First Niagara and NewAlliance are merging, a move that will possibly create branches and jobs in Pennsylvania.
First Niagara Financial Group Inc. and NewAlliance Bancshares shareholders approved the bank holding companies’ merger to create a regional financial institution with $29 billion in assets, $18 billion in deposits and 340 branches across Upstate New York, Pennsylvania, Connecticut and Massachusetts.
“We’re pleased by the overwhelming support of NewAlliance stockholders for our merger with First Niagara,” said NewAlliance Chairman, President and CEO Peyton Patterson. “This combination delivers significant value to our stockholders, creates an even stronger financial institution enhances our high quality service and product offerings for customers and increases the support of our communities in New England over the long term.”
The transaction is expected to close in April 2011, subject to regulatory approval.
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