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8-K - FORM 8-K - FIRST NIAGARA FINANCIAL GROUP INC | c22964e8vk.htm |
Exhibit 99.1
First Niagara Provides Update on HSBC Branch Acquisition
BUFFALO, N.Y., OCT. 3, 2011 First Niagara Financial Group (Nasdaq: FNFG) provided an update
today on its previously announced acquisition of HSBC Bank USA branches in Upstate New York.
When announcing the transaction on July 31st, First Niagara indicated it would be required to
divest certain Western New York branch locations as a result of the customary antitrust review and
that it also planned to divest certain other locations that are outside of the Companys strategic
footprint. While discussions regarding both divestiture initiatives continue with prospective
buyers, marketing of the WNY branches cannot begin until approval is received from the
Department of Justice.
Several potential buyers have expressed interest in various combinations of the potential
divestiture pool, said First Niagara CFO Gregory Norwood. Given this overlapping interest in the
WNY and other locations, we are prioritizing the required divestiture process before further
advancing negotiations for other locations. Although the DOJ process commenced several weeks ago,
the timing of the completion of that review remains difficult to predict at this time.
About
First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state
community-oriented bank that currently has $31 billion in assets, $19 billion in deposits, 346
branches and 5,000 employees providing financial services to individuals, families and businesses
across Upstate New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit
www.fnfg.com.
First Niagara Contacts
Investors:
|
Ram Shankar | |
Senior Vice President, Investor Relations | ||
(716) 270-8623 | ||
ram.shankar@fnfg.com | ||
News Media:
|
David Lanzillo | |
Senior Vice President, Corporate Communications | ||
(716) 819-5780 david.lanzillo@fnfg.com |