Upon completion of the transaction, First Niagara will have about $38bn in assets, $30bn in deposits and 450 branches across Upstate New York, Connecticut, Massachusetts and Pennsylvania.
First Niagara president and CEO John Koelmel said that the company is pleased to have received the OCC’s approval which was the final requirement to completing the transaction on May 18th.
"Once complete, our more than 200 locations across Upstate New York will provide customers with even greater access and convenience to the First Niagara team as well as our products and services," Koelmel said.
In January this year, First Niagara Bank agreed to sell 37 HSBC locations along with $2.4bn in deposits for $110m to KeyCorp.
The sale includes the 26 branches in the Buffalo, New York area.
