First Niagara Financial Applies To Be Bank Holding Co
DOW JONES NEWSWIRES
Lockport, N.Y.-based First Niagara Financial Group Inc. (FNFG) has applied to
the Federal Reserve Board to become a bank holding company.
First Niagara, currently a thrift holding company for First Niagara Bank, said
status as a bank holding company would mean it could own more than just thrift
institutions, allowing it to "continue expanding through acquisitions of both
thrifts and commercial banks."
First Niagara in July said it planned to acquire Pennsylvania bank
Harleysville National and its $5.2 billion in assets. First Niagara is now
shifting its application for approval for that deal from the Office of Thrift
Supervision to the Federal Reserve Board, which would oversee First Niagara if
it becomes a bank holding company.
First Niagara said converting to bank-holding-company status wouldn't affect
its employees.
Shares of First Niagara fell 2% to $13.03 in premarket trading.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@
dowjones.com
(END) Dow Jones Newswires
11-27-090838ET
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