and Key Bank of Central New
York of Syracuse, New York, Trustee,
including forms of Subordinated Member
Money Market Certificate (Minimum 6.5%
per annum) due October 31, 1996,
Subordinated Member Money Market
Certificate (Minimum 6% per annum) due
October 31, 2006, Subordinated Money
Market Certificate (Minimum 6% per annum)
due October 31, 1996, and Subordinated
Money Market Certificate (Minimum 5.5%
per annum) due October 31, 2006, filed by
reference to Exhibit 4 of the Registration
Statement (Form S-3), File No. 33-8676,
dated September 11, 1986.
4(g) - The Supplemental Indenture dated as of
October 1, 1986 among AFC, Agway Inc.
and Key Bank of Central New York of
Syracuse, New York, Trustee, including
forms of subordinated debt securities filed by
reference to Exhibit 4 or Registration
statement on Form S-3 File No. 33-8676,
dated September 11, 1986.
4(h) - The Indenture dated as of August 24, 1987
between AFC and Key Bank of Central New
York of Syracuse, New York, Trustee,
including forms of Subordinated Member
Money Market Certificates (Minimum 7%
per annum) due October 31, 1998, and
Subordinated Member Money Market
Certificates (Minimum 6.5% per annum) due
October 31, 2008, and Subordinated Money
Market Certificates (Minimum 6.5% per
annum) due October 31, 1998, and
Subordinated Money Market Certificates
(Minimum 6% per annum) due October 31,
2008, filed by reference to Exhibit 4 of
Registration Statement on Form S-3, File No.
33-16734, dated August 31, 1987.
<PAGE>
Item 16.(a) Exhibits- (continued)
4(i) - The Indenture dated as of August 23, 1988
between AFC and Key Bank of Central New
York of Syracuse, New York, Trustee,
including forms of Subordinated Member
Money Market Certificates (Minimum 9.5%
per annum) due October 31, 2000, and
Subordinated Member Money Market
Certificates (Minimum 9% per annum) due
October 31, 2008, and Subordinated Money
Market Certificates (Minimum 9% per
annum) due October 31, 2000, and
Subordinated Money Market Certificates
(Minimum 8.5% per annum) due October 31,
2008, filed by reference to Exhibit 4 of
Registration Statement on Form S-3, File No.
33-24093, dated August 31, 1988.
4(j) - The Indenture dated as of August 23, 1989,
among AFC, Agway Inc. and Key Bank of
Central New York of Syracuse, New York,
Trustee, including forms of Subordinated
Money Market Certificates and Subordinated
Members Money Market Certificates, filed
by reference to Exhibit 4 of Registration
Statement on Form S-3, File No. 33-30808,
dated August 30, 1989.
4(k) - AFC Board of Directors resolutions
authorizing the issuance of Money Market
Certificates under indentures dated as of
August 23, 1989, filed herein.
4(l) - Agway Board of Directors resolutions
authorizing the issuance of Honorary Member
Preferred Stock, Series HM and Membership
Common Stock and authorizing AFC to issue
Money Market Certificates under Indentures
dated as of August 23, 1989, filed herein.
4(m) - The Supplemental Indenture dated as of
August 24, 1992 among AFC, Agway Inc.
and Key Bank of New York, Trustee,
amending the Indenture dated as of August
23, 1989 filed by reference to Exhibit 4 of
Registration Statement on Form S-3 File No.
33-52418, dated September 25, 1992.
4(n) - Agway, Inc. By-laws as amended June 14,
1994, filed by reference to Exhibit 3 of
Annual Report on Form 10-K, dated
September 23, 1994.
5 - Opinions of David M. Hayes, Esq. dated
October 7, 1994, filed herein.
12 - Statements regarding computation of ratios,
filed herein.
23 - Consents of experts and counsel, filed herein.
25 - Statements of Eligibility and Qualification of
Trustee on Form T-1, filed herein.
Exhibit numbers 1, 2, 8, 15, 24, 26 through 28 and 99
are inapplicable and exhibit numbers 3, 6, 7, 9, 10, 11,
13, 14, and 16 through 22 are not required.
<PAGE>
Item 17. UNDERTAKINGS
The undersigned registrants hereby undertake:
A. 1. To file, during any period in which offers or sales
are being made, a post-effective amendment to this
registration statement:
a. To include any Prospectus required by
Section 10(a)(3) of the Securities Act of 1933;
b. To reflect in the Prospectus any facts or
events arising after the effective date of the
registration statement (or the most recent post-
effective amendment thereof) which, individually
or in the aggregate, represent a fundamental
change in the information set forth in the
registration statement;
c. To include any material information with
respect to the plan of distribution not previously
disclosed in the registration statement or any
material change to such information in the
registration statement, including (but not limited
to) any addition or deletion of a managing
underwriter;
2. That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-
effective amendment shall be deemed to be a new
registration statement relating to the securities offered
therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering
thereof;
B. That, for purposes of determining liability under the
Securities Act of 1933, each filing of the registrant's
annual report pursuant to Section 13(a) or Section 15(d)
of the Securities Exchange Act of 1934 that is
incorporated by reference in the registration statement
shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the
registrants pursuant to the foregoing provisions, or
otherwise, the registrants have been advised that in the
opinion of the Securities and Exchange Commission
such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against
such liabilities (other than the payment by either of the
registrants of expenses incurred or paid by a director,
officer or controlling person of such registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person
in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the questions
whether such indemnification by it is against public
policy as expressed in the Act and will be governed by
the final adjudication of such issue.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
registration statement or amendment thereto to be signed on its behalf by
the undersigned, thereunto duly authorized, in the Town of DeWitt, State
of New York, on October 7, 1994.
AGWAY INC.
(Registrant)
By /s/ Donald P. Cardarelli
Donald P. Cardarelli
Executive Vice President and
Chief Operating Officer
(Principal Executive Officer)
Pursuant to the requirements of the Securities Act of 1933, this
registration statement or amendment thereto has been signed by the
following persons in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <S> <S>
/s/ Donald P. Cardarelli Executive Vice President and October 7, 1994
(Donald P. Cardarelli) Chief Operating Officer
(Principal Executive Officer)
/s/ Peter J. O'Neill Senior Vice President, October 7, 1994
(Peter J. O'Neill) Finance & Control
(Principal Financial Officer
& Principal Accounting Officer)
/s/ Ralph H. Heffner Chairman of the October 7, 1994
(Ralph H. Heffner) Board and Director
/s/ Charles C. Brosius Vice Chairman of the October 7, 1994
(Charles C. Brosius) Board and Director
/s/ Richard C. Call Director October 7, 1994
(Richard C. Call)
/s/ Vyron M. Chapman Director October 7, 1994
(Vyron M. Chapman)
/s/ Eugene Freund Director October 7, 1994
(Eugene Freund)
/s/ Peter D. Hanks Director October 7, 1994
(Peter D. Hanks)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <S> <S>
/s/ Frederick A. Hough Director October 7, 1994
(Frederick A. Hough)
/s/ Stephen P. James Director October 7, 1994
(Stephen P. James)
/s/ Robert L. Marshman Director October 7, 1994
(Robert L. Marshman)
/s/ Samuel F. Minor Director October 7, 1994
(Samuel F. Minor)
/s/ Donald E. Pease Director October 7, 1994
(Donald E. Pease)
/s/ John H. Ross Director October 7, 1994
(John H. Ross)
/s/ Carl D. Smith Director October 7, 1994
(Carl D. Smith)
/s/ Thomas E. Smith Director October 7, 1994
(Thomas E. Smith)
/s/ John H. Talmage Director October 7, 1994
(John H. Talmage)
/s/ Joel L. Wenger Director October 7, 1994
(Joel L. Wenger)
/s/ Christian F. Wolff, Jr. Director October 7, 1994
(Christian F. Wolff, Jr.)
/s/ William W. Young Director October 7, 1994
(William W. Young)
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused
this registration statement or amendment thereto to be signed on its
behalf by the undersigned, thereunto duly authorized, in the Town of
DeWitt, State of New York, on October 7, 1994.
AGWAY FINANCIAL CORPORATION
(Registrant)
By /s/ Donald P. Cardarelli
Donald P. Cardarelli
Vice President, Treasurer and Director
(Principal Executive Officer)
Pursuant to the requirements of the Securities Act of 1933, this
registration statement or amendment thereto has been signed by the
following persons in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <S> <S>
/s/ Donald P. Cardarelli Vice President, Treasurer and Director October 7, 1994
(Donald P. Cardarelli) (Principal Executive Officer,
Principal Financial Officer
& Principal Accounting Officer)
/s/ David M. Hayes Director October 7, 1994
(David M. Hayes)
/s/ Joel G. Newman Director October 7, 1994
(Joel G. Newman)
/s/ Stephen B. Burnett Director October 7, 1994
(Stephen B. Burnett)
</TABLE>
<PAGE>
EXHIBIT INDEX
Exhibit Number
4. Instruments defining the rights of security holders
5. Opinion re legality
12. Statements re computation of ratios
23. Consents of experts and counsel
25. Statement of eligibility of trustee
<PAGE>
EXHIBIT 4
<PAGE>
RESOLUTIONS
-----------
The following resolutions were approved and adopted by
the Board of Directors of AGWAY, INC.:
RESOLVED, That the Company offer for sale to its
members, potential members, other interested parties, and to the
Trustee of the Agway, Inc. Employees Thrift Investment Plan, the
following securities at the prices indicated:
<TABLE>
<CAPTION>
TITLE AMOUNT PRICE
----- ------ -----
<S> <C> <C>
Preferred Stock, Series A $100 par value 3,000 $100
shares
Honorary Member Preferred Stock 2,000 $ 25
$25 par value shares
Common Stock $25 par value 4,000 $ 25
shares
</TABLE>
pursuant to the By-Laws of the Company through designated
employees, provided that no commission or other remuneration
shall be paid to any person with respect to the sale of such
securities; and be it
FURTHER RESOLVED, That the Company approves Agway
Financial Corporation, a wholly-owned subsidiary, offering for
sale to Agway members, other interested parties, and to the
Trustee of the Agway, Inc. Employees Thrift Investment Plan, the
following securities at the prices indicated:
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 10,700,000 100%
due October 31, 2001 (Minimum 7.25% per
annum; Member; denomination of $5,000)
Subordinated Money Market Certificates $ 10,700,000 100%
due October 31, 2001 (Minimum 6.75% per
annum; General; denomination of $5,000)
Subordinated Money Market Certificates $ 2,650,000 100%
due October 31, 2001 (Minimum 7.0% per
annum; Member; denomination of $100)
Subordinated Money Market Certificates $ 2,650,000 100%
due October 31, 2001 (Minimum 6.50% per
annum; General; denomination of $100)
Subordinated Money Market Certificates $ 26,800,000 100%
due October 31, 1997 (Minimum 7.75% per
annum; General; denomination of $2,000)
</TABLE>
<PAGE>
FURTHER RESOLVED, That the Company approves Agway
Financial Corporation, a wholly-owned subsidiary, offering for
sale to Agway members, other interested parties, and to the
Trustee of the Agway, Inc. Employees Thrift Investment Plan, the
following previously offered securities now registered under the
reinvestment option at the prices indicated:
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 150,000 100%
due October 31, 2001 (Minimum 5.25% per
annum; Member)
Subordinated Money Market Certificates $ 75,000 100%
due October 31,2001 (Minimum 4.75% per
annum; General)
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 2001 (Minimum 5.0% per
annum; Member; denomination of $100)
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 2001 (Minimum 4.5% per
annum; General)
Subordinated Money Market Certificates $ 300,000 100%
due October 31, 1996 (Minimum 5.5% per
annum; General)
Subordinated Money Market Certificates $ 600,000 100%
due October 31, 2002 (Minimum 6.0% per
annum; Member)
Subordinated Money Market Certificates $ 225,000 100%
due October 31, 2002 (Minimum 5.5% per
annum; General)
Subordinated Money Market Certificates $ 125,000 100%
due October 31, 1996 (Minimum 5.5% per
annum; Member)
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 1996 (Minimum 5.0% per
annum; General)
Subordinated Money Market Certificates $ 535,000 100%
due October 31, 1995 (Minimum 7.0% per
annum; General)
Subordinated Money Market Certificates $ 1,500,000 100%
due October 31, 1999 (Minimum 8.0% per
annum; Member)
Subordinated Money Market Certificates $ 725,000 100%
due October 31, 1999 (Minimum 7.5% per
annum; General)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 75,000 100%
due October 31, 2002 (Minimum 7.5% per
annum; Member)
Subordinated Money Market Certificates $ 375,000 100%
due October 31, 2002 (Minimum 7.0% per
annum; General)
Subordinated Money Market Certificates $ 800,000 100%
due October 31, 2001 (Minimum 9.0% per
annum; Member)
Subordinated Money Market Certificates $ 525,000 100%
due October 31, 2001 (Minimum 8.5% per
annum; General)
Subordinated Money Market Certificates $ 675,000 100%
due October 31, 2005 (Minimum 8.5% per
annum; Member)
Subordinated Money Market Certificates $ 1,085,000 100%
due October 31, 2005 (Minimum 8.0% per
annum; General)
Subordinated Money Market Certificates $ 1,975,000 100%
due October 31, 1998 (Minimum 9.0% per
annum; Member)
Subordinated Money Market Certificates $ 375,000 100%
due October 31, 1998 (Minimum 8.5% per
annum; General)
Subordinated Money Market Certificates $ 100,000 100%
due October 31, 2004 (Minimum 8.5% per
annum; Member)
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 2004 (Minimum 8.0% per
annum; General)
Subordinated Money Market Certificates $ 1,475,000 100%
due October 31, 2000 (Minimum 9.5% per
annum; Member)
Subordinated Money Market Certificates $ 935,000 100%
due October 31, 2000 (Minimum 9% per
annum; General)
Subordinated Money Market Certificates $ 475,000 100%
due October 31, 2008 (Minimum 9% per
annum; Member)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 125,000 100%
due October 31, 2008 (Minimum 8.5% per
annum; General)
Subordinated Money Market Certificates $ 75,000 100%
due October 31, 1998 (Minimum 7% per
annum; Member)
Subordinated Money Market Certificates $ 150,000 100%
due October 31, 1998 (Minimum 6.5% per
annum; General)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2008 (Minimum 6.5% per
annum; Member)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2008 (Minimum 6% per
annum; General)
Subordinated Money Market Certificates $ 75,000 100%
due October 31, 1996 (Minimum 6.5% per
annum; Member)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 1996 (Minimum 6% per
annum; General)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2006 (Minimum 6% per
annum; Member)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2006 (Minimum 5.5%
per annum; General)
Subordinated Money Market Certificates $ 400,000 100%
due October 31, 1995 (Minimum 8.5% per
annum; Member)
Subordinated Money Market Certificates $ 275,000 100%
due October 31, 1995 (Minimum 8% per
annum; General)
Subordinated Money Market Certificates $ 375,000 100%
due October 31, 2005 (Minimum 8% per
annum; Member)
Subordinated Money Market Certificates $ 100,000 100%
due October 31, 2005 (Minimum 7.5% per
annum; General)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 250,000 100%
due October 31, 1997 (Minimum 9% per
annum; General)
Subordinated Money Market Certificates $ 925,000 100%
due October 31, 1997 (Minimum 9.5% per
annum; Member)
</TABLE>
;and be it
FURTHER RESOLVED, That the Agway Financial Corporation
Board of Directors is hereby authorized to revise the minimum
interest rate on certificates of any class or series to be
issued. In the event that the minimum interest rate is so
revised, an officer's certificate with a copy of the resolution
of the Board certified by the President or any Vice President
and by the Treasurer, the Secretary or any Assistant Treasurer
or Assistant Secretary shall be delivered to the Trustee under
the Indenture for such certificate. A prospectus supplement
shall be filed with the Securities and Exchange Commission and a
copy of the resolution shall be filed under Form 8-K; and be it
FURTHER RESOLVED, That the appropriate officers and
employees of the Company with the assistance of its accountants
and attorneys be, and they hereby are, authorized and directed
to prepare, execute and file with the Securities and Exchange
Commission on behalf of the Company Registration Statements
including any and all documents and exhibits related thereto for
registration under the Securities Act of 1933 of the Common
Stock and Preferred Stock as well as any and all amendments to
said Registration Statements in such form as the officers
executing same on advice of counsel may deem necessary and
appropriate so as to secure and maintain the effectiveness of
said Registration Statements; and be it
FURTHER RESOLVED, That David M. Hayes, Esq., Senior
Vice President, General Counsel and Secretary of the Company and
Nels G. Magnuson, Esq., Associate General Counsel of the Company
be, and they hereby are, each of them appointed and designated
as persons duly authorized to receive communications and notices
from the Securities and Exchange Commission with respect to the
aforesaid Registration Statements; and be it
FURTHER RESOLVED, That the Common Stock and Preferred
Stock when issued and sold for cash as provided here and above
shall be fully paid and nonassessable; and be it
FURTHER RESOLVED, That the President-General Manager
or any Vice President, the Secretary or any Assistant Secretary,
and the Treasurer of this Company be, and each of them hereby
is, authorized to take, on behalf of and in the name of this
Company, any and all actions, which, in the judgment of the
officer taking the action, is necessary, useful or appropriate
in order to render Common Stock or Preferred Stock of this
<PAGE>
Company, to be issued and sold pursuant to resolutions adopted
by this Board at this meeting, to be eligible for offering and
sale within or from any state of the United States under the
securities regulation laws of such state, and to qualify the
Company as a securities dealer under any such laws, including,
but without limiting the generality of the foregoing, making or
filing applications for any and all licenses, permits, orders or
other approvals or clearances under such laws, and in that
connection, executing and filing any and all documents,
including but without limiting the generality of the foregoing,
consents to service of process and appointment of agents to
accept service of process on behalf of this Company with respect
to any matter as to which such consent or appointment may be
required by such securities laws and making such agreements,
covenants and undertakings as may be necessary, useful or
appropriate, and all such consents, appointments, agreements,
covenants and undertakings heretofore or hereinafter given or
entered into pursuant to the authority of this resolution shall
be binding upon this Company with the same effect as though set
forth in full herein and expressly authorized hereby.
I, Barbara S. Woolard, Assistant Secretary of AGWAY,
INC., hereby certify that the foregoing is a true and complete
copy of the resolutions approved and adopted by the Board of
Directors of this Corporation at a meeting held on the 25th day
of August, 1994, at which a quorum was present and more than a
majority of the Directors voted in the affirmative. The
foregoing resolutions have not been amended, modified, rescinded
or revoked.
WITNESS my signature and seal of this Corporation this
29th day of August, 1994.
/s/ BARBARA S. WOOLARD
Assistant Secretary
<PAGE>
CERTIFICATION
-------------
I, Barbara S. Woolard, Secretary of AGWAY FINANCIAL
CORPORATION, do hereby certify that the attached is a true and
complete copy of the resolutions approved and adopted by
unanimous written consent of the Directors of AGWAY FINANCIAL
CORPORATION as of the 25th day of August, 1994. The attached
resolutions have not been amended, modified, rescinded or
revoked.
WITNESS my signature and the seal of this Corporation
this 29th day of August, 1994.
/s/ BARBARA S. WOOLARD
Secretary
<PAGE>
UNANIMOUS WRITTEN CONSENT OF THE
BOARD OF DIRECTORS OF AGWAY FINANCIAL CORPORATION
The undersigned, being all of the directors of Agway Financial
Corporation, a Delaware corporation, acting by written consent
without a meeting pursuant to Section 141(f) of the Delaware
General Corporation Law do hereby adopt the following
resolutions:
Securities RESOLVED, That the Company approves Agway offering
Registra- for sale to Agway members, other interested parties, and the
tion Trustee of the Agway, Inc. Employees Thrift Investment Plan, the
1994-95 following securities at the prices indicated:
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $10,700,000 100%
due October 31, 2001 (Minimum 7.25% per
annum; Member; denomination of $5,000)
Subordinated Money Market Certificates $10,700,000 100%
due October 31, 2001 (Minimum 6.75% per
annum; General; denomination of $5,000)
Subordinated Money Market Certificates $ 2,650,000 100%
due October 31, 2001 (Minimum 7.0% per
annum; Member; denomination of $100)
Subordinated Money Market Certificates $ 2,650,000 100%
due October 31, 2001 (Minimum 6.50% per
annum; General; denomination of $100)
Subordinated Money Market Certificates $26,800,000 100%
due October 31, 1997 (Minimum 7.75% per
annum; General; denomination of $2,000)
</TABLE>
Reinvest- FURTHER RESOLVED, That the Company approves Agway
ment offering for sale to Agway members, other interested parties,
Option and the Trustee of the Agway, Inc. Employees Thrift Investment
Plan, the following previously offered securities now registered
under the reinvestment option at the price indicated:
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 150,000 100%
due October 31, 2001 (Minimum 5.25% per
annum; Member)
Subordinated Money Market Certificates $ 75,000 100%
due October 31, 2001 (Minimum 4.75% per
annum; General)
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 2001 (Minimum 5.0% per
annum; Member)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 2001 (Minimum 4.5% per
annum; General)
Subordinated Money Market Certificates $ 300,000 100%
due October 31, 1996 (Minimum 5.5% per
annum; General)
Subordinated Money Market Certificates $ 600,000 100%
due October 31, 2002 (Minimum 6.0% per
annum; Member)
Subordinated Money Market Certificates $ 225,000 100%
due October 31, 2002 (Minimum 5.5% per
annum; General)
Subordinated Money Market Certificates $ 125,000 100%
due October 31, 1996 (Minimum 5.5% per
annum; Member)
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 1996 (Minimum 5.0% per
annum; General)
Subordinated Money Market Certificates $ 535,000 100%
due October 31, 1995 (Minimum 7.0% per
annum; General)
Subordinated Money Market Certificates $ 1,500,000 100%
due October 31, 1999 (Minimum 8.0% per
annum; Member)
Subordinated Money Market Certificates $ 725,000 100%
due October 31, 1999 (Minimum 7.5% per
annum; General)
Subordinated Money Market Certificates $ 75,000 100%
due October 31, 2002 (Minimum 7.5% per
annum; Member)
Subordinated Money Market Certificates $ 375,000 100%
due October 31, 2002 (Minimum 7.0% per
annum; General)
Subordinated Money Market Certificates $ 800,000 100%
due October 31, 2001 (Minimum 9.0% per
annum; Member)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 525,000 100%
due October 31, 2001 (Minimum 8.5% per
annum; General)
Subordinated Money Market Certificates $ 675,000 100%
due October 31, 2005 (Minimum 8.5% per
annum; Member)
Subordinated Money Market Certificates $ 1,085,000 100%
due October 31, 2005 (Minimum 8.0% per
annum; General)
Subordinated Money Market Certificates $ 1,975,000 100%
due October 31, 1998 (Minimum 9.0% per
annum; Member)
Subordinated Money Market Certificates $ 375,000 100%
due October 31, 1998 (Minimum 8.5% per
annum; General)
Subordinated Money Market Certificates $ 100,000 100%
due October 31, 2004 (Minimum 8.5% per
annum; Member)
Subordinated Money Market Certificates $ 50,000 100%
due October 31, 2004 (Minimum 8.0% per
annum; General)
Subordinated Money Market Certificates $ 1,475,000 100%
due October 31, 2000 (Minimum 9.5% per
annum; Member)
Subordinated Money Market Certificates $ 935,000 100%
due October 31, 2000 (Minimum 9% per
annum; General)
Subordinated Money Market Certificates $ 475,000 100%
due October 31, 2008 (Minimum 9% per
annum; Member)
Subordinated Money Market Certificates $ 125,000 100%
due October 31, 2008 (Minimum 8.5% per
annum; General)
Subordinated Money Market Certificates $ 75,000 100%
due October 31, 1998 (Minimum 7% per
annum; Member)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 150,000 100%
due October 31, 1998 (Minimum 6.5% per
annum; General)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2008 (Minimum 6.5% per
annum; Member)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2008 (Minimum 6% per
annum; General)
Subordinated Money Market Certificates $ 75,000 100%
due October 31, 1996 (Minimum 6.5% per
annum; Member)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 1996 (Minimum 6% per
annum; General)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2006 (Minimum 6% per
annum; Member)
Subordinated Money Market Certificates $ 25,000 100%
due October 31, 2006 (Minimum 5.5% per
annum; General)
Subordinated Money Market Certificates $ 400,000 100%
due October 31, 1995 (Minimum 8.5% per
annum; Member)
Subordinated Money Market Certificates $ 275,000 100%
due October 31, 1995 (Minimum 8% per
annum; General)
Subordinated Money Market Certificates $ 375,000 100%
due October 31, 2005 (Minimum 8% per
annum; Member)
Subordinated Money Market Certificates $ 100,000 100%
due October 31, 2005 (Minimum 7.5% per
annum; General)
Subordinated Money Market Certificates $ 250,000 100%
due October 31, 1997 (Minimum 9% per
annum; General)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Subordinated Money Market Certificates $ 925,000 100%
due October 31, 1997 (Minimum 9.5% per
annum; Member)
</TABLE>
through designated persons, provided that no commission or other
remuneration shall be paid to any person with respect to the
sale of such securities; and be it
FURTHER RESOLVED, That the Board of Directors of this
Corporation is hereby authorized to revise the minimum interest
rate on certificates of any class or series to be issued. In
the event that the minimum interest rate is so revised, an
officer's certificate with a copy of the resolution of the Board
certified by the President or any Vice President and by the
Treasurer, the Secretary or any Assistant Treasurer or Assistant
Secretary shall be delivered to the Trustee under the Indenture
for such certificate. A prospectus supplement shall be filed
with the Securities and Exchange Commission and a copy of the
resolution shall be filed under Form 8-K; and be it
FURTHER RESOLVED, That the appropriate officers and
employees of the Company with the assistance of its accountants
and attorneys be, and they hereby are, authorized and directed
to prepare, execute and file with the Securities and Exchange
Commission on behalf of the Company Registration Statements
including any and all documents and exhibits related thereto for
registration under the Securities Act of 1933 of the Common
Stock and Preferred Stock as well as any and all amendments to
said Registration Statements in such form as the officers
executing same on advice of counsel may deem necessary and
appropriate so as to secure and maintain the effectiveness of
said Registration Statements; and be it
FURTHER RESOLVED, That David M. Hayes, Esq., General
Counsel of the Company and Nels G. Magnuson, Esq., Associate
General Counsel of the Company be, and they hereby are, each of
them appointed and designated as persons duly authorized to
receive communications and notices from the Securities and
Exchange Commission with respect to the aforesaid Registration
Statements; and be it
FURTHER RESOLVED, That the Subordinated Money Market
Certificates, the sale of which has been authorized here and
above, shall be issued and sold pursuant to and subject to the
Trust Indenture dated as of March 27, 1981, and Amendments
thereto dated as of August 25, 1982 and the Trust Indentures
dated as of August 2, 1984, September 1, 1985, September 2,
1985, September 1, 1986, August 24, 1987, August 23, 1988, and
August 23, 1989 with the Key Bank of New York, N.A., Albany, New
<PAGE>
York, as Trustee, and that said certificates when issued and
sold for cash or sold pursuant to the interest reinvestment
program as provided here and above shall be binding obligations
of the Company; and be it
FURTHER RESOLVED, That the President-General Manager
or any Vice President, the Secretary or any Assistant Secretary,
and the Treasurer of this Company be, and each of them hereby
is, authorized to take, on behalf of and in the name of this
Company, any and all actions, which, in the judgment of the
officer taking the action, is necessary, useful or appropriate
in order to render Common Stock or Preferred Stock of this
Company, to be issued and sold pursuant to resolutions adopted
by this Board at this meeting, to be eligible for offering and
sale within or from any state of the United States under the
securities regulation laws of such state, and to qualify the
Company as a securities dealer under any such laws, including,
but without limiting the generality of the foregoing, making or
filing applications for any and all licenses, permits, orders or
other approvals or clearances under such laws, and in that
connection, executing and filing any and all documents,
including but without limiting the generality of the foregoing,
consents to service of process and appointment of agents to
accept service of process on behalf of this Company with respect
to any matter as to which such consent or appointment may be
required by such securities laws and making such agreements,
covenants and undertakings as may be necessary, useful or
appropriate, and all such consents, appointments, agreements,
covenants and undertakings heretofore or hereinafter given or
entered into pursuant to the authority of this resolution shall
be binding upon this Company with the same effect as though set
forth in full herein and expressly authorized hereby.
Dated as of: August 25, 1994
/s/ CHARLES F. SAUL
_________________________
Charles F. Saul
/s/ STEPHEN B. BURNETT
_________________________
Stephen B. Burnett
/s/ DONALD P. CARDARELLI
_________________________
Donald P. Cardarelli
/s/ DAVID M. HAYES
_________________________
David M. Hayes
/s/ JOEL G. NEWMAN
_________________________
Joel G. Newman
<PAGE>
EXHIBIT 5
<PAGE>
(LOGO)
AGWAY INC., PO BOX 4933, SYRACUSE, NEW YORK 13221-4933
October 7, 1994
Agway Inc.
333 Butternut Drive
DeWitt, NY 13214
Gentlemen:
As General Counsel of Agway Inc., I am acting as your legal
counsel in connection with the registration of 2,000 shares
($25 par value) of Series HM Preferred Stock and 4,000 shares
($25 par value) of Membership Common Stock (hereinafter referred to
as the "Equity Securities"), being registered with the Securities
and Exchange Commission on Form S-3. I am familiar with the relevant
documents and materials used in preparing such registration.
Based upon my review of the relevant documents and materials,
it is my opinion that:
(a) Agway Inc. is a valid and subsisting Delaware corporation;
(b) The Equity Securities being registered with the Securities
and Exchange Commission on Form S-3 will, when sold, be
legally issued, fully paid and non-assessable; and
(c) The matters of law and legal conclusions set forth under
"Description of Honorary Member Preferred Stock, Series
HM", and "Description of Membership Common Stock" in the
Prospectus filed as a part of said registration are correct.
This letter is written to be used as an exhibit in the filing of the
Registration Statement.
Very truly yours,
\s\ DAVID M. HAYES
David M. Hayes
Senior Vice President, General Counsel
Agway Inc.
DMH/cms
333 BUTTERNUT DRIVE, DEWITT, NEW YORK 13214
<PAGE>
(LOGO>
AGWAY FINANCIAL CORPORATION, PO BOX 8985, WILMINGTON, DE 19899
302-654-8371
October 7, 1994
Agway Financial Corporation
Suite 1300
1105 North Market Street
Wilmington, Delaware 19801
Gentlemen:
As General Counsel of Agway Financial Corporation ("AFC"),
I am acting as your legal counsel in connection with the registration
of $50,000,000 in principal amount of Subordinated Member Money
Market Certificates and Subordinated Money Market Certificates and
$18,400,000 in principal amount of Money Market Certificates, member
and general, under the interest reinvestment option (hereinafter
referred to as the "Debt Securities"), being registered with the
Securities and Exchange Commission on Form S-3. I am familiar with the
relevant documents and materials used in preparing such registration.
Based upon my review of the relevant documents and materials, it
is my opinion that:
(a) Agway Financial Corporation is a valid and subsisting Delaware
corporation;
(b) The Debt Securities being registered with the Securities and
Exchange Commission on Form S-3 will, when sold, be binding
obligations of Agway Financial Corporation; and
(c) The matters of law and legal conclusions set forth under
"Description of Certificates" in the Prospectus filed as a
part of said registration are correct.
This letter is written to be used as an exhibit in the filing of the
Registration Statement.
Very truly yours,
\s\DAVID M. HAYES
David M. Hayes
General Counsel
Agway Financial Corporation
DMH/dc
1105 N MARKET ST., SUITE 1300, WILMINGTON, DE 19801
<PAGE>
EXHIBIT 12
<PAGE>
Computation of Ratio of Margins to Fixed Charges
and Preferred Dividends Combined
<TABLE>
<CAPTION>
AGWAY INC. AND CONSOLIDATED SUBSIDIARIES
For the five years ended June 30, 1994
(Thousands of Dollars)
Years Ended June 30, Pro Forma June 30, 1994
----------------------------------------------------------- --------------------------
Adjust-
1994 1993 1992 1991 1990 ments Adjusted
--------- --------- --------- ---------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Margins before income taxes, member
refunds and interest of others . . . . $ 4,908 $ 18,818 $ (50,549) $ 10,257 $ 31,114 $ (1,521)<F2> $ 3,387
Fixed charges - Interest . . . . . . . 49,984 49,263 52,833 53,275 47,713 1,521 <F2> 51,505
- Rentals. . . . . . 2,392 2,610 2,591 2,808 2,626 2,392
--------- --------- --------- ---------- --------- -------- ---------
Total fixed charges. . . . . . . . . . 52,376 51,873 55,424 56,083 50,339 1,521 53,897
--------- --------- --------- ---------- --------- -------- ---------
Adjusted margins . . . . . . . . . . . $ 57,284 $ 70,691 $ 4,875 $ 66,340 $ 81,453 $ $ 57,284
========= ========= ========= ========== ========= ======== =========
Fixed charges and preferred
dividends combined:
Preferred dividend factor:
Preferred dividend requirements. . . . $ 4,878 $ 3,962 $ 4,724 $ 5,052 $ 4,727 $ (160)<F3> $ 4,718
Ratio of pre-tax margin to after-tax
margin . . . . . . . . . . . . 705.2% 73.1% 113.4% 1,540.1% 165.3% 73.1% -410.5%
--------- --------- --------- ---------- --------- --------- ---------
Preferred dividend factor on . . . . .
pre-tax basis. . . . . . . . . . . . . 34,398 2,898 5,358 77,805 7,814 (117) 34,281
Total fixed charges (above) 52,376 51,873 55,424 56,083 50,339 1,521 53,897
--------- --------- --------- ---------- --------- -------- ---------
Fixed charges and preferred
dividends . . . . . . . . . . . . $ 86,774 $ 54,771 $ 60,782 $ 133,888 $ 58,153 $ 1,404 $ 88,178
========= ========= ========= ========== ========= ======== =========
Ratio of margins to fixed charges
and preferred dividends
combined<F1> . . . . . . . . . . . . . 0.7 1.3 0.1 0.5 1.4 0.7 0.6
<FN>
<F1>Represents adjusted margins divided by fixed charges and preferred dividends.
<F2> Represents change in annual interest. Calculated by adding interest on certificates and debentures offered hereby and
subtracting interest on debentures redeemed and long-term debt repaid (see "Use of Proceeds" section of Prospectus).
Calculation as follows:
Debt offered
Certificates: $ 2,500 x .0650 = $ 162
$ 2,500 x .0700 = $ 175
$10,000 x .0675 = $ 675
$10,000 x .0725 = $ 725
$25,000 x .0775 = $ 1,938
Reinvestment option
$18,400 x <F4> = $ 1,363
Less debt repaid:
Certificates: $16,927 x .1050 = ($ 1,777)
$10,962 x .1000 = ($ 1,096)
$ 3,718 x .1000 = ($ 372)
$ 2,864 x .0950 = ($ 272)
Debentures: = $ 0
<F3> Represents the change in preferred stock dividend requirements as a result of the current offering $12 ($200 x 6%) less
anticipated redemptions $(172), (calculated at $2,500 x 6.9%, the weighted average rate paid on preferred stock during
the year ended June 30, 1994).
<F4> Various rates ranging from 4.5% to 10.5%.
</FN>
</TABLE>
<PAGE>
EXHIBIT 23
<PAGE>
CONSENT OF COUNSEL
The consent of David M. Hayes, General Counsel and Secretary of the
Company, is included in his opinions, a copy of which is filed as Exhibit 5.
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this registration
statement on Form S-3 of our reports dated September 22, 1994, on our
audits of the consolidated financial statements and financial statement
schedules of Agway Inc. and Consolidated Subsidiaries as of June 30, 1994
and 1993, and for the years ended June 30, 1994, 1993, and 1992, appearing
in the Annual Report on Form 10-K (SEC File No. 2-22791) of Agway Inc.
and Consolidated Subsidiaries filed with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934.
We also consent to the reference to our firm under the caption
"Experts" in this Prospectus.
COOPERS & LYBRAND L.L.P.
Syracuse, New York
October 7, 1994
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
constituting part of this Registration Statement on Form S-3 of our
report dated August 3, 1994, except as to Note 8 which is as of
September 19, 1994 relating to the consolidated financial statements
of H. P. Hood Inc., which report appears on page 28 of Agway Inc.'s
Annual Report on Form 10-K for the year ended June 30, 1994. We also
consent to the reference to us under the heading "Experts" in such
Prospectus.
Price Waterhouse LLP
Boston, Massachusetts
October 7, 1994
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Prospectus
constituting part of this Registration Statement on Form S-3 of our
report dated August 10, 1994 (except as to Note 3, which is as of
September 22, 1994), relating to the June 25, 1994, June 26, 1993 and
June 26, 1992, financial statements of Curtice Burns Foods, Inc.,
which report is included in Agway Inc.'s Annual Report on Form 10-K, for
the year ended June 25, 1994. We also consent to the reference to us
under the heading "Experts" in such Prospectus.
Price Waterhouse LLP
Rochester, New York
October 6, 1994
<PAGE>
EXHIBIT 25
<PAGE>
FORM T-1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF ELIGIBILITY UNDER THE
TRUST INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE
PURSUANT TO SECTION 305(b)(2):
________
KEY BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
New York 14-0912685
(Jurisdiction of incorporation or (IRS Employer
organization if not a U.S. national bank) Identification No.)
66 South Pearl Street, Albany, New York 12207
(Address of Principal Executive Offices) (Zip Code)
Not required--trustee is a New York state-chartered bank
(Name, address, and telephone number of agent for service)
Agway, Inc.
(Exact Name of Obligor as Specified in its Charter)
Delaware 15-0277720
(State or Other Jurisdiction of Incorporation) (IRS Employer
Identification No.)
333 Butternut Drive, DeWitt, New York 13214
(Address of Principal Executive Offices) (Zip Code)
Agway Financial Corporation
(Exact Name of Obligor as Specified in Its Charter)
Delaware 06-1174232
(State or Other Jurisdiction of Incorporation) (IRS Employer
Identification No.)
1105 North Market Street, Suite 1300
Wilmington, Delaware 19899
(Address of Principal Executive Offices) (Zip Code)
<PAGE>
Subordinated Member Money Market Certificates issued in
multiples of $5,000 under Indenture dated as of August 23,
1989, as amended by Supplemental Indenture dated as of August
24, 1992, due October 31, 2001 (minimum 7.25% per annum).
Subordinated Money Market Certificates issued in multiples of
$5,000 under Indenture dated as of August 23, 1989, as amended
by Supplemental Indenture dated as of August 24, 1992, due
October 31, 2001 (minimum 6.75% per annum).
Subordinated Member Money Market Certificates issued in
multiples of $100 under Indenture dated as of August 23, 1989,
as amended by Supplemental Indenture dated as of August 24,
1992, due October 31, 2001 (minimum 7.00% per annum).
Subordinated Money Market Certificates issued in multiples of
$100 under Indenture dated as of August 23, 1989, as amended
by Supplemental Indenture dated as of August 24, 1992, due
October 31, 2001 (minimum 6.50% per annum).
Subordinated Non-Redeemable Money Market Certificates issued
under Indenture dated as of August 23, 1989, as amended by
Supplemental Indenture dated as of August 24, 1992, due
October 31, 1997 (minimum 7.75% per annum).
[TITLE OF THE INDENTURE SECURITIES]
<PAGE>
Item 1. General Information. Furnish the following information
as to the trustee -
(a) Name and address of each examining or
supervisory authority to which it is subject.
State of New York Banking Department, 2 Rector
Street, New York, New York 10006.
Federal Deposit Insurance Corporation,
Washington, D.C.
(b) Whether it is authorized to exercise corporate
trust powers.
YES.
Item 2. Affiliations with the obligor. If the obligor is an
affiliate of the trustee, describe each such affiliation.
AS TO EACH OBLIGOR: NONE
Item 3. Voting securities of the trustee. Furnish the following
information as to each class of voting securities of the
trustee.
AS OF SEPTEMBER 30, 1994
Title of Class: Amount Outstanding:
Common Stock $1.00 Par Value 244,321,471 shares
Item 4. Trusteeships under other indentures. If the trustee is
a trustee under another indenture under which any other
securities, or certificates of interest or participation
in any other securities, of the obligor are outstanding,
furnish the following information:
(a) Title of the securities outstanding under each such
other indenture.
(1) Subordinated Member Debentures (minimum 7%),
issued under Indenture dated October 1, 1970,
due July 1, 1995.
(2) Subordinated Member Debentures (minimum 8
1/2%), issued under Indenture dated October 1,
1974, due July 1, 1999.
(3) Subordinated Debentures (minimum 8%), issued
under Indenture dated October 1, 1974, due
July 1, 1999.
<PAGE>
(4) Variable Rate Savings Debenture Bonds, Series
D (8.38%), issued under Indenture dated
October 2, 1974, due July 1, 1995.
(5) Subordinated Member Debentures (minimum 7
1/2%), issued under Indenture dated September
1, 1976, due July 1, 2001.
(6) Subordinated Debentures (minimum 7%), issued
under Indenture dated September 1, 1976, due
July 1, 2001.
(7) Subordinated Member Debentures (minimum 8%),
issued under Indenture dated September 1,
1978, due July 1, 2003.
(8) Subordinated Debentures (minimum 7 1/2%),
issued under Indenture dated September 1,
1978, due July 1, 2003.
(9) Subordinated Member Money Market Certificates
issued under Indenture dated August 25, 1982,
due October 31, 1997 (minimum 9 1/2%).
(10) Subordinated Money Market Certificates issued
under Indenture dated August 25, 1982, due
October 31, 1997 (minimum 9%).
(11) Subordinated Money Market Certificates issued
under Indenture dated August 1, 1984, due
October 31, 1994 (minimum 9 1/2%).
(12) Subordinated Member Money Market Certificates
issued under Indenture dated August 1, 1984,
due October 31, 1994 (minimum 10%).
(13) Subordinated Money Market Certificates issued
under Indenture dated August 2, 1984, due
October 31, 1994 (minimum 10%).
<PAGE>
(14) Subordinated Member Money Market Certificates
issued under Indenture dated August 2, 1984,
due October 31, 1994 (minimum 10 1/2%).
(15) Subordinated Money Market Certificates issued
under Indenture dated September 1, 1985, due
October 31, 2005 (minimum 7 1/2%).
(16) Subordinated Member Money Market Certificates
issued under Indenture dated September 1,
1985, due October 31, 2005 (minimum 8%).
(17) Subordinated Money Market Certificates issued
under Indenture dated September 2, 1985, due
October 31, 1995 (minimum 8%).
(18) Subordinated Member Money Market Certificates
issued under Indenture dated September 2,
1985, due October 31, 1995 (minimum 8 1/2%).
(19) Subordinated Member IRA Certificates issued
under Indenture dated September 3, 1985, due
October 31, 1995 (minimum 10%).
(20) Subordinated Member IRA Certificates issued
under Indenture dated September 2, 1986, due
October 31, 1996 (minimum 7%).
(21) Subordinated Member Money Market Certificates
issued under Indenture dated September 1,
1986, due October 31, 1996 (minimum 6 1/2%).
(22) Subordinated Money Market Certificates issued
under Indenture dated September 1, 1986, due
October 31, 1996 (minimum 6%).
(23) Subordinated Member Money Market Certificates
issued under Indenture dated September 1,
1986, due October 31, 2006 (minimum 6%).
(24) Subordinated Money Market Certificates issued
under Indenture dated September 1, 1986, due
October 31, 2006 (minimum 5 1/2%).
(25) Subordinated Member Money Market Certificates
issued under Indenture dated August 24, 1987,
due October 31, 1998 (minimum 7%).
(26) Subordinated Member Money Market Certificates
issued under Indenture dated August 24, 1987,
due October 31, 2008 (minimum 6 1/2%).
(27) Subordinated Money Market Certificates issued
under Indenture dated August 24, 1987, due
October 31, 1998 (minimum 6 1/2%).
<PAGE>
(28) Subordinated Money Market Certificates issued
under Indenture dated August 24, 1987, due
October 31, 2008 (minimum 6%).
(29) Subordinated Member IRA Certificates issued
under Indenture dated August 25, 1987, due
October 31, 1997 (minimum 7 1/2%).
(30) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1988, as amended by Supplemental Indenture
dated as of October 14, 1988, due October 31,
2000 (minimum 9 1/2% per annum).
(31) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1988,
as amended by Supplemental Indenture dated as
of October 14, 1988, due October 31, 2000
(minimum 9% per annum).
(32) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1988, as amended by Supplemental Indenture
dated as of October 14, 1988, due October 31,
2008 (minimum 9% per annum).
(33) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1988,
as amended by Supplemental Indenture dated as
of October 14, 1988, due October 31, 2008
(minimum 8 1/2% per annum).
(34) Subordinated Member IRA Certificates issued
under Indenture dated as of August 24, 1988,
as amended by Supplemental Indenture dated as
of October 14, 1988, due October 31, 1998
(minimum 9 1/2% per annum).
(35) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, due October 31, 1998 (minimum 9% per
annum).
(36) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
due October 31, 1998 (minimum 8 1/2% per
annum).
(37) Subordinated Member Money Market Certificate
issued under Indenture dated as of August 23,
1989, due October 31, 2004 (minimum 8 1/2% per
annum).
(38) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
due October 31, 2004 (minimum 8% per annum).
<PAGE>
(39) Subordinated Member IRA Certificates issued
under Indenture dated as of August 24, 1989,
due October 31, 1999 (minimum 9% per annum).
(40) Subordinated Member IRA Certificates issued
under Indenture dated as of August 24, 1989,
due October 31, 2000 (minimum 9% per annum).
(41) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, due October 31, 2001 (minimum 9% per
annum).
(42) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
due October 31, 2001 (minimum 8 1/2% per
annum).
(43) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, due October 31, 2005 (minimum 8 1/2% per
annum).
(44) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
due October 31, 2005 (minimum 8% per annum).
(45) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, due October 31, 1999 (minimum 8% per
annum).
(46) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
due October 31, 1999 (minimum 7.5% per annum).
(47) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, due October 31, 2002 (minimum 7.5% per
annum).
(48) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
due October 31, 2002 (minimum 7% per annum).
(49) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, as amended by Supplemental Indenture
dated as of August 24, 1992, due October 31,
2002 (minimum 6% per annum).
(50) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
as amended by Supplemental Indenture dated as
of August 24, 1992, due October 31, 2002
(minimum 5.5% per annum).
<PAGE>
(51) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, as amended by Supplemental Indenture
dated as of August 24, 1992, due October 31,
1996 (minimum 5.5% per annum).
(52) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
as amended by Supplemental Indenture dated as
of August 24, 1992, due October 31, 1996
(minimum 5% per annum).
(53) 7% Subordinated Money Market Certificates
issued under Indenture dated as of August 23,
1989, as amended by Supplemental Indenture
dated as of August 24, 1992, due October 31,
1995 (minimum 7% per annum).
(54) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, as amended by Supplemental Indenture
dated as of August 24, 1992, due October 31,
2001 (minimum 5.25% per annum).
(55) Subordinated Member Money Market Certificates
issued under Indenture dated as of August 23,
1989, as amended by Supplemental Indenture
dated as of August 24, 1992, due October 31,
2001 (minimum 5.00% per annum).
(56) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
as amended by Supplemental Indenture dated as
of August 24, 1992, due October 31, 2001
(minimum 4.75% per annum).
(57) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
as amended by Supplemental Indenture dated as
of August 24, 1992, due October 31, 2001
(minimum 4.50% per annum).
(58) Subordinated Money Market Certificates issued
under Indenture dated as of August 23, 1989,
as amended by Supplemental Indenture dated as
of August 24, 1992, due October 31, 1996
(minimum 5.50% per annum).
(b) A brief statement of facts relied upon as a basis for the
claim that no conflicting interest within the meaning of
Section 310(b)(1) of the Act arises as a result of the
trusteeship under any such other indenture, including a
statement as to how the indenture securities will rank as
compared with the securities issued under such other
indenture.
<PAGE>
The proviso clause of Section 310(b)(1) of the Act is
applicable. See Section 8.08(c)(1) of the Indentures
dated as of October 1, 1970; October 1, 1974; October 2,
1974; September 1, 1976; September 1, 1978; August 25,
1982; August 1, 1984; August 2, 1984; September 1, 1985;
September 2, 1985; and Section 11.10 of the Indentures
dated September 3, 1985; September 1, 1986; September 2,
1986; August 24, 1987; August 25, 1987; August 23, 1988;
August 24, 1988; August 23, 1989; and August 24, 1989.
The debentures, debenture bonds, or certificates issued
under this indentures are wholly unsecured and except for
their maturities and interest rates will rank equally
with one another.
Item 5. Interlocking directorates and similar relationship with
obligor or underwriters. If the trustee or any of the
directors or executive officers of the trustee is a
director, officer, partner, employee, appointee, or
representative of the obligor or of any underwriter for
the obligor, identify each such person having any such
connection and state the nature of each such connection.
AS TO EACH OBLIGOR: NONE.
Item 6. Voting securities of the trustee owned by the obligor or
its officials. Furnish the following information as to
the voting securities of the trustee owned beneficially
by the obligor and each director, partner, and executive
officer of the obligor:
AS OF OCTOBER 3, 1994
SO FAR AS IS KNOWN TO THE TRUSTEE, AND BASED UPON
INFORMATION SUPPLIED BY THE OBLIGORS, THE AMOUNT OF
VOTING SECURITIES OF THE TRUSTEE, OWNED BENEFICIALLY BY
THE OBLIGORS AND THEIR RESPECTIVE DIRECTORS AND EXECUTIVE
OFFICERS, TAKEN AS A GROUP, DOES NOT EXCEED 1 PERCENT OF
THE OUTSTANDING VOTING SECURITIES OF THE TRUSTEE.
Item 7. Voting securities of the trustee owned by underwriters or
their officials. Furnish the following information as to
the voting securities of the trustee owned beneficially
by each underwriter for the obligor and each director,
partner, and executive officer of each such underwriter:
AS OF OCTOBER 3, 1994
AS TO EACH OBLIGOR: NONE
Item 8. Securities of the obligor owned or held by the trustee.
Furnish the following information as to the securities of
the obligor owned beneficially or held as collateral
security for obligations in default by the trustee:
AS OF OCTOBER 3, 1994
AS TO EACH OBLIGOR: NONE
<PAGE>
Item 9. Securities of underwriters owned or held by the trustee.
If the trustee owns beneficially or holds as collateral
security for obligations in default any securities of any
underwriter for the obligor, furnish the following
information as to each class of securities of such
underwriter any of which are so owned or held by the
trustee:
AS OF OCTOBER 3, 1994
AS TO EACH OBLIGOR: NONE
Item 10. Ownership or holdings by the trustee of voting securities
of certain affiliates or security holders of the obligor.
If the trustee owns beneficially or holds as collateral
security for obligations in default voting securities of
a person who, to the knowledge of the trustee (1) owns 10
percent or more of the voting securities of the obligor
or (2) is an affiliate, other than a subsidiary, of the
obligor, furnish the following information as to the
voting securities of such person;
AS OF OCTOBER 3, 1994
AS TO EACH OBLIGOR: NONE
Item 11. Ownership or holdings by the trustee of any securities of
a person owning 50 percent or more of the voting
securities of the obligor. If the trustee owns
beneficially or holds as collateral security for
obligations in default any securities of a person who, to
the knowledge of the trustee, owns 50 percent or more of
the voting securities of the obligor, furnish the
following information as to each class of securities of
such person any of which are so owned or held by the
trustee.
AS OF OCTOBER 3, 1994
AS TO EACH OBLIGOR: NONE
Item 12. Indebtedness of the Obligor to the Trustee. Except as
noted in the instructions, if the obligor is indebted to
the trustee, furnish the following information:
Col. A Col. B Col. C
Nature of Amount
Indebtedness Outstanding Date Due
AS TO EACH OBLIGOR: NONE
<PAGE>
Item 13. Defaults by the Obligor.
(a) State whether there is or has been a default with
respect to the securities under this indenture.
Explain the nature of any such default.
AS TO EACH OBLIGOR: NONE
(b) If the trustee is a trustee under another indenture
under which any other securities, or certificates
of interest or participation in any other
securities, of the obligor are outstanding, or is
trustee for more than one outstanding series of
securities under the indenture, state whether there
has been a default under any such indenture or
series, identify the indenture or series affected,
and explain the nature of any such default.
AS TO EACH OBLIGOR: NONE
Item 14. Affiliations with the Underwriters. If any underwriter
is an affiliate of the trustee, describe each such
affiliation.
AS TO EACH OBLIGOR: NONE
Item 15. Foreign Trustee. Identify the order or rule pursuant to
which the foreign trustee is authorized to act as sole
trustee under indentures qualified or to be qualified
under the Act.
NOT APPLICABLE.
Item 16. List of Exhibits:
1. A copy of the Organization Certificate of
the trustee as now in effect.<F1>
2. A copy of the letter dated June 12, 1992,
from the New York Superintendent of Banks
authorizing the trustee to convert to a
New York State charter (and commence
business as a New York State-chartered
banking corporation) on June 17,
1992.<F2>
3. The authorization of the trustee to
exercise corporate trust powers is
contained in the Organization
Certificate.<F3>
4. A copy of the existing by-laws of the
trustee.<F4>
<PAGE>
5. Inapplicable, since neither obligor is in
default.
6. The trustee hereby consents, solely to
the extent required by Section 321(b) of
the Trust Indenture Act of 1939, that
reports of examinations by Federal,
State, Territorial, or District
authorities may be furnished by such
authorities to the Securities and
Exchange Commission upon such
Commission's request therefor.
7. A copy of the latest report of condition
dated June 30, 1994 of the trustee,
published pursuant to the requirements of
its supervising or examining authority.
8. Inapplicable.
9. Inapplicable.
<F1> thru <F4> Incorporated by reference to Statement by Key Bank
of New York of Eligibility Under the Trust Indenture Act of 1939 as
a Corporation Designated to Act as Trustee, filed as Exhibit 25 to
Registration Statement No. 33-50469 of Agway, Inc. and Agway
Financial Corporation filed with the Securities and Exchange
Commission on October 1, 1993.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act
of 1939 the trustee, Key Bank of New York, a New York
state-chartered banking corporation, has duly caused this statement
of eligibility and qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of Albany,
and State of New York, on the 7th day of October, 1994.
KEY BANK OF NEW YORK, trustee
By: /s/ STEPHEN E. GORZYNSKI
Stephen E. Gorzynski
Vice President
<PAGE>
<TABLE>
<S> <S>
Board of Governors of the Federal Reserve System
OMB Number:7100-0036
Federal Deposit Insurance Corporation
OMB Number:3064-0052
Office of the Comptroller of the Currency
OMB Number:1557-0081
Federal Financial Institutions Examination Council Expires July 31, 1994
(logo) Please refer to page i, 1
Table of Contents, for
the required disclosure
of estimated burden.
</TABLE>
<TABLE>
<S> <S>
Consolidated Reports of Condition and Income for
A Bank With Domestic Offices Only and
Total Assets of $300 Million or More---FFIEC 032
(940630)
-------
Report at the close of business June 30, 1994 (RCRI 9999)
This report is required by law: 12 U.S.C. Section 324 This report form is to be filed by banks with domestic
(State member banks); 12 U.S.C. Section 1817 (State offices only. Banks with branches and consolidated
nonmember banks); and 12 U.S.C. Section 161 (National subsidiaries in U.S. territories and possessions, Edge or
banks) Agreement subsidiaries, foreign branches, consolidated
foreign subsidiaries, or International Banking Facilities
must file the FFIEC 031.
---------------------------------------------------------- ---------------------------------------------------------
NOTE: the Reports of Condition and Income must be signed The Reports of Condition and Income are to be prepared in
by an authorized officer and the Report of Condition must accordance with Federal regulatory authority instructions.
be attested to by not less than two directors (trustees) NOTE: These instructions may in some cases differ from
for State nonmember banks and three directors for State generally accepted accounting principles.
member and National banks.
We, the undersigned directors (trustees), attest to the
I, Kevin P. Riley, EVP & CFO correctness of this Report of Condition (including the
Name and Title of Officer Authorized to Sign Report supporting schedules)and declare that it has been examined
by us and to the best of our knowledge and belief has been
of the named bank do hereby declare that these Reports of prepared in conformance with the instructions issued by
Condition and Income (including the supporting schedules) the appropriate Federal regulatory authority and is true
have been prepared in conformance with the instructions and correct.
issued by the appropriate Federal regulatory authority and /s/ Robert Bouchard
are true to the best of my knowledge and belief. _________________________________________________________
Director (Trustee)
/s/ K. P. Riley /s/ Sydney T. Jones III
_________________________________________________________ _________________________________________________________
Signature of Officer Authorized to Sign Report Director (Trustee)
July 29, 1994 /s/ Curtis M. Carlson
_________________________________________________________ _________________________________________________________
Date of Signature Director (Trustee)
For Banks Submitting Hard Copy Report Forms:
State Member Banks: Return the original and one copy to National Banks: Return the original only in the special
the appropriate Federal Reserve District Bank. return address envelope provided. If express mail is used
in lieu of the special return envelope, return the
State Nonmember Banks: Return the original only in the original only to the FDIC, c/o Quality Data Systems, 2139
special return address envelope provided. If express mail Espey Court, Crofton, MD 21114.
is used in lieu of the special return address envelope,
return the original only to the FDIC, c/o Quality Data
Systems, 2139 Espey Court, Crofton, MD 21114.
FDIC Certificate Number |0|6|9|3|7| CALL NO. 188 32 06-30-94
-----------
(RCRI 9050) CERT: 06937 00059 STBK 36-0096
KEY BANK OF NEW YORK
66 SOUTH PEARL STREET
ALBANY, NY 12207
</TABLE>
Board of Governors of the Federal Reserve System, Federal Deposit
Insurance Corporation, Office of the Comptroller of the Currency
<PAGE>
FFIEC032
Page 1
2
Consolidated Reports of Condition and Income for
A Bank With Domestic Offices Only and
Total Assets of $300 Million or More
-------------------------------------------------------------------
<TABLE>
<S> <S>
Table of Contents
Signature Page Cover Report of Condition
Schedule RC--Balance Sheet . . . . . . . . . . . RC-1, 2
Report of Income
Schedule RC-A--Cash and Balances Due From
Schedule RI--Income Statement . . . . . . . . RI-1, 2, 3 Depository Institutions . . . . . . . . . . . . RC-3
Schedule RI-A--Changes in Equity Capital . . . . . RI-3 Schedule RC-B--Securities . . . . . . . . . . . . RC-4,5
Schedule RI-B--Charge-offs and Recoveries and Schedule RC-C--Loans and Lease Financing
Changes in Allowance for Loan and Lease Receivables:
Losses . . . . . . . . . . . . . . . . . . . RI-4, 5 Part I. Loans and Leases . . . . . . . . RC-6,7
Part II. Loans to Small Businesses and
Schedule RI-C--Applicable Income Taxes by Small Farms (included in the forms for
Taxing Authority . . . . . . . . . . . . . . . RI-5 June 30 only) . . . . . . . . . . . . RC-7a, 7b
Schedule RI-E--Explanations . . . . . . . . . . . RI-5, 6
Schedule RC-D--Trading Assets and Liabilities
(to be completed only by selected banks) . . . RC-8
Schedule RC-E--Deposit Liabilities . . . . . . RC-9, 10
Schedule RC-F--Other Assets . . . . . . . . . . . . RC-11
Schedule RC-G--Other Liabilities . . . . . . . . . RC-11
Schedule RC-K--Quarterly Averages . . . . . . . . . RC-12
Schedule RC-l--Off-Balance Sheet Items . . . . RC-13,14
Schedule RC-M--Memoranda . . . . . . . . . . . RC-15, 16
Schedule RC-N--Past Due and Nonaccrual
Loans, Leases, and Other Assets . . . . . . RC-17, 18
Disclosure of Estimated Burden Schedule RC-0--Other Data for Deposit
Insurance Assessments . . . . . . . . . . . RC-19, 20
The estimated average burden associated with this
information collection is 30.7 hours per respondent and Schedule RC-R--Risk-Based Capital . . . . . . . RC-21, 22
is estimated to vary from 15 to 200 hours per response,
depending on individual circumstances. Burden estimates Optional Narrative Statement Concerning the
include the time for reviewing instructions, gathering Amounts Reported in the Reports of
and maintaining data in the required form, and completing Condition and Income . . . . . . . . . . . . . RC-23
the information collection, but exclude the time for
compiling and maintaining business records in the normal Special Report (to be completed by all banks)
course of a respondent's activities. Comments concerning
the accuracy of this burden estimate and suggestions for Schedule RC-J--Repricing Opportunities (sent only to and
reducing this burden should be directed to the Office of to be completed only by savings banks)
Information and Regulatory Affairs, Office of Management
and Budget, Washington, D.C. 20503, and to one of the
following:
Secretary
Board of Governors of the Federal Reserve System
Washington, D.C. 20551
Legislative and Regulatory Analysis Division
Office of the Comptroller of the Currency
Washington, D.C. 20219
Assistant Executive Secretary
Federal Deposit Insurance Corporation
Washington, D.C. 20429
</TABLE>
For information or assistance, national and state nonmember banks
should contact the FDIC's Call Reports Analysis Unit, 550 17th
Street, NW, Washington, D.C. 20429, toll free on (800) 688-FDIC
(3342), Monday through Friday between 8:00 a.m. and 5:00 p.m.,
Eastern time. State member banks should contact their Federal
Reserve District Bank.
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RI-1
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Consolidated Report of Income
for the period January 1, 1994-June 30, 1994
All Report of Income schedules are to be reported on a
calendar year-to-date basis in thousands of dollars.
Schedule RI--Income Statement
<TABLE>
<CAPTION>
-------
I380 <-
------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou
----------------------------------------------------------------------------------------------------------
<S> <S> <C> <C>
1. Interest income: //////////////////
a. Interest and fee income on loans: //////////////////
(1) Loans secured by real estate . . . . . . . . . . . . . . . . . . . . . . . 4011 206,228 1.a.(1)
(2) Loans to finance agricultural production and other loans to farmers . . . 4024 3,095 1.a.(2)
(3) Commercial and industrial loans . . . . . . . . . . . . . . . . . . . . . 4012 50,748 1.a.(3)
(4) Loans to individuals for household, family, and other personal //////////////////
expenditures: //////////////////
(a) Credit cards and related plans . . . . . . . . . . . . . . . . . . . 4054 19,795 1.a.(4)(a)
(b) Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4055 109,060 1.a.(4)(b)
(5) Loans to foreign governments and official institutions . . . . . . . . . . 4056 103 1.a.(5)
(6) Obligations (other than securities and leases) of states and political //////////////////
subdivisions in the U.S.: //////////////////
(a) Taxable obligations . . . . . . . . . . . . . . . . . . . . . . . . . 4503 1,555 1.a.(6)(a)
(b) Tax-exempt obligations . . . . . . . . . . . . . . . . . . . . . . . 4504 1,540 1.a.(6)(b)
(7) All other loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4058 1,727 1.a.(7)
b. Income from lease financing receivables: //////////////////
(1) Taxable leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4505 2,807 1.b.(1)
(2) Tax-exempt leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4307 0 1.b.(2)
c. Interest income on balances due from depository institutions<F1> . . . . . . 4115 0 1.c.
d. Interest and dividend income on securities: //////////////////
(1) U.S. Treasury securities and U.S. Government agency and corporation //////////////////
obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4027 75,686 1.d.(1)
(2) Securities issued by states and political subdivisions in the U.S.: //////////////////
(a) Taxable securities . . . . . . . . . . . . . . . . . . . . . . . . . 4506 0 1.d.(2)(a)
(b) Tax-exempt securities . . . . . . . . . . . . . . . . . . . . . . . . 4507 21,273 1.d.(2)(b)
(3) Other domestic debt securities . . . . . . . . . . . . . . . . . . . . . . 3657 2,681 1.d.(3)
(4) Foreign debt securities . . . . . . . . . . . . . . . . . . . . . . . . . 3658 61 1.d.(4)
(5) Equity securities (including investments in mutual funds) . . . . . . . . 3659 0 1.d.(5)
e. Interest income from assets held in trading accounts . . . . . . . . . . . . . 4069 0 1.e.
f. Interest income on federal funds sold and securities purchased under agreements //////////////////
to resell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4020 828 1.f.
g. Total interest income (sum of items 1.a through 1.f) . . . . . . . . . . . . . 4107 497,187 1.g.
------------------
<FN>
<F1> Includes interest income on time certificates of deposit not held in trading accounts.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RI-2
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RI--Continued
<TABLE>
<CAPTION>
---------------
Year-to-date
------------------
Dollar Amounts in Thousands RAID Bil Mil Thou
-----------------------------------------------------------------------------------
<S> <S> <C> <C> <C> <C>
2. Interest expense: //////////////////
a. Interest on deposits: //////////////////
(1) Transaction accounts (NOW accounts, ATS accounts, //////////////////
and telephone and preauthorized transfer accounts) 4508 8,118 2.a.(1)
(2) Nontransaction accounts: //////////////////
(a) Money market deposit accounts (MMDAs) . . . . 4509 28,467 2.a.(2)(a)
(b) Other savings deposits . . . . . . . . . . . . 4511 44,504 2.a.(2)(b)
(c) Time certificates of deposit of $100,000 or //////////////////
more . . . . . . . . . . . . . . . . . . . . . 4174 7,565 2.a.(2)(c)
(d) All other time deposits . . . . . . . . . . . 4512 64,639 2.a.(2)(d)
b. Expense of federal funds purchased and securities sold //////////////////
under agreements to repurchase . . . . . . . . . . . . 4180 19,722 2.b.
c. Interest on demand notes issued to the U.S. Treasury and //////////////////
on other borrowed money . . . . . . . . . . . . . . . . 4185 6,213 2.c.
d. Interest on mortgage indebtedness and obligations under //////////////////
capitalized leases . . . . . . . . . . . . . . . . . . 4072 25 2.d.
e. Interest on subordinated notes and debentures . . . . . 4200 0 2.e.
f. Total interest expense (sum of items 2.a through 2.e) . 4073 179,253 2.f.
3. Net interest income (item 1.g minus 2.f) . . . . . . . . . ////////////////// RIAD 4074 317,934 3.
4. Provisions: //////////////////
a. Provision for loan and lease losses . . . . . . . . . . ////////////////// RIAD 4230 23,984 4.a.
b. Provision for allocated transfer risk . . . . . . . . . ////////////////// RIAD 4243 0 4.b.
5. Noninterest income: //////////////////
a. Income from fiduciary activities . . . . . . . . . . . 4070 0 5.a.
b. Service charges on deposit accounts . . . . . . . . . . 4080 30,902 5.b.
c. Trading gains (losses) and fees from foreign exchange //////////////////
transactions . . . . . . . . . . . . . . . . . . . . . 4075 0 5.c.
d. Other foreign transaction gains (losses) . . . . . . . 4076 929 5.d.
e. Gains (losses) and fees from assets held in trading //////////////////
accounts . . . . . . . . . . . . . . . . . . . . . . . 4077 0 5.e.
f. Other noninterest income: //////////////////
(1) Other fee income . . . . . . . . . . . . . . . . . 5407 77,979 5.f.(1)
(2) All other noninterest income* . . . . . . . . . . . 5408 28,154 5.f.(2)
g. Total noninterest income (sum of items 5.a through 5.f) ////////////////// RIAD 4079 137,964 5.g.
6. a. Realized gains (losses) on held-to-maturity securities ////////////////// RIAD 3521 (73) 6.a.
b. Realized gains (losses) on available-for-sale securities ////////////////// RIAD 3196 (772) 6.b.
7. Noninterest expense: //////////////////
a. Salaries and employee benefits . . . . . . . . . . . . 4135 109,547 7.a.
b. Expenses of premises and fixed assets (net of rental //////////////////
income) (excluding salaries and employee benefits and //////////////////
mortgage interest) . . . . . . . . . . . . . . . . . . 4217 30,250 7.b.
c. Other noninterest expense* . . . . . . . . . . . . . . 4092 143,112 7.c.
d. Total noninterest expense (sum of 7.a through 7.c) . . ////////////////// RIAD 4093 282,909 7.d.
8. Income (loss) before income taxes and extraordinary items //////////////////
and other adjustments (item 3 plus or minus items 4.a, //////////////////
4.b, 5.g, 6.a, 6.b, and 7.d) . . . . . . . . . . . . . . . ////////////////// RIAD 4301 148,160 8.
9. Applicable income taxes (on item 8) . . . . . . . . . . . ////////////////// RIAD 4302 52,982 9.
10. Income (loss) before extraordinary items and other //////////////////
adjustments (item 8 minus 9) . . . . . . . . . . . . . . . ////////////////// RIAD 4300 95,178 10.
11. Extraordinary items and other adjustments: //////////////////
a. Extraordinary items and other adjustments, gross of //////////////////
income taxes* . . . . . . . . . . . . . . . . . . . . . 4310 0 11.a.
b. Applicable income taxes (on item 11.a)* . . . . . . . . 4315 0 11.b.
c. Extraordinary items and other adjustments, net of income //////////////////
taxes (item 11.a minus 11.b) . . . . . . . . . . . . . ////////////////// RIAD 4320 0 11.c.
12. Net income (loss) (sum of items 10 and 11.c) . . . . . . . ////////////////// RIAD 4340 95,178 12.
------------------ ----------- -------
</TABLE>
*Describe on Schedule RI-E--Explanations.
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RI-3
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RI--Continued
<TABLE>
<CAPTION>
------------
Memoranda Year-to-date
------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou
--------------------------------------------------------------------------------------------------------
<C> <S> <C> <S>
1. Interest expense incurred to carry tax-exempt securities, loans, and leases //////////////////
acquired after August 7, 1986, that is not deductible for federal income tax //////////////////
purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4513 333 M.1.
2. Fee income from the sale and servicing of mutual funds and annuities (included //////////////////
in Schedule RI, item 5.g) . . . . . . . . . . . . . . . . . . . . . . . . . . 8431 1,102 M.2.
3. Estimated foreign tax credit included in applicable income taxes, items 9 and //////////////////
11.b. above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4309 0 M.3.
4. Number of full-time equivalent employees on payroll at end of current period //// Number
(round to nearest whole number) . . . . . . . . . . . . . . . . . . . . . . . 4150 6,762 M.4.
------------------
<CAPTION>
Schedule RI-A--Changes in Equity Capital
Indicate decreases and losses in parentheses.
-------
I383 <-
------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Total equity capital originally reported in the December 31, 1993, Reports of //////////////////
Condition and Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3215 1,079,189 1.
2. Equity capital adjustments from amended Reports of Income, net* . . . . . . . . 3216 0 2.
3. Amended balance end of previous calendar year (sum of items 1 and 2) . . . . . . 3217 1,079,189 3.
4. Net income (loss) (must equal Schedule RI, item 12) . . . . . . . . . . . . . . 4340 95,178 4.
5. Sale, conversion, acquisition, or retirement of capital stock, net . . . . . . . 4346 0 5.
6. Changes incident to business combinations, net . . . . . . . . . . . . . . . . . 4356 22,141 6.
7. LESS: Cash dividends declared on preferred stock . . . . . . . . . . . . . . . 4470 1,064 7.
8. LESS: Cash dividends declared on common stock . . . . . . . . . . . . . . . . . 4460 63,776 8.
9. Cumulative effect of changes in accounting principles from prior years* (see //////////////////
instructions for this schedule) . . . . . . . . . . . . . . . . . . . . . . . . 4411 0 9.
10. Corrections of material accounting errors from prior years* (see instructions for //////////////////
this schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4412 0 10.
11. Change in net unrealized holding gains (losses) on available-for-sale securities 8433 (14,022) 11.
12. Other transactions with parent holding company* (not included in item 5, 7, or 8 //////////////////
above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4415 0 12.
13. Total equity capital end of current period (sum of items 3 through 12) ( must //////////////////
equal Schedule RC, item 28) . . . . . . . . . . . . . . . . . . . . . . . . . . 3210 1,117,646 13.
------------------
</TABLE>
__________
*Describe on Schedule RI-E--Explanations
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RI-4
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RI-B--Charge-offs and Recoveries and Changes in
Allowance for Loan and Lease Losses
Part I. Charge-offs and Recoveries on Loans and Leases
<TABLE>
<CAPTION>
-------
I386 <-
--------------------------------------
Part I excludes charge-offs and recoveries through the allocated (Column A) (Column B)
transfer risk reserve. Charge-offs Recoveries
--------------------------------------
calendar year-to-date
--------------------------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou RIAD Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
1. Loans secured by real estate: ////////////////// //////////////////
a. To U.S. addressees (domicile) . . . . . . . . . . . . . 4651 9,325 4661 271 1.a.
b. To non-U.S. addressees (domicile) . . . . . . . . . . . 4652 0 4662 0 1.b.
2. Loans to depository institutions and acceptances of other ////////////////// //////////////////
banks: ////////////////// //////////////////
a. To U.S. banks and other U.S. depository institutions . . 4653 0 4663 0 2.a.
b. To foreign banks . . . . . . . . . . . . . . . . . . . . 4654 0 4664 0 2.b.
3. Loans to finance agricultural production and other loans to ////////////////// //////////////////
farmers . . . . . . . . . . . . . . . . . . . . . . . . . . 4655 362 4665 1 3.
4. Commercial and industrial loans: ////////////////// //////////////////
a. To U.S. addressees (domicile) . . . . . . . . . . . . . 4645 9,781 4617 3,541 4.a.
b. To non-U.S. addressees (domicile) . . . . . . . . . . . 4646 0 4618 0 4.b.
5. Loans to individuals for household, family, and other ////////////////// //////////////////
personal expenditures: ////////////////// //////////////////
a. Credit cards and related plans . . . . . . . . . . . . . 4656 5,528 4666 888 5.a.
b. Other (includes single payment, installment, and all ////////////////// //////////////////
student loans) . . . . . . . . . . . . . . . . . . . . . 4657 7,902 4667 2,738 5.b.
6. Loans to foreign governments and official institutions . . . 4643 0 4627 0 6.
7. All other loans . . . . . . . . . . . . . . . . . . . . . . 4644 0 4628 0 7.
8. Lease financial receivables: ////////////////// //////////////////
a. Of U.S. addressees (domicile) . . . . . . . . . . . . . 4658 11 4668 241 8.a.
b. Of non-U.S. addressees (domicile) . . . . . . . . . . . 4659 0 4669 0 8.b.
9. Total (sum of items 1 through 8) . . . . . . . . . . . . . . 4635 32,909 4605 7,680 9.
------------------ ------------------
<CAPTION>
--------------------------------------
Cumulative Cumulative
Charge-off Recoveries
Memoranda Jan. 1, 1986 Jan. 1, 1986
through through
Dollars Amounts in Thousands Dec. 31, 1989 Report Date
---------------------------------------------------------------------------------------------------------
To be completed by national banks only. RAID Bil Mil Thou RAID Bil Mil Thou
--------------------------------------
<C><S> <C> <C> <S>
1. Charge-offs and recoveries of Special-Category Loans, as ////////////////// //////////////////
defined for this Call Report by the Comptroller of the ////////////////// //////////////////
Currency . . . . . . . . . . . . . . . . . . . . . . . . ////////////////// 4784 N/A M.1.
<CAPTION>
--------------------------------------
(Column A) (Column B)
Memorandum items 2 and 3 are to be completed by all banks. Charge-off Recoveries
--------------------------------------
calendar year-to-date
--------------------------------------
RIAD Bil Mil Thou RIAD Bil Mil Thou
--------------------------------------
<C><S> <C> <C> <S>
2. Loans to finance commercial real estate, construction, ////////////////// //////////////////
and land development activities (not secured by real ////////////////// //////////////////
estate) included in Schedule RI-B, part I, items 4 and 7, ////////////////// //////////////////
above . . . . . . . . . . . . . . . . . . . . . . . . . 5409 0 5410 0 M.2.
3. Loans secured by real estate (sum of memorandum items 3.a ////////////////// //////////////////
through 3.e must equal sum of Schedule RI-B, part I, ////////////////// //////////////////
items 1.a and 1.b, above): ////////////////// //////////////////
a. Construction and land development . . . . . . . . . . 3582 1,353 3583 0 M.3.a.
b. Secured by farmland . . . . . . . . . . . . . . . . . 3584 1,321 3585 0 M.3.b.
c. Secured by 1-4 family residential properties: ////////////////// //////////////////
(1) Revolving, open-end loans secured by 1-4 ////////////////// //////////////////
family residential properties and extended ////////////////// //////////////////
under lines of credit . . . . . . . . . . . . 5411 198 5412 53 M.3.c.(1)
(2) All other loans secured by 1-4 family ////////////////// //////////////////
residential properties . . . . . . . . . . . 5413 925 5414 128 M.3.c.(2)
d. Secured by multifamily (5 or more) residential ////////////////// //////////////////
properties . . . . . . . . . . . . . . . . . . . . . 3588 0 3589 0 M.3.d.
e. Secured by nonfarm nonresidential properties . . . . 3590 5,528 3591 90 M.3.e.
------------------ ------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RI-5
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RI-B--Continued
Part II. Changes in Allowance for Loan and Lease
Losses and in Allocated Transfer Risk Reserve
<TABLE>
<CAPTION>
--------------------------------------
(Column A) (Column B)
Allowance for Allocated
Loan and Lease Transfer Risk
Losses Reserve
--------------------------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou RIAD Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
1. Balance originally reported in the December 31, 1993, ////////////////// //////////////////
Reports of Condition and Income . . . . . . . . . . . . . . 3124 132,475 3131 0 1.
2. Recoveries (column A must equal part I, item 9, column B ////////////////// //////////////////
above) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4605 7,680 3132 0 2.
3. LESS: Charge-offs (column A must equal part I, item 9, ////////////////// //////////////////
column A above) . . . . . . . . . . . . . . . . . . . . . . 4635 32,909 3133 0 3.
4. Provision (column A must equal Schedule RI, item 4.a; column ////////////////// //////////////////
B must equal Schedule RI, item 4.b) . . . . . . . . . . . . 4230 23,984 4243 0 4.
5. Adjustments* (see instructions for this schedule) . . . . . 4815 0 3134 0 5.
6. Balance end of current period (sum of items 1 through 5) ////////////////// //////////////////
(column A must equal Schedule RC, item 4.b; column B must ////////////////// //////////////////
equal Schedule RC, item 4.c) . . . . . . . . . . . . . . . . 3123 131,230 3128 0 6.
------------------ ------------------
</TABLE>
__________
*Describe on Schedule RI-E--Explanations.
Schedule RI-C--Applicable Income Taxes by Taxing Authority
Schedule RI-C is to be reported with the December Report of Income
<TABLE>
<CAPTION>
--------
I389 <-
------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou
--------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4780 N/A 1.
2. State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4790 N/A 2.
3. Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4795 N/A 3.
4. Total (sum of items 1 through 3) (must equal sum of Schedule RI, items 9 and //////////////////
11.b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4770 N/A 4.
5. Deferred portion of item 4 . . . . . . . . . . . . . . . RIAD 4772 N/A ////////////////// 5.
------------------
</TABLE>
Schedule RI-E--Explanations
Schedule RI-E is to be completed each quarter on a
calendar year-to-date basis.
Detail all adjustments in Schedules RI-A and RI-B, all
extraordinary items and other adjustments in Schedule RI,
and all significant items of other noninterest income and
other noninterest expense in Schedule RI. (See instructions
for details.)
<TABLE>
<CAPTION>
-------
I395 <-
---------------
Year-to-date
------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. All other noninterest income (from Schedule RI, item 5.f.(2)) //////////////////
Report amounts that exceed 10% of Schedule RI, item 5.f.(2): //////////////////
a. Net gains on other real estate owned . . . . . . . . . . . . . . . . . . . 5415 0 1.a.
b. Net gains on sales of loans . . . . . . . . . . . . . . . . . . . . . . . . 5416 3,224 1.b.
c. Net gains on sales of premises and fixed assets . . . . . . . . . . . . . . 5417 0 1.c.
Itemize and describe the three largest other amounts that exceed 10% of Schedule //////////////////
RI, item 5.f.(2): //////////////////
d. | TEXT 4461 | Gain on Sale of Mortgage Servicing___________________________ 4461 3,033 1.d.
e. | TEXT 4462 | Non-Yield Related Fees from Mortgage Company_________________ 4462 4,816 1.e.
f. | TEXT 4463 | _____________________________________________________________ 4463 1.f.
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RI-6
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RI-E--Continued
<TABLE>
<CAPTION>
-------------
Year-to-date
------------------
Dollar Amounts in Thousands RIAD Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
2. Other noninterest expense (form Schedule RI, item 7.c): //////////////////
a. Amortization expense of intangible assets . . . . . . . . . . . . . . . . . 4531 28,334 2.a.
Report amounts that exceed 10% of Schedule RI, item 7.c: //////////////////
b. Net losses on other real estate owned . . . . . . . . . . . . . . . . . . . 5418 0 2.b.
c. Net losses on sales of loans . . . . . . . . . . . . . . . . . . . . . . . . 5419 9 2.c.
d. Net losses on sales of premises and fixed assets . . . . . . . . . . . . . . 5420 0 2.d.
Itemize and describe the three largest other amounts that exceed 10% of Schedule //////////////////
RI, item 7.c: //////////////////
e. | TEXT 4464 | Computer Processing Expense___________________________________ 4464 36,977 2.e.
f. | TEXT 4467 | Corporate Management Fee______________________________________ 4467 16,703 2.f.
g. | TEXT 4468 | ______________________________________________________________ 4468 2.g.
3. Extraordinary items and other adjustments (from Schedule RI, item 11.a) and //////////////////
applicable income tax effect (from Schedule RI, item 11.b) (itemize and describe //////////////////
all extraordinary items and other adjustments): //////////////////
a. (1) | TEXT 4469 |__________________________________________________________ 4469 3.a.(1)
(2) Applicable income tax effect RIAD 4486________ ////////////////// 3.a.(2)
b. (1) | TEXT 4487 |__________________________________________________________ 4487 3.b.(1)
(2) Applicable income tax effect RIAD 4488________ ////////////////// 3.b.(2)
c. (1) | TEXT 4489 |__________________________________________________________ 4489 3.c.(1)
(2) Applicable income tax effect RIAD 4491________ ////////////////// 3.c.(2)
4. Equity capital adjustments from amended Reports of Income (from Schedule RI-A, //////////////////
item 2) (itemize and describe all adjustments): //////////////////
a. | TEXT 4492 | _____________________________________________________________ 4492 4.a.
b. | TEXT 4493 | _____________________________________________________________ 4493 4.b.
5. Cumulative effect of changes in accounting principles from prior years (from //////////////////
Schedule RI-A, item 9) (itemize and describe all changes in accounting //////////////////
principles): //////////////////
a. | TEXT 4494 | _____________________________________________________________ 4494 5.a.
b. | TEXT 4495 | _____________________________________________________________ 4495 5.b.
6. Corrections of material accounting errors from prior years (from Schedule RI-A, //////////////////
item 10) (itemize and describe all changes in accounting principles): //////////////////
a. | TEXT 4496 | _____________________________________________________________ 4496 6.a.
b. | TEXT 4497 | _____________________________________________________________ 4497 6.b.
7. Other transactions with parent holding company (from Schedule RI-A, item 12) //////////////////
(itemize and describe all such transactions): //////////////////
a. | TEXT 4498 | _____________________________________________________________ 4498 7.a.
b. | TEXT 4499 | _____________________________________________________________ 4499 7.b.
8. Adjustments to allowance for loan and lease losses (from Schedule RI-B, part II, //////////////////
item 5) (itemize and describe all adjustments): //////////////////
a. | TEXT 4521 | _____________________________________________________________ 4521 8.a.
b. | TEXT 4522 | _____________________________________________________________ 4522 8.b.
9. Other explanations (the space below is provided for the bank to briefly describe, I398 I399 <-
at its option, any other significant items affecting the Report of Income): ------------------
No comment |X| (RIAD 4769)
Other explanations (please type or print clearly):
(TEXT 4769)
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-1
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for June 30, 1994
All schedules are to be reported in thousands of dollars.
Unless otherwise indicated, report the amount outstanding
as of the last business day of the quarter.
Schedule RC--Balance Sheet
<TABLE>
<CAPTION>
-------
C300 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
--------------------------------------------------------------------------------------------------------------
ASSETS //////////////////
<C> <S> <C> <C>
1. Cash and balances due from depository institutions (from Schedule RC-A): //////////////////
a. Noninterest-bearing balances and currency and coin<F1> . . . . . . . . . . . . . 0081 639,039 1.a.
b. Interest-bearing balances <F2> . . . . . . . . . . . . . . . . . . . . . . . . . 0071 0 1.b.
2. Securities: //////////////////
a. Held-to-maturity securities (from Schedule RC-B, column A) . . . . . . . . . . . 1754 2,480,475 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D) . . . . . . . . . . 1773 1,081,558 2.b.
3. Federal funds sold and securities purchased under agreements to resell: //////////////////
a. Federal funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0276 0 3.a.
b. Securities purchased under agreements to resell . . . . . . . . . . . . . . . . 0277 0 3.b.
4. Loans and lease financing receivables: //////////////////
a. Loans and leases, net of unearned income (from Schedule RC-C)|RCON 2122| 9,452,045 ////////////////// 4.a.
b. LESS: Allowance for loan and lease losses |RCON 3123| 131,230 ////////////////// 4.b.
c. LESS: Allocated transfer risk reserve |RCON 3128| 0 ////////////////// 4.c.
d. Loans and leases, net of unearned income, //////////////////
allowance, and reserve (item 4.a minus 4.b and 4.c) . . . . . . . . . . . . . . 2125 9,320,815 4.d.
5. Assets held in trading accounts (from Schedule RC-D) . . . . . . . . . . . . . . . . 3545 0 5.
6. Premises and fixed assets (including capitalized leases) . . . . . . . . . . . . . . 2145 149,774 6.
7. Other real estate owned (from Schedule RC-M) . . . . . . . . . . . . . . . . . . . . 2150 32,764 7.
8. Investments in unconsolidated subsidiaries and associated companies (from Schedule ///////////////////
RC-M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2130 504 8.
9. Customers' liability to this bank on acceptances outstanding . . . . . . . . . . . . 2155 2,571 9.
10. Intangible assets (from Schedule RC-M) . . . . . . . . . . . . . . . . . . . . . . . 2143 265,250 10.
11. Other assets (from Schedule RC-F) . . . . . . . . . . . . . . . . . . . . . . . . . 2160 482,553 11.
12. Total assets (sum of items 1 through 11) . . . . . . . . . . . . . . . . . . . . . . 2170 14,455,303 12.
------------------
<FN>
<F1> Includes cash items in process of collection and unposted debits.
<F2> Includes time certificates of deposit not held in trading accounts.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-2
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC--Continued
<TABLE>
<CAPTION>
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
LIABILITIES //////////////////
13. Deposits: //////////////////
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E) . . . 2200 11,436,195 13.a.
(1) Noninterest bearing(1) . . . . . . . . . . . . . . |RCON 6631| 1,966,927 ////////////////// 13.a.(1)
(2) Interest-bearing . . . . . . . . . . . . . . . . . |RCON 6636| 9,469,268 ////////////////// 13.a.(2)
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs . . . . . . . . . //////////////////
(1) Noninterest bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . //////////////////
(2) Interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . //////////////////
14. Federal funds purchased and securities sold under agreements to repurchase: //////////////////
a. Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0278 1,413,418 14.a.
b. Securities sold under agreements to repurchase . . . . . . . . . . . . . . . . 0279 0 14.b.
15. a. Demand notes issued to the U.S. Treasury . . . . . . . . . . . . . . . . . . . 2840 366,775 15.a.
b. Trading liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3548 0 15.b.
16. Other borrowed money: //////////////////
a. With original maturity of one year or less . . . . . . . . . . . . . . . . . . 2332 0 16.a.
b. With original maturity of more than one year . . . . . . . . . . . . . . . . . 2333 0 16.b.
17. Mortgage indebtedness and obligations under capitalized leases . . . . . . . . . . 2910 259 17.
18. Bank's liability on acceptances executed and outstanding . . . . . . . . . . . . . 2920 2,571 18.
19. Subordinated notes and debentures . . . . . . . . . . . . . . . . . . . . . . . . 3200 0 19.
20. Other liabilities (from Schedule RC-G) . . . . . . . . . . . . . . . . . . . . . . 2930 118,439 20.
21. Total liabilities (sum of items 13 through 20) . . . . . . . . . . . . . . . . . . 2948 13,337,657 21.
//////////////////
22. Limited-life preferred stock and related surplus . . . . . . . . . . . . . . . . . 3282 0 22.
EQUITY CAPITAL //////////////////
23. Perpetual preferred stock and related surplus . . . . . . . . . . . . . . . . . . 3838 28,300 23.
24. Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3230 38,986 24.
25. Surplus (exclude all surplus related to preferred stock) . . . . . . . . . . . . . 3839 401,592 25.
26. a. Undivided profits and capital reserves . . . . . . . . . . . . . . . . . . . . 3632 662,790 26.a.
b. Net unrealized holding gains (losses) on available-for-sale securities . . . . 8434 (14,022) 26.b.
27. Cumulative foreign currency translation adjustments . . . . . . . . . . . . . . . //////////////////
28. Total equity capital (sum of items 23 through 27) . . . . . . . . . . . . . . . . 3210 1,117,646 28.
29. Total Liabilities, limited-life preferred stock, and equity capital (sum of items //////////////////
21, 22, and 28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3300 14,455,303 29.
------------------
<CAPTION>
Memorandum
To be reported only with the March Report of Condition.
<C> <S> <S> <S> <S>
1. Indicate in the box at the right the number of the statement below that best describes
the most comprehensive level of auditing work performed for the bank by independent Number
external auditors as of any date during 1993 . . . . . . . . . . . . . . . . . . . . . |RCON 6724| N/A| M.1.
</TABLE>
<TABLE>
<S> <S> <S> <S>
1 = Independent audit of the bank conducted in accordance 4 = Directors' examination of the bank performed by other
with generally accepted auditing standards by a external auditors (may be required by state
certified public accounting firm which submits a chartering authority)
report on the bank
2 = Independent audit of the bank's parent holding 5 = Review of the bank's financial statements by external
company conducted in accordance with generally auditors
accepted auditing standards by a certified public
accounting firm which submits a report on the 6 = Compilation of the bank's financial statements by
consolidated holding company (but not on the bank external auditors
separately)
3 = Directors' examination of the bank conducted in 7 = Other audit procedures (excluding tax preparation
accordance with generally accepted auditing standards work)
by a certified public accounting firm (may be
required by state chartering authority) 8 = No external audit work
</TABLE>
__________
(1) Includes total demand deposits and noninterest-bearing
time and savings deposits.
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-3
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-A--Cash and Balances Due From Depository Institutions
Exclude assets held in trading accounts.
<TABLE>
<CAPTION>
-------
C305 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
--------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Cash items in process of collection, unposted debits, and currency and coin: //////////////////
a. Cash items in process of collection and unposted debits . . . . . . . . . . . . 0020 444,224 1.a.
b. Currency and coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0080 176,203 1.b.
2. Balances due from depository institutions in the U.S.: //////////////////
a. U.S. branches and agencies of foreign banks . . . . . . . . . . . . . . . . . . 0083 0 2.a.
b. Other commercial banks in the U.S. and other depository institutions in the U.S. 0085 9,769 2.b.
3. Balances due from banks in foreign countries and foreign central banks //////////////////
a. Foreign branches of other U.S. banks . . . . . . . . . . . . . . . . . . . . . . 0073 0 3.a.
b. Other banks in foreign countries and foreign central banks . . . . . . . . . . . 0074 2,662 3.b.
4. Balances due from Federal Reserve Banks . . . . . . . . . . . . . . . . . . . . . . 0090 6,181 4.
5. Total (sum of items 1 through 4) (must equal Schedule RC, sum of items 1.a and 1.b) 0010 639,039 5.
------------------
<CAPTION>
Memorandum ------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
--------------------------------------------------------------------------------------------------------------
<C> <S> <C> <S>
1. Noninterest-bearing balances due from commercial banks in the U.S. (included in items //////////////////
2.a and 2.b above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0050 9,769 M.1.
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-4
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-B--Securities
Exclude assets held in trading accounts.
<TABLE>
<CAPTION>
-------
C310 <-
--------------------------------------|---------------------------------------
Held-to-maturity | Available-for-sale
--------------------------------------|---------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value<F1>
------------------------------------------------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. U.S. Treasury securities 0211 0 0213 0 1286 612,672 1287 609,056 1.
2. U.S. Government agency and ////////////////// ////////////////// ////////////////// //////////////////
corporation obligations ////////////////// ////////////////// ////////////////// //////////////////
(exclude mortgage-backed ////////////////// ////////////////// ////////////////// //////////////////
securities): ////////////////// ////////////////// ////////////////// //////////////////
a. Issued by U.S. ////////////////// ////////////////// ////////////////// //////////////////
Government ////////////////// ////////////////// ////////////////// //////////////////
agencies<F2> . . . . . 1289 0 1290 0 1291 0 1293 0 2.a.
b. Issued by U.S. ////////////////// ////////////////// ////////////////// //////////////////
Government-sponsored ////////////////// ////////////////// ////////////////// //////////////////
agencies<F3> . . . . . 1294 0 1295 0 1297 303 1298 314 2.b.
3. Securities issued by ////////////////// ////////////////// ////////////////// //////////////////
states and political ////////////////// ////////////////// ////////////////// //////////////////
subdivisions in the ////////////////// ////////////////// ////////////////// //////////////////
U.S.: ////////////////// ////////////////// ////////////////// //////////////////
a. General obligations . 1676 772,567 1677 798,583 1678 0 1679 0 3.a.
b. Revenue obligations . 1681 17,339 1686 17,824 1690 0 1691 0 3.b.
c. Industrial development ////////////////// ////////////////// ////////////////// //////////////////
and similar ////////////////// ////////////////// ////////////////// //////////////////
obligations . . . . . 1694 0 1695 0 1696 0 1697 0 3.c.
4. Mortgage-backed securities ////////////////// ////////////////// ////////////////// //////////////////
(MBS): ////////////////// ////////////////// ////////////////// //////////////////
a. Pass-through ////////////////// ////////////////// ////////////////// //////////////////
securities: ////////////////// ////////////////// ////////////////// //////////////////
(1) Guaranteed by ////////////////// ////////////////// ////////////////// //////////////////
GNMA . . . . . . 1698 134,645 1699 138,743 1701 0 1702 0 4.a.(1)
(2) Issued by FNMA and ////////////////// ////////////////// ////////////////// //////////////////
FHLMC . . . . . . 1703 281,559 1705 279,116 1706 333,303 1707 325,541 4.a.(2)
(3) Privately-issued 1709 4,622 1710 4,622 1711 0 1713 0 4.a.(3)
b. CMOs and REMICs: ////////////////// ////////////////// ////////////////// //////////////////
(1) Issued by FNMA and ////////////////// ////////////////// ////////////////// //////////////////
FHLMC . . . . . . 1714 1,174,038 1715 1,130,360 1716 119,510 1717 110,122 4.b.(1)
(2) Privately-issued ////////////////// ////////////////// ////////////////// //////////////////
and collateralized ////////////////// ////////////////// ////////////////// //////////////////
by MBS issued or ////////////////// ////////////////// ////////////////// //////////////////
guaranteed by ////////////////// ////////////////// ////////////////// //////////////////
FNMA, FHLMC, or ////////////////// ////////////////// ////////////////// //////////////////
GNMA . . . . . . 1718 93,756 1719 89,017 1731 39,829 1732 36,525 4.b.(2)
(3) All other ////////////////// ////////////////// ////////////////// //////////////////
privately- ////////////////// ////////////////// ////////////////// //////////////////
issued . . . . . 1733 0 1734 0 1735 0 1736 0 4.b.(3)
5. Other debt securities ////////////////// ////////////////// ////////////////// //////////////////
a. Other domestic debt ////////////////// ////////////////// ////////////////// //////////////////
securities . . . . . . 1737 99 1738 99 1739 0 1741 0 5.a.
b. Foreign debt ////////////////// ////////////////// ////////////////// //////////////////
securities . . . . . . 1742 1,850 1743 1,850 1744 0 1746 0 5.b.
------------------ ------------------ ------------------ ------------------
<FN>
<F1> Includes equity securities without readily determinable fair values at historical cost
in item 6.c, column D.
<F2> Includes Small Business Administration "Guaranteed Loan Pool Certificates," U.S.
Maritime Administration obligations, and Export-Import Bank participation certificates.
<F3> Includes obligations (other than pass-through securities, CMOs, and REMICs) issued by the Farm
Credit System, the Federal Home Loan Bank System, the Federal Home Loan Mortgage Corporation,
the Federal National Mortgage Association, the Financing Corporation, Resolution Funding
Corporation, the Student Loan Marketing Association, and the Tennessee Valley Authority.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-5
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-B--Continued
<TABLE>
<CAPTION>
--------------------------------------|---------------------------------------
Held-to-maturity | Available-for-sale
--------------------------------------|---------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value<F1>
------------------------------------------------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6. Equity securities: ////////////////// ////////////////// ////////////////// //////////////////
a. Investments in mutual ////////////////// ////////////////// ////////////////// //////////////////
funds . . . . . . . . ////////////////// ////////////////// 1747 0 1748 0 6.a.
b. Other equity securities ////////////////// ////////////////// ////////////////// //////////////////
with readily ////////////////// ////////////////// ////////////////// //////////////////
determinable fair ////////////////// ////////////////// ////////////////// //////////////////
values . . . . . . . . ////////////////// ////////////////// 1749 0 1751 0 6.b.
c. All other equity ////////////////// ////////////////// ////////////////// //////////////////
securities(1) . . . . ////////////////// ////////////////// 1752 0 1753 0 6.c.
7. Total (sum of items 1 ////////////////// ////////////////// ////////////////// //////////////////
through 6) (total of ////////////////// ////////////////// ////////////////// //////////////////
column A must equal ////////////////// ////////////////// ////////////////// //////////////////
Schedule RC, item 2.a) ////////////////// ////////////////// ////////////////// //////////////////
(total of column D must ////////////////// ////////////////// ////////////////// //////////////////
equal Schedule RC, item ////////////////// ////////////////// ////////////////// //////////////////
2.b) . . . . . . . . . . 1754 2,480,475 1771 2,460,214 1772 1,105,617 1773 1,081,558 7.
------------------ ------------------ ------------------ ------------------
<CAPTION>
Memoranda -------
C312 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <S>
1. Pledged securities<F2>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0416 2,752,829 M.1.
2. Maturity and repricing data for debt securities <F2><F3><F4> (excluding those in //////////////////
nonaccrual status): //////////////////
a. Fixed rate debt securities with a remaining maturity of: //////////////////
(1) Three months or less . . . . . . . . . . . . . . . . . . . . . . . . . 0343 91,322 M.2.a.(1)
(2) Over three months through 12 months . . . . . . . . . . . . . . . . . . 0344 577,758 M.2.a.(2)
(3) Over one year through five years . . . . . . . . . . . . . . . . . . . 0345 518,064 M.2.a.(3)
(4) Over five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0346 1,947,074 M.2.a.(4)
(5) Total fixed rate debt securities (sum of Memorandum items 2.a.(1) through //////////////////
2.a.(4)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0347 3,134,218 M.2.a.(5)
b. Floating rate debt securities with a repricing frequency of: //////////////////
(1) Quarterly or more frequently . . . . . . . . . . . . . . . . . . . . . 4544 427,815 M.2.b.(1)
(2) Annually or more frequently, but less frequently than quarterly . . . . 4545 0 M.2.b.(2)
(3) Every five years or more frequently, but less frequently than annually 4551 0 M.2.b.(3)
(4) Less frequently than every five years . . . . . . . . . . . . . . . . . 4552 0 M.2.b.(4)
(5) Total floating rate debt securities (sum of Memorandum items 2.b.(1) //////////////////
through 2.b.(4)) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4553 427,815 M.2.b.(5)
c. Total debt securities (sum of Memorandum items 2.a.(5) and 2.b.(5)) (must //////////////////
equal total debt securities from Schedule RC-B, sum of items 1 through 5, //////////////////
columns A and D, minus nonaccrual debt securities included in Schedule RC-N, //////////////////
item 9, column C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0393 3,562,033 M.2.c.
3. Not applicable //////////////////
4. Held-to-maturity debt securities restructured and in compliance with modified //////////////////
terms (included in Schedule RC-B, items 3 through 5, column A, above) . . . . . 5365 0 M.4.
5. Not applicable //////////////////
6. Floating rate debt securities with a remaining maturity of one year or less<F2> //////////////////
(included in Memorandum item 2.b.(5) above) . . . . . . . . . . . . . . . . . . 5519 250 M.6.
7. Amortized cost of held-to-maturity securities sold or transferred to available- //////////////////
for-sale or trading securities during the calendar year-to-date . . . . . . . . 1778 0 M.7.
------------------
<FN>
<F1> Includes equity securities without readily determinable fair values at historical cost in item 6.c, column D.
<F2> Includes held-to-maturity securities at amortized cost and available-for-sale securities at fair value.
<F3> Exclude equity securities, e.g., investments in mutual funds, Federal Reserve stock, common stock, and
preferred stock.
<F4> Memorandum item 2 is not applicable to savings banks that must complete supplemental Schedule RC-J.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-6
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-C--Loans and Lease Financing Receivables
Part I. Loans and Leases
Do not deduct the allowance for loan and lease losses from
amounts reported in this schedule. Report total loans and
lease, net of unearned income. Exclude assets held in trading
accounts.
<TABLE>
<CAPTION>
------
C315 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
--------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Loans secured by real estate: //////////////////
a. Construction and land development . . . . . . . . . . . . . . . . . . . . 1415 114,668 1.a.
b. Secured by farmland (including farm residential and other improvements) . 1420 23,698 1.b.
c. Secured by 1-4 family residential properties: //////////////////
(1) Revolving, open-end loans secured by 1-4 family residential properties //////////////////
and extended under lines of credit . . . . . . . . . . . . . . . . . . 1797 791,476 1.c.(1)
(2) All other loans secured by 1-4 family residential properties: //////////////////
(a) Secured by first liens . . . . . . . . . . . . . . . . . . . . . 5367 2,386,162 1.c.(2)(a)
(b) Secured by junior liens . . . . . . . . . . . . . . . . . . . . . 5368 265,382 1.c.(2)(b)
d. Secured by multifamily (5 or more) residential properties . . . . . . . . 1460 317,815 1.d.
e. Secured by nonfarm nonresidential properties . . . . . . . . . . . . . . . 1480 1,453,461 1.e.
2. Loans to depository institutions: //////////////////
a. To commercial banks in the U.S.: //////////////////
(1) To U.S. branches and agencies of foreign banks . . . . . . . . . . . . 1506 0 2.a.(1)
(2) To other commercial banks in the U.S. . . . . . . . . . . . . . . . . 1507 13,588 2.a.(2)
b. To other depository institutions in the U.S. . . . . . . . . . . . . . . . 1517 0 2.b.
c. To banks in foreign countries: //////////////////
(1) To foreign branches of other U.S. banks . . . . . . . . . . . . . . . 1513 0 2.c.(1)
(2) To other banks in foreign countries . . . . . . . . . . . . . . . . . 1516 0 2.c.(2)
3. Loans to finance agricultural production and other loans to farmers . . . . . 1590 78,888 3.
4. Commercial and industrial loans: //////////////////
a. To U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . 1763 1,285,487 4.a.
b. To non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . 1764 0 4.b.
5. Acceptances of other banks: //////////////////
a. Of U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1756 577 5.a.
b. Of foreign banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1757 0 5.b.
6. Loans to individuals for household, family, and other personal expenditures //////////////////
(i.e., consumer loans) (includes purchased paper): //////////////////
a. Credit cards and related plans (includes check credit and other revolving //////////////////
credit plans) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2008 246,837 6.a.
b. Other (includes single payment, installment, and all student loans) . . . 2011 2,208,925 6.b.
7. Loans to foreign governments and official institutions (including foreign //////////////////
central banks) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2081 7,722 7.
8. Obligations (other than securities and leases) of states and political //////////////////
subdivisions in the U.S. (includes nonrated industrial development obligations) 2107 80,513 8.
9. Other loans: //////////////////
a. Loans for purchasing or carrying securities (secured and unsecured) . . . 1545 1,497 9.a.
b. All other loans (exclude consumer loans) . . . . . . . . . . . . . . . . . 1564 69,782 9.b.
10. Lease financing receivables (net of unearned income): //////////////////
a. Of U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . 2182 105,567 10.a.
b. Of non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . 2183 0 10.b.
11. LESS: Any unearned income on loans reflected in items 1-9 above . . . . . . . 2123 0 11.
12. Total loans and leases, net of unearned income (sum of items 1 through 10 minus //////////////////
item 11) (must equal Schedule RC, item 4.a) . . . . . . . . . . . . . . . . . 2122 9,452,045 12.
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-7
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-C--Continued
Part I. Continued
<TABLE>
<CAPTION>
Memoranda ------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<C> <C> <C>
1. Commercial paper included in Schedule RC-C, part I, above . . . . . . . . . . 1496 0 M.1.
2. Loans and leases restructured and in compliance with modified terms //////////////////
(included in Schedule RC-C, part I, above): //////////////////
a. Loans secured by real estate: //////////////////
(1) To U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . 1687 0 M.2.a.(1)
(2) To non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . 1689 0 M.2.a.(2)
b. Loans to finance agricultural production and other loans to farmers 1613 0 M.2.b.
c. Commercial and industrial loans: //////////////////
(1) To U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . 1758 0 M.2.c.(1)
(2) To non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . 1759 0 M.2.c.(2)
d. All other loans (exclude loans to individuals for household, family, and //////////////////
other personal expenditures) . . . . . . . . . . . . . . . . . . . . . . . 1615 0 M.2.d.
e. Lease financing receivables: //////////////////
(1) Of U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . 1789 0 M.2.e.(1)
(2) Of non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . 1790 0 M.2.e.(2)
f. Total (sum of Memorandum items 2.a through 2.e) . . . . . . . . . . . . . 1616 0 M.2.f.
3. Maturity and repricing data for loans and leases<F1> (excluding those in //////////////////
nonaccrual status): //////////////////
a. Fixed rate loans and leases with a remaining maturity of: //////////////////
(1) Three months or less . . . . . . . . . . . . . . . . . . . . . . . . . 0348 332,375 M.3.a.(1)
(2) Over three months through 12 months . . . . . . . . . . . . . . . . . 0349 958,360 M.3.a.(2)
(3) Over one year through five years . . . . . . . . . . . . . . . . . . . 0356 2,634,304 M.3.a.(3)
(4) Over five years . . . . . . . . . . . . . . . . . . . . . . . . . . . 0357 1,407,131 M.3.a.(4)
(5) Total fixed rate loans and leases (sum of Memorandum items 3.a.(1) //////////////////
through 3.a.(4)) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0358 5,332,170 M.3.a.(5)
b. Floating rate loans with a repricing frequency of: //////////////////
(1) Quarterly or more frequently . . . . . . . . . . . . . . . . . . . . . 4554 2,970,636 M.3.b.(1)
(2) Annually or more frequently, but less frequently than quarterly . . . 4555 924,510 M.3.b.(2)
(3) Every five years or more frequently, but less frequently than annually 4561 131,173 M.3.b.(3)
(4) Less frequently than every five years . . . . . . . . . . . . . . . . 4564 0 M.3.b.(4)
(5) Total floating rate loans (sum of Memorandum items 3.b.(1) through //////////////////
3.b.(4)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4567 4,026,319 M.3.b.(5)
c. Total loans and leases (sum of Memorandum items 3.a.(5) and 3.b.(5)) (must //////////////////
equal the sum of total loans and leases, net from Schedule RC-C, part I, //////////////////
item 12, plus unearned income from Schedule RC-C, part I, item 11, minus //////////////////
total nonaccrual loans and leases from Schedule RC-N, sum of items 1 through //////////////////
8, column C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1479 9,358,489 M.3.c.
4. Loans to finance commercial real estate, construction, and land development //////////////////
activities (not secured by real estate) included in Schedule RC-C, part I, items //////////////////
4 and 9.b, page RC-6<F2> . . . . . . . . . . . . . . . . . . . . . . . . . . . 2746 0 M.4.
5. Loans and leases held for sale (included in Schedule RC-C, part I, above) . . 5369 0 M.5.
6. Adjustable rate closed-end loans secured by first liens on 1-4 family //////////////////
residential properties (included in Schedule RC-C, part I, item 1.c.(2)(a), page //////////////////
RC-6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5370 1,017,945 M.6.
------------------
<FN>
<F1> Memorandum item 3 is not applicable to savings banks that must complete supplemental Schedule RC-J.
<F2> Exclude loans secured by real estate that are included in Schedule RC-C,part I, items 1.a through 1.e.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-7a
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-C--Continued
Part II. Loans to Small Business and Small Farms
Schedule RC-C, Part II is to be reported only with June Report
of Condition.
Report the number and amount currently outstanding as of June 30
of business loans with "original amounts" of $1,000,000 or less
and farm loans with "original amounts" of $500,000 or less. The
following guidelines should be used to determine the "original
amount" of a loan: (1) For loans drawn under lines of credit or
loan commitments, the "original amount" of the loan is the size
of the line of credit or loan commitment when the line of credit or
loan commitment was most recently approved, extended, or renewed
prior to the report date. However, if the amount currently
outstanding as of the report date exceeds this size, the "original
amount" is the amount currently outstanding on the report date.
(2) For loan participants and syndications, the "original amount"
of the loan participation or syndication is the entire amount of
the credit originated by the lead lender. (3) For all other loans,
the "original amount" is the total amount of the loan at origina-
tion or the amount currently outstanding as of the report date
whichever is larger.
Loans to Small Businesses
<TABLE>
<S> <C> <S> <S> <S>
1. Indicate in the appropriate box at the right whether all or substantially all of the bank's
"Loans secured by nonfarm nonresidential properties" reported in Schedule RC-C, part I, C318 <-
item 1.e., and all or substantially all of the bank's "Commercial and industrial loans to U.S.
addressees" reported in Schedule RC-C, part I, item 4.a, have original amounts of $100,000 YES NO
or less (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6999 /// x 1.
If YES, complete items 2.a and 2.b below, skip items 3 and 4, and go to item 5.
If NO, skip items 2.a and 2.b, complete items 3 and 4 below, and go to item 5.
<CAPTION>
------------------
2. Report the total number of loans currently outstanding for Number of Loans
------------------
<S> <C> <S>
each of the following Schedule RC-C, part I, loan categories: RCON |////////////
a. "Loans: secured by nonfarm nonresidential properties" //////////////////
reported in Schedule RC-C, part I, item 1.e. . . . . . . . 5562 N/A 2.a.
b. "Commercial and industrial loans to U.S. addressees" //////////////////
reported in Schedule RC-C, part I, item 4.a. . . . . . . . 5563 N/A 2.b.
------------------
<CAPTION>
---------------------------------------
(Column A) (Column B)
Amount
Currentl
Number of Loans Outstanding
---------------------------------------
Dollar Amounts in Thousands RCON ///////////// RCON Bil Mil Thou
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
3. Number and amount currently outstanding of "Loans secured by ////////////////// //////////////////
nonfarm nonresidential properties" reported in Schedule RC-C, ////////////////// //////////////////
part I, item 1.e (sum of items 3.a through 3.c must be less ////////////////// //////////////////
than or equal to Schedule RC-C, part I, item 1.e): ////////////////// //////////////////
a. With original amount of $100,000 or less . . . . . . . . . 5564 2,045 5565 68,692 3.a.
b. With original amounts of more than $100,000 through ////////////////// //////////////////
$250,000 . . . . . . . . . . . . . . . . . . . . . . . . . 5566 1,509 5567 151,372 3.b.
c. With original amounts of more than $250,000 through ////////////////// //////////////////
$1,000,000 . . . . . . . . . . . . . . . . . . . . . . . . 5568 1,387 5569 360,448 3.c.
4. Number and amount currently outstanding of "Commercial and ////////////////// //////////////////
industrial loans to U.S. addressees" reported in Schedule RC- ////////////////// //////////////////
C, part I, item 4.a (sum of items 4.a through 4.c must be less ////////////////// //////////////////
than or equal to Schedule RC-C, part I, item 4.a): ////////////////// //////////////////
a. With original amounts of $100,000 or less . . . . . . . . 5570 12,742 5571 201,776 4.a.
b. With original amounts of more than $100,000 through ////////////////// //////////////////
$250,000 . . . . . . . . . . . . . . . . . . . . . . . . . 5572 2,286 5573 168,646 4.b.
c. With original amounts of more than $250,000 through ////////////////// //////////////////
$1,000,000 . . . . . . . . . . . . . . . . . . . . . . . . 5574 1,391 5575 278,369 4.c.
------------------ ------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-7b
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-C--Continued
Part II. Continued
Agricultural Loans to Small Farms
<TABLE>
<C> <S> <C> <S> <S> <S>
5. Indicate in the appropriate box at the right whether all or substantially all of the
bank's "Loans secured by farmland (including farm residential and other improvements)"
reported in Schedule RC-C, part I, item 1.b, and all or substantially all of the bank's
"Loans to finance agricultural production and other loans to farmers" reported in Schedule YES NO
RC-C, part I, item 3, have original amounts of $100,000 or less (see instructions) . . . . 6860 /// x 5.
</TABLE>
If YES, complete items 6.a and 6.b below and do not complete
items 7 and 8.
If NO, skip item 6.a and 6.b and complete items 7 and 8, below.
<TABLE>
<C> <S> <C> <C>
6. Report the total number of loans currently outstanding for Number of Loans
------------------
each of the following Schedule RC-C, part I, loan categories: RCON|////////////
a. "Loans: secured by farmland (including farm residential and //////////////////
other improvements)" reported in Schedule RC-C, part I, //////////////////
item 1.b. . . . . . . . . . . . . . . . . . . . . . . . . 5576 N/A 6.a.
b. "Loans to finance agricultural production and other loans //////////////////
to farmers" reported in Schedule RC-C, part I, item 3. . . 5563 N/A 6.b.
------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------
(Column A) (Column B)
Amount
Currently
Number of Loans Outstanding
---------------------------------------
Dollar Amounts in Thousands RCON ///////////// RCON Bil Mil Thou
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
7. Number and amount currently outstanding of "Loans secured by ////////////////// //////////////////
farmland (including farm residential and other improvements)" ////////////////// //////////////////
reported in Schedule RC-C, part I, item 1.b (sum of items 7.a ////////////////// //////////////////
through 7.c must be less than or equal to Schedule RC-C, part ////////////////// //////////////////
I, item 1.b): ////////////////// //////////////////
a. With original amount of $100,000 or less . . . . . . . . . 5578 728 5579 12,077 7.a
b. With original amounts of more than $100,000 through ////////////////// //////////////////
$250,000 . . . . . . . . . . . . . . . . . . . . . . . . . 5580 52 5581 5,427 7.b.
c. With original amounts of more than $250,000 through ////////////////// //////////////////
$500,000 . . . . . . . . . . . . . . . . . . . . . . . . . 5582 14 5583 4,381 7.c.
8. Number and amount currently outstanding of "Loans to finance ////////////////// //////////////////
agricultural production and other loans to farmers" reported ////////////////// //////////////////
in Schedule RC-C, part I, item 3 (sum of items 8.a through 8.c ////////////////// //////////////////
must be less than or equal to Schedule RC-C, part I, item 3): ////////////////// //////////////////
a. With original amount of $100,000 or less . . . . . . . . . 5584 1,496 5585 29,303 8.a.
b. With original amounts of more than $100,000 through ////////////////// //////////////////
$250,000 . . . . . . . . . . . . . . . . . . . . . . . . . 5586 250 5587 22,370 8.b.
c. With original amounts of more than $250,000 through ////////////////// //////////////////
$500,000 . . . . . . . . . . . . . . . . . . . . . . . . . 5588 87 5589 15,059 8.c.
------------------ ------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-8
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-D--Trading Assets and Liabilities
Schedule RC-D is to be completed only by banks with $1 billion
or more in total assets or with $2 billion or more in par/notional
amount of interest rate, foreign exchange rate, and other
commodity and equity contracts (as reported in Schedule RC-L, items
11, 12, and 13).
<TABLE>
<CAPTION> --------
C320 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS //////////////////
1. U.S. Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3531 0 1.
2. U.S. Government agency and corporation obligations (exclude mortgage-backed //////////////////
securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3532 0 2.
3. Securities issued by states and political subdivisions in the U.S. . . . . . . . 3533 0 3.
4. Mortgage-backed securities: //////////////////
a. Pass-through securities issued or guaranteed by FNMA, FHLMC, or GNMA . . . . 3534 0 4.a.
b. CMOs and REMICs issued by FNMA or FHLMC . . . . . . . . . . . . . . . . . . 3535 0 4.b.
c. All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3536 0 4.c.
5. Other debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3537 0 5.
6. Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3538 0 6.
7. Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3539 0 7.
8. Bankers acceptances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3540 0 8.
9. Other trading assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3541 0 9.
10. Not applicable //////////////////
11. Reevaluation gains on interest rate, foreign exchange rate, and other commodity //////////////////
and equity contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4549 0 11.
12. Total trading assets (sum or items 1 through 11) (must equal Schedule RC, item //////////////////
5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3545 0 12.
------------------
<CAPTION>
------------------
LIABILITIES RCON Bil Mil Thou
------------------
<C> <S> <C> <C>
13. Liability for short positions . . . . . . . . . . . . . . . . . . . . . . . . . 3546 0 13.
14. Revaluation losses on interest rate, foreign exchange rate, and other commodity //////////////////
and equity contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3547 0 14.
15. Total trading liabilities (sum of items 13 and 14) (must equal Schedule RC, item //////////////////
15.b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3548 0 15.
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-9
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-E--Deposit Liabilities
<TABLE>
<CAPTION>
---------
C325 <-
----------------------------------------------------------
| Nontransaction
Transaction Accounts | Accounts
----------------------------------------------------------
(Column A) (Column B) (Column C)
Total transaction Memo: Total Total
accounts demand deposits nontransaction
(including total (included in accounts
demand deposits) column A) (including MMDAs)
----------------------------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Deposits of: ////////////////// ////////////////// //////////////////
1. Individuals, partnerships, and ////////////////// ////////////////// //////////////////
corporations . . . . . . . . . . . . . . 2201 2,424,071 2240 1,518,682 2346 7,754,137 1.
2. U.S. Government . . . . . . . . . . . . 2202 74,429 2280 74,257 2520 3,995 2.
3. States and political subdivisions in the ////////////////// ////////////////// //////////////////
U.S. . . . . . . . . . . . . . . . . . . 2203 444,781 2290 280,965 25,30 640,814 3.
4. Commercial banks in the U.S. . . . . . . 2206 17,113 2310 17,113 ////////////////// 4.
a. U.S. branches and agencies of foreign ////////////////// ////////////////// //////////////////
banks . . . . . . . . . . . . . . . ////////////////// ////////////////// 2347 177 4.a.
b. Other commercial banks in the U.S. . ////////////////// ////////////////// 2348 0 4.b.
5. Other depository institutions in the 2207 13,810 2312 13,810 2349 768 5.
U.S. . . . . . . . . . . . . . . . . . .
6. Banks in foreign countries . . . . . . . 2213 208 2320 208 ////////////////// 6.
a. Foreign branches of other U.S. banks ////////////////// ////////////////// 2367 0 6.a.
b. Other banks in foreign countries . . ////////////////// ////////////////// 2373 0 6.b.
7. Foreign governments and official ////////////////// ////////////////// //////////////////
institutions (including foreign central ////////////////// ////////////////// //////////////////
banks) . . . . . . . . . . . . . . . . . 2216 0 2300 0 2377 0 7.
8. Certified and official checks . . . . . 2330 61,892 2330 61,892 ////////////////// 8.
9. Total (sum of items 1 through 8) (sum of ////////////////// ////////////////// //////////////////
columns A and C must equal Schedule RC, ////////////////// ////////////////// //////////////////
item 13.a) . . . . . . . . . . . . . . . 2215 3,036,304 2210 1,966,927 2385 8,399,891 9.
------------------ ------------------ ------------------
<CAPTION>
------------------
Memoranda Dollar Amounts in Thousands RCON Bil Mil Thou
----------------------------------------------------------------------------------------------------------
<C> <S> <C> <S>
1. Selected components of total deposits (i.e., sum of item 9, columns A and C): //////////////////
a. Total Individual Retirement Accounts (IRAs) and Keogh Plan accounts . . . . 6835 791,887 M.1.a.
b. Total brokered deposits . . . . . . . . . . . . . . . . . . . . . . . . . . 2365 0 M.1.b.
c. Fully insured brokered deposits (included in Memorandum item 1.b above): //////////////////
(1) Issued in denominations of less than $100,000 . . . . . . . . . . . . . 2343 0 M.1.c.(1)
(2) Issued either in denominations of $100,000 or in denominations greater //////////////////
than $100,000 and participated out by the broker in shares of $100,000 or //////////////////
less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2344 0 M.1.c.(2)
d. Total deposits denominated in foreign currencies . . . . . . . . . . . . . . 3776 0 M.1.d.
e. Preferred deposits (uninsured deposits of states and political subdivisions //////////////////
in the U.S. reported in item 3 above which are secured or collateralized as //////////////////
required under state law) . . . . . . . . . . . . . . . . . . . . . . . . . 5590 1,085,595 M.1.e.
2. Components of total nontransaction accounts (sum of Memoranda items 2.a through //////////////////
2.d must equal item 9, column C, above): //////////////////
a. Savings deposits: //////////////////
(1) Money market deposit accounts (MMDAs) . . . . . . . . . . . . . . . . . 6810 2,127,974 M.2.a.(1)
(2) Other savings deposits (excludes MMDAs) . . . . . . . . . . . . . . . . 0352 3,004,807 M.2.a.(2)
b. Total time deposits of less than $100,000 . . . . . . . . . . . . . . . . . 6648 2,742,542 M.2.b.
c. Time certificates of deposit of $100,000 or more . . . . . . . . . . . . . . 6645 524,568 M.2.c.
d. Open-account time deposits of $100,000 or more . . . . . . . . . . . . . . . 6646 0 M.2.d.
3. All NOW accounts (included in column A above) . . . . . . . . . . . . . . . . . 2398 1,067,992 M.3.
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-10
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-E--Continued
Memoranda (Continued)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
Deposit Totals for FDIC Insurance Assessments<F1> ------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
4. Total deposits (sum of item 9, column A and item 9, column C) (must equal //////////////////
Schedule RC, item 13.a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2200 11,436,195 M.4.
//////////////////
a. Total demand deposits (must equal item 9, column B) . . . . . . . . . . 2210 1,966,927 M.4.a.
b. Total time and savings deposits <F2> (must equal item 9, column A plus //////////////////
item 9, column C minus item 9, column B) . . . . . . . . . . . . . . . . 2350 9,469,268 M.4.b.
------------------
<FN>
<F1> An amended Certified Statement should be submitted to the FDIC if the deposit totals reported in this item are
amended after the semiannual Certified Statement originally covering this report date has been filed with the
FDIC.
<F2> For FDIC insurance assessment purposes, "total time and savings deposits" consists of nontransaction accounts
and all transaction accounts other than demand deposits.
</FN>
</TABLE>
--------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <S>
5. Time deposits of less than $100,000 and open-account time deposits of //////////////////
$100,000 or more (included in Memorandum items 2.b and 2.d above) with a //////////////////
remaining maturity or repricing frequency of: <F1> //////////////////
a. Three months or less . . . . . . . . . . . . . . . . . . . . . . . . . . 0359 640,985 M.5.a.
b. Over three months through 12 months (but not over 12 months) . . . . . . 3644 1,150,426 M.5.b.
6. Maturity and repricing data for time certificates of deposit of $100,000 or //////////////////
more: <F1> //////////////////
a. Fixed rate time certificates of deposit of $100,000 or more with a //////////////////
remaining maturity of: //////////////////
(1) Three months or less . . . . . . . . . . . . . . . . . . . . . . . . 2761 372,942 M.6.a.(1)
(2) Over three months through 12 months . . . . . . . . . . . . . . . . 2762 98,523 M.6.a.(2)
(3) Over one year through five years . . . . . . . . . . . . . . . . . . 2763 53,103 M.6.a.(3)
(4) Over five years . . . . . . . . . . . . . . . . . . . . . . . . . . 2765 0 M.6.a.(4)
(5) Total fixed rate time certificates of deposit of $100,000 or more ////////////////// M.6.a.(5)
(sum of Memorandum items 6.a.(1) through 6.a.(4)) . . . . . . . . . 2767 524,568
b. Floating rate time certificates of deposit of $100,000 or more with a //////////////////
repricing frequency of: //////////////////
(1) Quarterly or more frequently . . . . . . . . . . . . . . . . . . . . 4568 0 M.6.b.(1)
(2) Annually or more frequently, but less frequently than quarterly . . 4569 0 M.6.b.(2)
(3) Every five years or more frequently, but less frequently than //////////////////
annually . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4571 0 M.6.b.(3)
(4) Less frequently than every five years . . . . . . . . . . . . . . . 4572 0 M.6.b.(4)
(5) Total floating rate time certificates of deposit of $100,000 or more //////////////////
(sum of Memorandum items 6.b.(1) through 6.b.(4)) . . . . . . . . . 4573 0 M.6.b.(5)
c. Total time certificates of deposit of $100,000 or more (sum of //////////////////
Memorandum items 6.a.(5) and 6.b.(5)) (must equal Memorandum item 2.c. //////////////////
above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6645 524,568 M.6.c.
------------------
<FN>
<F1> Memorandum items 5 and 6 are not applicable to savings banks that must complete supplemental Schedule RC-J.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-11
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-F--Other Assets
<TABLE>
<CAPTION>
-------
C330 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Income earned, not collected on loans . . . . . . . . . . . . . . . . . . . 2164 56,840 1.
2. Net deferred tax assets<F1>. . . . . . . . . . . . . . . . . . . . . . . . . 2148 32,255 2.
3. Excess residential mortgage servicing fees receivable . . . . . . . . . . . 5371 12,428 3.
4. Other (itemize and describe amounts that exceed 25% of this item) . . . . . 2168 381,030 4.
a. TEXT 3549 Accounts Receivable Other________________ RCON 3549 141,562 ////////////////// 4.a.
b. TEXT 3550 Accounts Receivable Foreclosure__________ RCON 3550 150,484 ////////////////// 4.b.
c. TEXT 3551 _________________________________________ RCON 3551 ////////////////// 4.c.
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 11) . . . . . 2160 482,553 5.
------------------
<CAPTION>
Memorandum
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Deferred tax assets disallowed for regulatory capital purposes . . . . . . . 5610 0 M.1.
------------------
<CAPTION>
Schedule of RC-G--Other Liabilities
--------
C335 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. a. Interest accrued and unpaid on deposits<F2> . . . . . . . . . . . . . . . 3645 16,353 1.a.
b. Other expenses accrued and unpaid (includes accrued income taxes //////////////////
payable) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3646 63,387 1.b.
2. Net deferred tax liabilities<F1> . . . . . . . . . . . . . . . . . . . . . . 3049 0 2.
3. Minority interest in consolidated subsidiaries . . . . . . . . . . . . . . . 3000 0 3.
4. Other (itemize and describe amounts that exceed 25% of this item) . . . . . 2938 38,699 4.
a. TEXT 3552 Reserve For Possible Credit Losses______ RCON 3552 9,738 ////////////////// 4.a
b. TEXT 3553 ________________________________________ RCON 3553 ////////////////// 4.b.
c. TEXT 3554 ________________________________________ RCON 3554 ////////////////// 4.c.
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 20) . . . . . 2930 118,439 5.
------------------
<FN>
<F1> See discussion of deferred income taxes in Glossary entry on "income taxes."
<F2> For savings banks, includes "dividends" accrued and unpaid on deposits.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-12
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
<TABLE>
<CAPTION>
Schedule RC-K--Quarterly Averages <F1>
-------
C355 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS //////////////////
1. Interest-bearing balances due from depository institutions . . . . . . . . . 3381 0 1.
2. U.S. Treasury securities and U.S. Government agency and corporation //////////////////
obligations<F2>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3382 2,797,212 2.
3. Securities issued by states and politial subdivisions in the U.S.<F2>. . . . 3383 849,915 3.
4. a. Other debt securities<F2> . . . . . . . . . . . . . . . . . . . . . . . . 3647 1,960 4.a.
b. Equity securities<F3>(includes investments in mutual funds and Federal //////////////////
Reserve stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3648 0 4.b.
5. Federal funds sold and securities purchased under agreements to resell . . . 3365 56,187 5.
6. Loans: //////////////////
a. Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3360 9,207,771 6.a.
b. Loans secured by real estate . . . . . . . . . . . . . . . . . . . . . . 3385 5,253,682 6.b.
c. Loans to finance agricultural production and other loans to farmers . . 3386 79,301 6.c.
d. Commercial and industrial loans . . . . . . . . . . . . . . . . . . . . 3387 1,224,642 6.d.
e. Loans to individuals for household, family, and other personal //////////////////
expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3388 2,487,328 6.e.
f. Obligations (other than securities and leases) of states and political //////////////////
subdivisions in the U.S. . . . . . . . . . . . . . . . . . . . . . . . . 3389 81,138 6.f.
7. Assets held in trading accounts . . . . . . . . . . . . . . . . . . . . . . 3401 0 7.
8. Lease financing receivables (net of unearned income) . . . . . . . . . . . . 3484 83,224 8.
9. Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3368 14,304,205 9.
LIABILITIES //////////////////
10. Interest-bearing transaction accounts (NOW accounts, ATS accounts, and //////////////////
telephone and preauthorized transfer accounts) (exclude demand deposits) . . 3485 1,043,804 10.
11. Nontransaction accounts: //////////////////
a. Money market deposit accounts (MMDAs) . . . . . . . . . . . . . . . . . 3486 2,196,311 11.a.
b. Other savings deposits . . . . . . . . . . . . . . . . . . . . . . . . . 3487 3,056,609 11.b.
c. Time certificates of deposit of $100,000 or more . . . . . . . . . . . . 3345 563,709 11.c.
d. All other time deposits . . . . . . . . . . . . . . . . . . . . . . . . 3469 2,745,009 11.d.
12. Federal funds purchased and securities sold under agreements to repurchase . 3353 1,452,373 12.
13. Other borrowed money . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3355 4,396 13.
------------------
<FN>
<F1> For all items, banks have the option of reporting either (1) an average of daily figures for the quarter,
or (2) an average of weekly figures (i.e., the Wednesday of each week of the quarter).
<F2> Quarterly averages for all debt securities should be based on amortized cost.
<F3> Quarterly averages for all equity securities should be based on historical cost.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-13
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-L--Off-Balance Sheet Items
<TABLE>
<CAPTION>
Please read carefully the instructions for the preparation of Schedule RC-L. Some of the amounts
reported in Schedule RC-L are regarded as volume indicators and not necessarily as measures of risk.
-------
C360 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Unused commitments: //////////////////
a. Revolving, open-end lines secured by 1-4 family residential properties, //////////////////
e.g., home equity lines . . . . . . . . . . . . . . . . . . . . . . . . 3814 648,663 1.a.
b. Credit card lines . . . . . . . . . . . . . . . . . . . . . . . . . . . 3815 566,009 1.b.
c. Commercial real estate, construction, and land development: //////////////////
(1) Commitments to fund loans secured by real estate . . . . . . . . . . 3816 173,176 1.c.(1)
(2) Commitments to fund loans not secured by real estate . . . . . . . . 6550 22,935 1.c.(2)
d. Securities underwriting . . . . . . . . . . . . . . . . . . . . . . . . 3817 0 1.d.
e. Other unused commitments . . . . . . . . . . . . . . . . . . . . . . . . 3818 1,035,657 1.e.
2. Financial standby letters of credit . . . . . . . . . . . . . . . . . . . . 3819 98,098 2.
a. Amount of financial standby letters of credit //////////////////
conveyed to others . . . . . . . . . . . . . . . RCON 3820 4,862 ////////////////// 2.a.
3. Performance standby letters of credit . . . . . . . . . . . . . . . . . . . 3821 11,860 3.
a. Amount of performance standby letters of credit //////////////////
conveyed to others . . . . . . . . . . . . . . . RCON 3822 0 ////////////////// 3.a.
4. Commercial and similar letters of credit . . . . . . . . . . . . . . . . . . 3411 62,600 4.
5. Participations in acceptances (as described in the instructions) conveyed to //////////////////
others by the reporting bank . . . . . . . . . . . . . . . . . . . . . . . . 3428 0 5.
6. Participations in acceptances (as described in the instructions) acquired by //////////////////
the reporting (nonaccepting) bank . . . . . . . . . . . . . . . . . . . . . 3429 0 6.
7. Securities borrowed . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3432 0 7.
8. Securities lent (including customers' securities lent where the customer is //////////////////
indemnified against loss by the reporting bank) . . . . . . . . . . . . . . 3433 0 8.
9. Mortgages transferred (i.e., sold or swapped) with recourse that have been //////////////////
treated as sold for Call Report purposes: //////////////////
a. FNMA and FHLMC residential mortgage loan pools: //////////////////
(1) Outstanding principal balance of mortgages transferred as of the //////////////////
report date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3650 0 9.a.(1)
(2) Amount of recourse exposure on these mortgages as of the report //////////////////
date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3651 0 9.a.(2)
b. Private (nongovernment-issued or -guaranteed) residential mortgage loan //////////////////
pools: //////////////////
(1) Outstanding principal balance of mortgages transferred as of the //////////////////
report date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3652 134,280 9.b.(1)
(2) Amount of recourse exposure on these mortgages as of the report //////////////////
date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3653 134,280 9.b.(2)
c. Farmer Mac agricultural mortgage loan pools: //////////////////
(1) Outstanding principal balance of mortgages transferred as of the //////////////////
report date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3654 0 9.c.(1)
(2) Amount of recourse exposure on these mortgages as of the report //////////////////
date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3655 0 9.c.(2)
10. When-issued securities: //////////////////
a. Gross commitments to purchase . . . . . . . . . . . . . . . . . . . . . 3434 0 10.a.
b. Gross commitments to sell . . . . . . . . . . . . . . . . . . . . . . . 3435 732,702 10.b.
11. Interest rate contracts (exclude when-issued securities): //////////////////
a. Notional value of interest rate swaps . . . . . . . . . . . . . . . . . 3450 1,000,000 11.a.
b. Futures and forward contracts . . . . . . . . . . . . . . . . . . . . . 3823 0 11.b.
c. Option contracts (e.g., options on Treasuries): //////////////////
(1) Written option contracts . . . . . . . . . . . . . . . . . . . . . . 3824 0 11.c.(1)
(2) Purchased option contracts . . . . . . . . . . . . . . . . . . . . . 3825 0 11.c.(2)
12. Foreign exchange rate contracts: //////////////////
a. Notional value of exchange swaps (e.g., cross-currency swaps) . . . . . 3826 0 12.a.
b. Commitments to purchase foreign currencies and U.S. dollar exchange //////////////////
(spot, forward, and futures) . . . . . . . . . . . . . . . . . . . . . . 3415 0 12.b.
c. Option contracts (e.g., options on foreign currency): //////////////////
(1) Written option contracts . . . . . . . . . . . . . . . . . . . . . . 3827 0 12.c.(1)
(2) Purchased option contracts . . . . . . . . . . . . . . . . . . . . . 3828 0 12.c.(2)
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-14
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-L--Continued
<TABLE>
<CAPTION>
-------
C361 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
13. Contracts on other commodities and equities: //////////////////
a. Notional value of other swaps (e.g., oil swaps) . . . . . . . . . . . . 3829 0 13.a.
b. Futures and forward contracts (e.g., stock index and commodity--precious //////////////////
metals, wheat, cotton, livestock--contracts) . . . . . . . . . . . . . . 3830 0 13.b.
c. Option contracts (e.g., options on commodities, individual stocks and //////////////////
stock indexes): //////////////////
(1) Written option contracts . . . . . . . . . . . . . . . . . . . . . . 3831 0 13.c.(1)
(2) Purchased option contracts . . . . . . . . . . . . . . . . . . . . . 3832 0 13.c.(2)
14. All other off-balance sheet liabilities (itemize and describe each component //////////////////
of this item over 25% of Schedule RC, item 28, "Total equity capital") . . . 3430 0 14.
//////////////////
a. TEXT 3555_________________________________________ RCON 3555 ////////////////// 14.a.
b. TEXT 3556_________________________________________ RCON 3556 ////////////////// 14.b.
c. TEXT 3557_________________________________________ RCON 3557 ////////////////// 14.c.
d. TEXT 3558_________________________________________ RCON 3558 ////////////////// 14.d.
15. All other off-balance sheet assets (itemize and describe each component of //////////////////
this item over 25% of Schedule RC, item 28, "Total equity capital") . . . . 5591 0 15.
//////////////////
a. TEXT 5592_________________________________________ RCON 5592 ////////////////// 15.a.
b. TEXT 5593_________________________________________ RCON 5593 ////////////////// 15.b.
c. TEXT 5594_________________________________________ RCON 5594 ////////////////// 15.c.
d. TEXT 5595_________________________________________ RCON 5595 ////////////////// 15.d.
------------------
<CAPTION>
Memoranda
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Not applicable //////////////////
2. Not applicable //////////////////
3. Unused commitments with an original maturity exceeding one year that are //////////////////
reported in Schedule RC-L, item 1.a through 1.e. above (report only the //////////////////
unused portions of commitments that are fee paid or otherwise legally //////////////////
binding) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3833 57,577 M.3.
a. Participations in commitments with an original //////////////////
maturity exceeding one year conveyed to others . RCON 3834 0 ////////////////// M.3.a.
4. To be completed only by banks with $1 billion or more in total assets: //////////////////
Standby letters of credit (both financial and performance) issued to non- //////////////////
U.S. addressees (domicile) included in Schedule RC-L, items 2 and 3, above . 3377 1,676 M.4.
5. To be completed for the September report only: //////////////////
Installment loans to individuals for household, family, and other personal //////////////////
expenditures that have been securitized and sold without recourse (with //////////////////
servicing retained), amounts outstanding by type of loan: //////////////////
a. Loans to purchase private passenger automobiles . . . . . . . . . . . . 2741 N/A M.5.a.
b. Credit cards and related plans . . . . . . . . . . . . . . . . . . . . . 2742 N/A M.5.b.
c. All other consumer installment credit (including mobile home loans) . . 2743 N/A M.5.c.
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-15
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-M--Memoranda
<TABLE>
<CAPTION>
-------
C365 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Extensions of credit by the reporting bank to its executive officers, //////////////////
directors, principal shareholders, and their related interests as of the //////////////////
report date: //////////////////
a. Aggregate amount of all extensions of credit to all executive officers, //////////////////
directors, principal shareholders, and their related interests . . . . . 6164 10,620 1.a.
b. Number of executive officers, directors, and principal shareholders to //////////////////
whom the amount of all extensions of credit by the reporting bank //////////////////
(including extensions of credit to related interests) equals or exceeds //////////////////
the lesser of $500,000 or 5 percent of total capital Number //////////////////
as defined for this purpose in agency regulations RCON 6165 3 ////////////////// 1.b.
2. Federal funds sold and securities purchased under agreements to resell with //////////////////
U.S. branches and agencies of foreign banks<F1>(included in Schedule RC, //////////////////
item 3.a and 3.b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3405 0 2.
3. Not applicable //////////////////
4. Outstanding principal balance of 1-4 family residential mortgage loans //////////////////
serviced for others (include both retained servicing and purchased //////////////////
servicing): //////////////////
a. Mortgages serviced under a GNMA contract . . . . . . . . . . . . . . . . 5500 3,891,282 4.a.
b. Mortgages serviced under a FHLMC contract: //////////////////
(1) Serviced with recourse to servicer . . . . . . . . . . . . . . . . . 5501 36,042 4.b.(1)
(2) Serviced without recourse to servicer . . . . . . . . . . . . . . . 5502 3,478,856 4.b.(2)
c. Mortgages serviced under a FNMA contract: //////////////////
(1) Serviced under a regular option contract . . . . . . . . . . . . . . 5503 8,442,091 4.c.(1)
(2) Serviced under a special option contract . . . . . . . . . . . . . . 5504 0 4.c.(2)
d. Mortgages serviced under other servicing contracts . . . . . . . . . . . 5505 8,697,941 4.d.
5. To be completed only by banks with $1 billion or more in total assets: //////////////////
Customers' liability to this bank on acceptances outstanding (sum of items //////////////////
5.a and 5.b must equal Schedule RC, item 9): //////////////////
a. U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . 2103 2,571 5.a.
b. Non-U.s. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . 2104 0 5.b.
6. Intangible assets: //////////////////
a. Mortgage servicing rights . . . . . . . . . . . . . . . . . . . . . . . 3164 223,228 6.a.
b. Other identifiable intangible assets: //////////////////
(1) Purchased credit card relationships . . . . . . . . . . . . . . . . 5506 0 6.b.(1)
(2) All other identifiable intangible assets . . . . . . . . . . . . . . 5507 38,072 6.b.(2)
c. Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3163 3,950 6.c.
d. Total (sum of items 6.a through 6.c) (must equal Schedule RC, item 10) . 2143 265,250 6.d.
e. Intangible assets that have been grandfathered for regulatory capital ////////////////// 6.e.
purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6442 0
------------------
7. Does your bank have any mandatory convertible debt that is part of your Tier YES NO
------------------
2 captial? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6167 //// X 7.
------------------
If yes, complete items 7.a through 7.e: RCON Bil Mil Thou
------------------
a. Total equity contract notes, gross . . . . . . . . . . . . . . . . . . . 3290 N/A 7.a.
b. Common or perpetual preferred stock dedicated to redeem the above notes 3291 N/A 7.b.
c. Total equity commitment notes, gross . . . . . . . . . . . . . . . . . . 3293 N/A 7.c.
d. Common or perpetual preferred stock dedicated to redeem the above notes 3294 N/A 7.d.
e. Total (item 7.a minus 7.b plus 7.c minus 7.d) . . . . . . . . . . . . . 3295 N/A 7.e.
------------------
<FN>
<F1> Do not report federal funds sold and securities purchased under agreements
to resell with other commercial banks in the U.S. in this item.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-16
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-M--Continued
<TABLE>
<CAPTION>
------------------
Dollar Amount in Thousands RCON Bil Mil Thou
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
8. a. Other real estate owned: //////////////////
(1) Direct and indirect investments in real estate ventures . . . . . . 5372 0 8.a.(1)
(2) All other real estate owned: //////////////////
(a) Construction and land development . . . . . . . . . . . . . . 5508 3,092 8.a.(2)(a)
(b) Farmland . . . . . . . . . . . . . . . . . . . . . . . . . . . 5509 1,203 8.a.(2)(b)
(c) 1-4 family residential properties . . . . . . . . . . . . . . 5510 15,959 8.a.(2)(c)
(d) Multifamily (5 or more) residential properties . . . . . . . . 5511 646 8.a.(2)(d)
(e) Nonfarm nonresidential properties . . . . . . . . . . . . . . 5512 11,864 8.a.(2)(e)
(3) Total (sum of items 8.a.(1) and 8.a.(2)) (must equal Schedule RC, //////////////////
item 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2150 32,764 8.1.(3)
b. Investments in unconsolidated subsidiaries and associated companies: //////////////////
(1) Direct and indirect investments in real estate ventures . . . . . . 5374 504 8.b.(1)
(2) All other investments in unconsolidated subsidiaries and associated //////////////////
companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5375 0 8.b.(2)
(3) Total (sum of items 8.b.(1) and 8.b.(2)) (must equal Schedule RC, //////////////////
item 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2130 504 8.b.(3)
c. Total assets of unconsolidated subsidiaries and associated companies . . 5376 504 8.c.
9. Noncumulative perpetual preferred stock and related surplus included in //////////////////
Schedule RC, item 23, "Perpetual preferred stock and related surplus" . . . 3778 0 9.
10. Mutual fund and annuity sales during the quarter (include proprietary, //////////////////
private label, and third party mutual funds): //////////////////
a. Money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 6441 1,047 10.a.
b. Equity securities funds . . . . . . . . . . . . . . . . . . . . . . . . 8427 7,853 10.b.
c. Debt securities funds . . . . . . . . . . . . . . . . . . . . . . . . . 8428 34,031 10.c.
d. Other mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 8429 9,424 10.d.
e. Annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8430 46,928 10.e.
------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Memorandum
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Interbank holdings of capital instruments (to be completed for the December //////////////////
report only): //////////////////
a. Reciprocal holdings of banking organizations' capital instruments . . . 3836 N/A M.1.a.
b. Nonreciprocal holdings of banking organizations' capital instruments . . 3837 N/A M.1.b.
------------------
</TABLE>
--------------------------------------------------------------------
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-17
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
<TABLE>
<CAPTION>
Schedule RC-N--Past Due and Nonaccrual Loans, Leases, and Other Assets
The FFIEC regards the information ------
reported in C370 <-
all of Memorandum item 1, in items 1 ---------------------------------------------------------
through 10, (Column A) (Column B) (Column C)
column A, and in Memorandum items 2 Past due Past due 90 Nonaccrual
through 4, 30 through 89 days or more
column A, as confidential days and and still
still accruing
accruing
----------------------------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
1. Loans secured by real estate: ////////////////// ////////////////// //////////////////
a. To U.S. addressees (domicile) 1245 67,921 1246 13,561 1247 56,281 1.a.
b. To non-U.S. addressees ////////////////// ////////////////// //////////////////
(domicile) . . . . . . . . . 1248 0 1249 0 1250 0 1.b.
2. Loans to depository institutions ////////////////// ////////////////// //////////////////
and acceptances of other banks: ////////////////// ////////////////// //////////////////
a. To U.S. banks and other U.S. ////////////////// ////////////////// //////////////////
depository institutions. . . . 5377 0 5378 0 5379 0 2.a.
b. To foreign banks . . . . . . 5380 0 5381 0 5382 0 2.b.
3. Loans to finance agricultural ////////////////// ////////////////// //////////////////
production and other loans to ////////////////// ////////////////// //////////////////
farmers 1594 3,615 1597 2,369 1583 5,622 3.
4. Commercial and industrial loans: ////////////////// ////////////////// //////////////////
a. To U.S. addressees (domicile) 1251 37,826 1252 4,129 1253 26,838 4.a.
b. To non-U.S. addressees (domicile) 1254 0 1255 0 1256 0 4.b.
5. Loans to individuals for household, ////////////////// ////////////////// //////////////////
family, and other personal ////////////////// ////////////////// //////////////////
expenditures: ////////////////// ////////////////// //////////////////
a. Credit cards and related plans 5383 4,490 5384 3,056 5385 0 5.a.
b. Other (includes single payment, ////////////////// ////////////////// //////////////////
installment, and all student loans) 5386 42,775 5387 3,339 5388 4,260 5.b.
6. Loans to foreign governments and ////////////////// ////////////////// //////////////////
official institutions . . . . . . 5389 0 5390 0 5391 0 6.
7. All other loans . . . . . . . . . 5459 102 5460 378 5461 416 7.
8. Lease financing receivables: ////////////////// ////////////////// //////////////////
a. Of U.S. addressees (domicile) 1257 383 1258 27 1259 139 8.a.
b. Of non-U.S. addressees (domicile) 1271 0 1272 0 1791 0 8.b.
9. Debt securities and other assets ////////////////// ////////////////// //////////////////
(exclude other real estate owned ////////////////// ////////////////// //////////////////
and other repossessed assets) . . 3505 0 3506 0 3507 0 9.
------------------ ------------------ ------------------
</TABLE>
===================================================================
<TABLE>
<CAPTION>
Amounts reported in items 1 through 8 above include guaranteed and unguaranteed portions
of past due and nonaccrual loans and leases. Report in item 10 below certain guaranteed
loans and leases that have already been included in the amounts reported in items 1
through 8.
----------------------------------------------------------
RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
----------------------------------------------------------
<C> <S> <C> <C> <C> <C>
10. Loans and leases reported in items 1
through 8 above which are wholly or partially ////////////////// ////////////////// //////////////////
guaranteed by the U.S. Government . . . . . . 5612 5,699 5613 2,064 5614 2,652 10.
a. Guaranteed portion of loans and leases ////////////////// ////////////////// //////////////////
included in item 10 above . . . . . . . . . 5615 5,558 5616 2,060 5617 2,579 10.a.
------------------ ------------------ ------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-18
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-N--Continued
<TABLE>
<CAPTION>
------
C370 <-
---------------------------------------------------------
(Column A) (Column B) (Column C)
Past due Past due 90 Nonaccrual
30 through 89 days or more
days and and still
still accruing
accruing
----------------------------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
---------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
1. Restructured loans and leases included in ////////////////// ////////////////// //////////////////
Schedule RC-N, items 1 through 8, above . . 1658 0 1659 0 1661 0 M.1.
2. Loans to finance commercial real estate, ////////////////// ////////////////// //////////////////
construction, and land development activities ////////////////// ////////////////// //////////////////
(not secured by real estate) included in ////////////////// ////////////////// //////////////////
Schedule RC-N, items 4 and 7, above . . . . 6558 0 6559 0 6560 0 M.2.
3. Loans secured by real estate (sum of ////////////////// ////////////////// //////////////////
Memorandum items 3.a through 3.e must equal ////////////////// ////////////////// //////////////////
sum of Schedule RC-N, items 1.a and 1.b, above): ////////////////// ////////////////// //////////////////
a. Construction and land development. . . . . . 2759 2,235 2769 0 3492 5,323 M.3.a.
b. Secured by farmland . . . . . . . . . . . . 3493 725 3494 438 3495 2,883 M.3.b.
c. Secured by 1-4 family residential properties: ////////////////// ////////////////// //////////////////
(1) Revolving, open-end loans secured ////////////////// ////////////////// //////////////////
by 1-4 family residential properties and ////////////////// ////////////////// //////////////////
extended under lines of credit . . . . . 5398 3,359 5399 841 5400 562 M.3.c.(1)
(2) All other loans secured by 1-4 family ////////////////// ////////////////// //////////////////
residential properties . . . . . . . . . 5401 25,522 5402 6,997 5403 12,847 M.3.c.(2)
d. Secured by multifamily (5 or more) ////////////////// ////////////////// //////////////////
residential properties . . . . . . . . . . 3499 970 3500 0 3501 1,564 M.3.d.
e. Secured by nonfarm nonresidential properties 3502 35,110 3503 5,285 3504 33,102 M.3.e.
------------------ ------------------ ------------------
<CAPTION>
--------------------------------------
(Column A) (Column B)
Past due Past due 90
30 through 89 days or more
days
--------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou
--------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
4. Interest rate, foreign exchange rate, and other ////////////////// //////////////////
commodity and equity contracts: ////////////////// //////////////////
a. Book value of amounts carried as assets . . 3522 0 3528 0 M.4.a.
b. Replacement cost of contracts with a posi- ////////////////// //////////////////
tive replacement cost . . . . . . . . . . 3529 0 3530 0 M.4.b.
------------------ ------------------
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-19
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
<TABLE>
<CAPTION>
Schedule RC-O--Other Data for Deposit Insurance Assessments
An amended Certified Statement should be submitted to the FDIC if the amounts reported in
items 1 through 10 of this schedule are amended after the semiannual Certified Statement
originally covering this report date has been filed with the FDIC.
-------
C375 <-
------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Unposted debits (see instructions): //////////////////
a. Actual amount of all unposted debits . . . . . . . . . . . . . . . . . 0030 N/A 1.a.
OR //////////////////
b. Separate amount of unposted debits: //////////////////
(1) Actual amount of unposted debits to demand deposits . . . . . . . . 0031 0 1.b.(1)
(2) Actual amount of unposted debits to time and savings deposits <F1>. 0032 0 1.b.(2)
2. Unposted credits (see instructions): //////////////////
a. Actual amount of all unposted credits . . . . . . . . . . . . . . . . . 3510 N/A 2.a.
OR //////////////////
b. Separate amount of unposted credits: //////////////////
(1) Actual amount of unposted credits to demand deposits. . . . . . . . 3512 25,846 2.b.(1)
(2) Actual amount of unposted credits to time and savings deposits <F1> 3514 26 2.b.(2)
3. Uninvested trust funds (cash) held in bank's own trust //////////////////
department (not included in total deposits) . . . . . . . . . . . . . . . 3520 0 3.
4. Deposits of consolidated subsidiaries (not included in total deposits): //////////////////
a. Demand deposits of consolidated subsidiaries . . . . . . . . . . . . . 2211 19,521 4.a.
b. Time and savings deposits<F1> of consolidated subsidiaries . . . . . . . 2351 0 4.b.
c. Interest accrued and unpaid on deposits of consolidated subsidiaries . . 5514 0 4.c.
5. Not applicable.
Item 6 is not applicable to state nonmember banks that have not been authorized by //////////////////
the Federal Reserve to act as pass-through correspondents. //////////////////
6. Reserve balances actually passed through to the Federal Reserve by the reporting //////////////////
bank on behalf of its respondent depository institutions that are also reflected //////////////////
as deposit liabilities of the reporting bank: //////////////////
a. Amount reflected in demand deposits (included in Schedule RC-E, Memorandum //////////////////
item 4.a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2314 0 6.a.
b. Amount reflected in time and savings deposits<F1>(included in Schedule RC-E, //////////////////
Memorandum item 4.b) . . . . . . . . . . . . . . . . . . . . . . . . . . 2315 0 6.b.
7. Unamortized premiums and discounts on time and savings deposits:<F1> //////////////////
a. Unamortized premiums . . . . . . . . . . . . . . . . . . . . . . . . . . 5516 0 7.a.
b. Unamortized discounts . . . . . . . . . . . . . . . . . . . . . . . . . . 5517 0 7.b.
8. To be completed by banks with "Oakar deposits." //////////////////
Total "Adjusted Attributable Deposits" of all institutions acquired under Section //////////////////
5(d) (3) of the Federal Deposit Insurance Act (from most recent FDIC Oakar //////////////////
Transaction Worksheet(s)) . . . . . . . . . . . . . . . . . . . . . . . . . 5518 1,965,957 8.
9. Deposits in lifeline accounts . . . . . . . . . . . . . . . . . . . . . . . 5596////////////// 9.
10. Benefit-responsive "Depository Institution Investment Contracts" (included in //////////////////
total deposits) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8432 0 10.
------------------
<FN>
<F1> For FDIC insurance assessment purposes, "time and savings deposits" consists of
nontransaction accounts and all transaction accounts other than demand deposits.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-20
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-O--Continued
<TABLE>
<CAPTION>
Memoranda (to be completed each quarter except as noted) ------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
1. Total deposits of the bank //////////////////
(sum of Memorandum items 1.a. 91) and 1.b. (1) must equal Schedule RC, item 13.a): //////////////////
a. Deposit accounts of $100,000 or less: //////////////////
(1) Amount of deposit accounts of $100,000 or less . . 2702 8,092,256 M.1.a.(1)
(2) Number of deposit accounts of $100,000 or less (to be Number //////////////////
completed for the June report only RCON 3779 1,819,395 ////////////////// M.1.a.(2)
b. Deposit accounts of more than $100,000: //////////////////
(1) Amount of deposit accounts of more than $100,000 . . . . . . . Number 2710 3,343,939 M.1.b.(1)
(2) Number of deposit accounts of more than $100,000 RCON 2722 7.670 ////////////////// M.1.b.(2)
------------------
</TABLE>
<TABLE>
<C> <S> <C> <C>
2. Estimated amount of uninsured deposits of the bank:
a. An estimate of your bank's uninsured deposits can be determined by multiplying
the number of deposit accounts of more than $100,000 reported in Memorandum
item 1.b.(2) above by $100,000 and subtracting the result from the amount of
deposit accounts of more than $100,000 reported in Memorandum item 1.b.(1) above.
Indicate in the appropriate box at the right whether your bank has a method or ------------------
procedure for determining a better estimate of uninsured deposits than the estimate YES NO
described above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6861 /// x M.2.a.
------------------
b. If the box marked YES has been checked, report the estimate of uninsured RCON Bil Mil Thou
deposits determined by using your bank's method or procedure . . . . . . . . . 5597 N/A M.2.b.
------------------
</TABLE>
<TABLE>
<CAPTION>
---------
Person to whom questions about the Reports of Condition and Income should be directed C377 | <-
---------
<S> <S>
DAVID J GOSSTOLA - VICE PRESIDENT (518) 486-8197
_________________________________ ______________________________________
Name and Title (TEXT 8901) Area code and phone number (TEXT 8902)
<PAGE>
</TABLE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-21
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-R--Risk-Based Capital
This schedule must be completed by all banks as follows:
Banks that reported total assets of $1 billion or more in
Schedule RC, item 12, for June 30, 1993, must complete items
2 through 9 and Memorandum item 1. Banks with assets of less
than $1 billion must complete items 1 through 3 below or
Schedule RC-R in its entirety, depending on their response to
item 1 below.
<TABLE>
<C> <S> <C> <C>
1. Test for determining the extent to which Schedule RC-R must be completed. To be completed
only by banks with total assets of less than $1 billion. Indicate in the appropriate box C380 <-
at the right whether the bank has total capital greater than or equal to eight percent of YES NO
adjusted total assets . . . . . . . . . . . . . . . . . |RCON 6056| |///| | 1.
</TABLE>
For purposes of this test, adjusted total assets equals
total assets less cash, U.S. Treasuries, U.S. Government
agency obligations, and 80 percent of U.S. Government-sponsored
agency obligations plus the allowance for loan and lease losses
and selected off-balance sheet items as reported on Schedule
RC-L (see instructions).
If the box marked YES has been checked, then the bank only has
to complete items 2 and 3 below. If the box marked NO has been
checked, the bank must complete the remainder of this schedule.
A NO response to item 1 does not necessarily mean that the
bank's actual risk-based capital ratio is less than eight
percent or that the bank is not in compliance with the risk-
based capital guidelines.
<TABLE>
<CAPTION>
-----------------------------------------
(Column A) (Column B)
Subordinated Debt<F1> Other
and Intermediate Limited-
Items 2 and 3 are to be completed by all banks. Term Preferred Life Capital
Stock Instruments
-----------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou
---------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
2. Subordinated debt<F1> and other limited-life capital instruments ////////////////// //////////////////
(original weighted average maturity of at least five years) with ////////////////// //////////////////
a remaining maturity of: ////////////////// //////////////////
a. One year or less . . . . . . . . . . . . . . . . . . 3780 0 3786 0 2.a.
b. Over one year through two years . . . . . . . . . . . 3781 0 3787 0 2.b.
c. Over two years through three years . . . . . . . . . 3782 0 3788 0 2.c.
d. Over three years through four years . . . . . . . . . 3783 0 3789 0 2.d.
e. Over four years through five years . . . . . . . . . 3784 0 3790 0 2.e.
f. Over five years . . . . . . . . . . . . . . . . . . . 3785 0 3791 0 2.f.
------------------ ------------------
------------------
3. Total qualifying capital (i.e., Tier 1 and Tier 2 capital) RCON Bil Mil Thou
allowable under the risk-based capital guidelines. . . . . 3792 1,190,810 3.
------------------
<CAPTION>
----------------- -----------------
(Column A) (Column B)
Items 4-9 and Memorandum item 1 are to be completed by banks Assets Credit Equiva-
that answered NO to item 1 above and by banks with total Recorded lent Amount
assets of $1 billion or more. on the of Off-Balance
Balance Sheet Sheet Items<F2>
----------------- ------------------
<C> <S. <C> <C> <C>
4. Assets and credit equivalent amounts of off-balance sheet RCON Bil Mil Thou RCON Bil Mil Thou
----------------- ------------------
items assigned to the Zero percent risk category: ////////////////// //////////////////
a. Assets recorded on the balance sheet: ////////////////// //////////////////
(1) Securities issued by, other claims on, and ////////////////// //////////////////
claims unconditionally guaranteed by, the U.S. ////////////////// //////////////////
Government and its agencies and other OECD ////////////////// //////////////////
central governments . . . . . . . . . . . . . . 3794 747,317 ////////////////// 4.a.(1)
(2) All other . . . . . . . . . . . . . . . . . . . 3795 182,384 ////////////////// 4.a.(2)
b. Credit equivalent amount of off-balance sheet items . ////////////////// 3796 0 4.b.
------------------ ------------------
<FN>
<F1> Exclude mandatory convertible debt reported in Schedule RC-M, item 7.e, "Total."
<F2> Do not report in column B the risk-weighted amount of assets reported in column A.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-22
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
Schedule RC-R--Continued
<TABLE>
<CAPTION>
------------------ -----------------
(Column A) (Column B)
Assets CreditEquiva-
Recorded lent Amount
on the of Off-Balance
Balance Sheet Sheet Items<F1>
--------------------------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
5. Assets and credit equivalent amounts of off-balance items ////////////////// //////////////////
assigned to the 20 percent risk category: ////////////////// //////////////////
a. Assets recorded on the balance sheet: ////////////////// //////////////////
(1) Claims conditionally guaranteed by the U.S. ////////////////// //////////////////
Government and its agencies and other OECD ////////////////// //////////////////
central governments . . . . . . . . . . . . . . 3798 76,606 ////////////////// 5.a.(1)
(2) Claims collateralized by securities issued by the U.S. ////////////////// //////////////////
Government and its agencies and other OECD central ////////////////// //////////////////
governments; by securities issued by U.S. Government- ////////////////// //////////////////
sponsored agencies; and by cash on deposit . . . 3799 0 ////////////////// 5.a.(2)
(3) All other . . . . . . . . . . . . . . . . . . . 3800 3,182,889 ////////////////// 5.a.(3)
b. Credit equivalent amount of off-balance sheet items. . ////////////////// 3801 0 5.b.
6. Assets and credit equivalent amounts of off-balance sheet ////////////////// //////////////////
items assigned to the 50 percent risk category: ////////////////// //////////////////
a. Assets recorded on the balance sheet . . . . . . . . 3802 2,520,115 ////////////////// 6.a.
b. Credit equivalent amount of off-balance sheet items . ////////////////// 3803 171,850 6.b.
7. Assets and credit equivalent amounts of off-balance sheet ////////////////// //////////////////
items assigned to the 100 percent risk category: ////////////////// //////////////////
a. Assets recorded on the balance sheet. . . . . . . . . 3804 7,891,244 ////////////////// 7.a.
b. Credit equivalent amount of off-balance sheet items . ////////////////// 3805 145,337 7.b.
8. On-balance sheet asset values excluded from the ////////////////// //////////////////
calculation of the risk-based capital ratio<F2> . . . . . 3806 (14,022) ////////////////// 8.
9. Total assets recorded on the balance sheet (sum of items ////////////////// //////////////////
4.a, 5.a, 6.a, 7.a, and 8, column A) (must equal ////////////////// //////////////////
Schedule RC, item 12 plus items 4.b and 4.c) . . . . . . 3807 14,586,533 ////////////////// 9.
------------------ ------------------
<CAPTION>
------------------ ------------------
(Column A) (Column B)
Notional Replacement
Principal Cost
Memorandum Value (Market Value)
------------------ ------------------
Dollar Amounts in Thousands RCON Bil Mil Thou RCON Bil Mil Thou
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
1. Notional principal value and replacement cost of interest ////////////////// //////////////////
rate and foreign exchange rate contracts (in column B, ////////////////// //////////////////
report only those contracts with a positive replacement ////////////////// //////////////////
cost): ////////////////// //////////////////
a. Interest rate contracts (exclude futures contracts) . ////////////////// 3808 32,570 M.1.a.
(1) With a remaining maturity of one year or less . 3809 732,702 ////////////////// M.1.a.(1)
(2) With a remaining maturity of over one year . . . 3810 1,000,000 ////////////////// M.1.a.(2)
b. Foreign exchange rate contracts (exclude contracts ////////////////// //////////////////
with an original maturity of 14 days or less and ////////////////// //////////////////
futures contracts) . . . . . . . . . . . . . . . . . ////////////////// 3811 0 M.1.b.
(1) With a remaining maturity of one year or less . 3812 0 ////////////////// M.1.b.(1)
(2) With a remaining maturity of over one year . . . 3813 0 ////////////////// M.1.b.(2)
------------------ ------------------
<FN>
<F1> Do not report in column B the risk-weighted amount of assets reported in column A.
<F2> Until a final rule on the regulatory capital treatment of net unrealized holding
gains (losses) on available-for-sale securities that is applicable to the reporting
bank has taken effect, a bank that has adopted FASB Statement No. 115 should include
the difference between the fair value and the amortized cost of its available-for-
sale securities in item 8 and report the amortized cost of these securities in items
4 through 7 above. Item 8 also includes on-balance sheet asset values (or portions
thereof) of off-balance sheet interest rate, foreign exchange rate, and commodity
contracts and those contracts (e.g., futures contracts) not subject to risk-based
capital. Exclude from item 8 margin accounts and accrued receivables as well as any
portion of the allowance for loan and lease losses in excess of the amount that may
be included in Tier 2 capital.
</FN>
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096 FFIEC 032
Address: 66 SOUTH PEARL STREET Page RC-23
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
<TABLE>
<CAPTION>
Optional Narrative Statement Concerning the Amounts
Reported in the Reports of Condition and Income
at close of business on June 30, 1994
<S> <S>
KEY BANK OF NEW YORK ALBANY New York
__________________________________________________________ ______________________, ____________________
Legal Title of Bank City State
The management of the reporting bank may, if it wishes, the truncated statement will appear as the bank's
submit a brief narrative statement on the amounts reported statement both on agency computerized records and in
in the Reports of Condition and Income. This optional computer-file releases to the public.
statement will be made available to the public, along with
the publicly available data in the Reports of Condition All information furnished by the bank in the narrative
and Income, in response to any request for individual bank statement must be accurate and not misleading.
report data. However, the information reported in column Appropriate efforts shall be taken by the submitting bank
A and in all of Memorandum item 1 of Schedule RC-N is to ensure the statement's accuracy. The statement must be
regarded as confidential and will not be released to the signed, in the space provided below, by a senior officer
public. BANKS CHOOSING TO SUBMIT THE NARRATIVE STATEMENT of the bank who thereby attests to its accuracy.
SHOULD ENSURE THAT THE STATEMENT DOES NOT CONTAIN THE
NAMES OR OTHER IDENTIFICATIONS OF INDIVIDUAL BANK If, subsequent to the original submission, material
CUSTOMERS, REFERENCES TO THE AMOUNTS REPORTED IN THE changes are submitted for the data reported in the Reports
CONFIDENTIAL ITEMS IN SCHEDULE RC-N, OR ANY OTHER of Condition and Income, the existing narrative statement
INFORMATION THAT THEY ARE NOT WILLING TO HAVE MADE PUBLIC will be deleted from the files, and from disclosure; the
OR THAT WOULD COMPROMISE THE PRIVACY OF THEIR CUSTOMERS. bank, at its option, may replace it with a statement,
Banks choosing not make a statement may check the "No under signature, appropriate to the amended data.
comment" box below and should make no entries of any kind
in the space provided for the narrative statement; i.e., The optional narrative statement will appear in agency
DO NOT enter in this space such phrases as "No statement," records and in release to the public exactly as submitted
"Not applicable," "N/A," "No comment," and "None." (or amended as described in the preceding paragraph) by
the management of the bank (except for truncation of
statements exceeding the 750-character limit described
The optional statement must be entered on this sheet. The above). THE STATEMENT WILL NOT BE EDITED OR SCREENED IN
statement should not exceed 100 words. Further, ANY WAY BY THE SUPERVISORY AGENCIES FOR ACCURACY OR
regardless of the number of words, the statement must not RELEVANCE. DISCLOSURE OF THE STATEMENT SHALL NOT SIGNIFY
exceed 750 characters, including punctuation, THAT ANY FEDERAL SUPERVISORY AGENCY HAS VERIFIED OR
identation, and standard spacing between words and CONFIRMED THE ACCURACY OF THE INFORMATION CONTAINED
sentences. If any submission should exceed 750 THEREIN. A STATEMENT TO THIS EFFECT WILL APPEAR ON ANY
characters, as defined, it will be truncated at 750 PUBLIC RELEASE OF THE OPTIONAL STATEMENT SUBMITTED BY THE
characters with no notice to the submitting bank and MANAGEMENT OF THE REPORTING BANK.
</TABLE>
<TABLE>
<S> <S>
No comment X (RCON 6979) | C371 | C372 |<-
BANK MANAGEMENT STATEMENT (please type or print clearly):
(TEXT 6980)
</TABLE>
<TABLE>
<S> <S>
____________________________________________ ______________________
Signature of Executive Officer of Bank Date of Signature
</TABLE>
<PAGE>
<TABLE>
<S> <S> <S>
Legal Title of Bank: KEY BANK OF NEW YORK Call Date: 06/30/94 ST-BK: 36-0096
Address: 66 SOUTH PEARL STREET
City, State Zip: ALBANY, NY 12207-1501
FDIC Certificate No.: | 0 | 6 | 9 | 3 | 7 |
---------------------
</TABLE>
THIS PAGE TO BE COMPLETED BY ALL BANKS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S> <S>
NAME AND ADDRESS OF BANK OMB No.for OCC: 1557-0081
OMB No.for FDIC: 3064-0052
OMB No. for Federal Reserve: 7100-0036
Expiration Date: 2/28/95
PLACE LABEL HERE SPECIAL REPORT
(Dollar Amounts in Thousands)
</TABLE>
<TABLE>
<S> <S> <C> <C>
CLOSE OF BUSINESS FDIC Certificate
DATE Number C-700 <-
6/30/94 |0|6|9|3|7|
</TABLE>
LOANS TO EXECUTIVE OFFICERS (Complete as of each Call Report Date)
------------------------------------------------------------------
The following information is required by Public Laws 90-44 and
102-242, but does not constitute a part of the Report of Condition.
With each Report of Condition, these Laws require all banks to
furnish a report of all loans or other extensions of credit to
their executive officers made since the date of the previous Report
of Condition. Data regarding individual loans or other extensions
of credit are not required. If no such loans or other extensions
of credit were made during the period, insert "none" against
subitem (a). (Exclude the first $15,000 of indebtedness of each
executive officer under bank credit card plan.) See Sections
215.2 and 215.3 of Title 12 of the Code of Federal Regulations
(Federal Reserve Board Regulation 0) for the definitions of
"executive officer" and "extension of credit," respectively.
Exclude loans and other extensions of credit to directors and
principal shareholders who are not executive officers.
-----------------------------------------------------------------
<TABLE>
<C> <S> <C> <C> <C>
a. Number of loans made to executive officers since the previous Call Report date . . . RCON 3561 3 a.
b. Total dollar amount of above loans (in thousands of dollars) . . RCON 3562 487 b.
c. Range of interest charged on above loans
(example: 9 3/4% = 9.75) . . . . . . . . . . . . . . . . . . RCON 7701 7.00 % to RCON 7702 10.75 % c.
</TABLE>
________________________________________________________________
<TABLE>
<S> <S>
____________________________________________________________________________ _______________________________________
SIGNATURE AND TITLE OF OFFICER AUTHORIZED TO SIGN REPORT DATE(Month, Day,Year)
____________________________________________________________________________ _______________________________________
NAME AND TITLE OF PERSON TO WHOM INQUIRIES MAY BE DIRECTED (TEXT 8903) AREA CODE/PHONE NUMBER (TEXT 8904)
DAVID J GOSSTOLA - VICE PRESIDENT (518) 486-8197
____________________________________________________________________________ _______________________________________
FDIC 8040/53 (12-92)
</TABLE>
