First Niagara Mega Merger! WOOT!

[leftWNYbecauseofBS]

Buffalo, NY -- First Niagara Bank is merging with NewAlliance Bank, in a deal worth $1.5 billion.

The partnership will position First Niagara as a Top-25 U.S. bank with $29 billion in assets, $18 billion in deposits and 340 branches Across Connecticut, Massachusetts, Pennsylvania and Upstate New York.

The boards of directors of both companies have unanimously approved the transaction.

Transaction closing is anticipated early in the second quarter of 2011, subject to approvals from regulators, First Niagara and NewAlliance shareholders, and other customary conditions.

Here is the full PR

The cash and stock deal will give the combined bank $29 billion in assets, including more than $14 billion in loans and $18 billion in deposits. It will boost First Niagara into the top 25 lenders in the United States, and expand its presence into New England.

[Dougles]

Will this keep them in WNY?

[300miles]

They're busy building up their new HQ near downtown Buffalo in the Larkin District. I don't think they have any plans to move out.

[leftWNYbecauseofBS]

They're busy building up their new HQ near downtown Buffalo in the Larkin District. I don't think they have any plans to move out.

Agree. They are the bank on the buying streak so they get to call the shots on location.

I wonder how long they will stay in the Larkin District.

[therising]

The pace of their growth kind of scares me. Wasn't that long ago they were Lockport SB. Now, they're one of the top 25 banks in the Country.

But, what do I know. (I'm serious when I say that -- it's not an "I know a lot, but I'll make like I don't" thing.)

The dude that killed himself (Swan?) -- what did he know?

[leftWNYbecauseofBS]

The pace of their growth kind of scares me. Wasn't that long ago they were Lockport SB. Now, they're one of the top 25 banks in the Country.

But, what do I know. (I'm serious when I say that -- it's not an "I know a lot, but I'll make like I don't" thing.)

The dude that killed himself (Swan?) -- what did he know?

Right place...right time.

I read an interview from a VP of the former Harleysville that the plan is to grow to $100B in the near future. Can not find it now as the results are scattered with this latest merger.

[300miles]

The pace of their growth kind of scares me. Wasn't that long ago they were Lockport SB. Now, they're one of the top 25 banks in the Country.

It has been really quick. But then again, it wasn't really that long ago that I had never heard of Bank of America, or Charter One. I just hope that First Niagara takes a breather to make sure all these mergers gel properly.

[leftWNYbecauseofBS]

It has been really quick. But then again, it wasn't really that long ago that I had never heard of Bank of America, or Charter One. I just hope that First Niagara takes a breather to make sure all these mergers gel properly.

It looks like Bank of America grew on the back of the Savings and Loan collapse. Similar to how First Niagara is growing on the back of the recent 'challenges' with the banking system.

FWIW, Bank of America, when it was NationsBank, acquired over 200 thrifts and community banks in a 4 year period and went from $60B to $118 in that same 4 year period.

I could see First Niagara pushing the $100B cap by 2015.