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First Niagara Bank

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First Niagara Bank

First Niagara Bank, N.A. (First Niagara Financial Group)
Public
Traded as NASDAQ: FNFG
Industry Banking and Finance
Founded Lockport, New York (1870)
Headquarters

Larkin Terminal Warehouse
726 Exchange Street

Buffalo, New York
Area served
Mid-Atlantic New England
Key people

Gary M. Crosby (President and CEO)[1]


Joe Saffire (Executive Vice President)
Greg Norwood (Chief Financial Officer)
Mark Rendulic (Executive Vice President)
Products Financial Services
Total assets Increase$37.1 billion (2013)[2]
Number of employees
~5,000
Parent First Niagara Financial Group, Inc.
Website .com.firstniagarawww

First Niagara Bank is a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in the Larkin Terminal Warehouse in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. is the 44th largest bank in the United States with assets of over $37.1 Billion as of June 30, 2013.[2]

History

It was founded in 1870 as Farmers and Mechanics' Savings Bank and was then re-branded as Lockport Savings Bank in 1967. The bank was based in its former home county, Niagara until the 1990s when it spread to nearby Buffalo, New York and its surrounding Erie County. Part of this growth could be attributed to the collapse of the Buffalo-centric banks Goldome and Empire of America.[3] Most of this growth was from the recruitment of new customers, as opposed to the purchase of other firms' assets. Although, in 1998 the bank did purchase the regional insurance brokerage firm Warren-Hoffman & Associates Inc. as a means of entering the insurance business.[4]

First Niagara headquarters located in the LCo Building, Buffalo.

In September, 2007 it was announced that First Niagara was to purchase Great Lakes Bancorp, parent company of Greater Buffalo Savings Bank. The price to purchase the 16 branch bank was $153 million. With the nearly $900 million of assets of the Great Lakes Bancorp, First Niagara became the fourth largest bank in the Buffalo-Niagara region [1] [2]. In April 2009 First Niagara acquired 57 of the 61 of National City branches in Erie and Pittsburgh, PA. They were rebranded on Labor Day weekend in 2009. In conjunction with the expansion into Pittsburgh, First Niagara bought the naming rights for a concert venue, First Niagara Pavilion.

In April 2010, First Niagara Financial Group acquired Pennsylvania-based Harleysville National. This created a bank with $19.7bn in assets, 254 branches and approximately $13.7bn in deposits.

In August 2010, First Niagara announced its acquisition of NewAlliance Bank of Connecticut.[5] The stock holders approved the merger in December 2010 and the transaction closed on April 15, 2011. This provided First Niagara with over 340 branches and 500 ATMs.

On July 31, 2011, First Niagara announced that it had bought all of HSBC's upstate New York branches for $1 billion.[6] This included the bulk of what had been First Niagara's longtime rival in Western New York, Marine Midland Bank. On August 25, 2011, First Niagara bought the naming rights for HSBC Arena in Buffalo, renaming it the First Niagara Center.[7]

On October 30, 2015 First Niagara Bank agreed to be acquired by KeyCorp. [8]

21st century growth

National City

On April 7, 2009, First Niagara agreed to buy 57 National City branches in Western Pennsylvania from PNC Financial Services[9] and officially took over those branches on September 8 after the signs were changed over from National City during Labor Day Weekend.[10]

A First Niagara branch in Cranberry Township, Pennsylvania along U.S. Route 19 just off the Pennsylvania Turnpike. This is a former National City branch.

PNC, which had acquired National City in late 2008 with money from the retail banking division & Key were in adjacent territories, and Wells Fargo was in the process of expanding its Eastern U.S. operations by way of its acquisition of Wachovia. Before the deal was announced, First Niagara was thought to be interested only in the Erie-area National City branches.[13]

First Niagara branch footprint as of March 2013.

First Niagara, which had been eyeing at expanding into Pittsburgh for some time,[9] was immediately ranked third in market share at 8%, ahead of the longer-established Dollar Bank and First Commonwealth Bank at six and five percent, respectively.[9] First Niagara retained all National City employees at the acquired branches in the Pittsburgh and Erie areas, and established a regional office in Downtown Pittsburgh's 11 Stanwix Street tower.[9]

First Niagara was outbid for the four branches in Crawford County, Pennsylvania that PNC had to divest.[14] Of those four, one branch in Titusville was sold to Emclaire Financial Group[15] while the other three (one in Conneaut Lake, the other two in Meadville, including the branch inside Wal-Mart) were sold to Marquette Savings Bank.[16]

On August 4, 2009, First Niagara agreed to take over the automatic teller machines (ATMs) at 95 Sheetz locations throughout Western Pennsylvania, replacing M&T Bank, which doesn't have any bank branches in the region.[17] The ATMs, which officially become First Niagara ATMs at the same time First Niagara took over the former National City branches, will be surcharge-free from First Niagara itself, though people using the ATMs may still be charged a foreign ATM fee from their primary financial institution if they charge such fees.

First Niagara has stated that it does have some "holes" in the Pittsburgh metropolitan area, with PNC still retaining 110 National City branches in the area and is completely absent from Beaver & Lawrence County. (Aside from the aforementioned Sheetz ATM deal, First Niagara didn't buy any National City branches in those areas since PNC was able to keep the National City branches as there were no existing PNC branches in the two counties.) First Niagara is looking at acquiring some former National City branches PNC will close due to close proximity to an existing PNC branch, since First Niagara does have the right of first refusal to buy any shuttered National City branches. First Niagara may also buy out a smaller local bank.[18]

Harleysville National

On July 27, 2009, First Niagara agreed to acquire the Philadelphia-area-based Harleysville National Corporation financial services company in an all-stock transaction valued at approximately US$237 million or $5.50 per share, allowing First Niagara its first access to the Philadelphia market.[19] The deal provided First Niagara with $5.6 billion in assets, including $3.6 billion in loans and $4.1 billion in deposits in 83 bank branches in nine Eastern Pennsylvania counties. The parent company of Harleysville National Bank also operates East Penn Bank, Millennium Wealth Management and Cornerstone Companies. First Niagara maintained all Harleysville National and East Penn branches, and the Pennsylvania company's growing commercial banking and wealth-management business. Harleysville had over 1,100 employees. The deal was completed on April 9, 2010.[20]

HSBC deal expands presence in US northeast

On July 31, 2011, First Niagara announced it would purchase from UK-based HSBC Holdings plc nearly half of its HSBC Bank USA branch network, including 195 branches for a price of US$1 billion. Of these, 183 branches are in upstate New York, six in New York City suburbs and six in Connecticut; most of these branches had been part of Buffalo-based Marine Midland Bank before being re-branded to HSBC Bank USA in the late 1990s. The deal included US$15 billion in deposits, US$2.8 billion in loans and US$4.3 billion in assets under management. The deal also nearly doubled First Niagara's branch network to about 450 branches, US$38 billion in assets and US$30 billion in deposits. Pending regulatory approval, the deal will close in early 2012. Investors had complained that HSBC had spread itself too thinly, with roughly 95 million customers and 300,000 employees in 87 markets. As a result of the acquisition, the United States Department of Justice required First Niagara to divest itself of 26 branches.[21] First Niagara ended up spinning off 64 branches; 37 to KeyBank, 19 to Community Bank, and 8 to Five Star Bank.[22]

On October 30, 2015 First Niagara Bank agreed to be acquired by KeyCorp. https://www.key.com/about/articles/keybank-first-niagara-agreement-103015.jsp?ppc=Q4_prFN_tw

See also

References


-- Module:Hatnote -- -- -- -- This module produces hatnote links and links to related articles. It -- -- implements the and meta-templates and includes -- -- helper functions for other Lua hatnote modules. --


local libraryUtil = require('libraryUtil') local checkType = libraryUtil.checkType local mArguments -- lazily initialise Module:Arguments local yesno -- lazily initialise Module:Yesno

local p = {}


-- Helper functions


local function getArgs(frame) -- Fetches the arguments from the parent frame. Whitespace is trimmed and -- blanks are removed. mArguments = require('Module:Arguments') return mArguments.getArgs(frame, {parentOnly = true}) end

local function removeInitialColon(s) -- Removes the initial colon from a string, if present. return s:match('^:?(.*)') end

function p.findNamespaceId(link, removeColon) -- Finds the namespace id (namespace number) of a link or a pagename. This -- function will not work if the link is enclosed in double brackets. Colons -- are trimmed from the start of the link by default. To skip colon -- trimming, set the removeColon parameter to true. checkType('findNamespaceId', 1, link, 'string') checkType('findNamespaceId', 2, removeColon, 'boolean', true) if removeColon ~= false then link = removeInitialColon(link) end local namespace = link:match('^(.-):') if namespace then local nsTable = mw.site.namespaces[namespace] if nsTable then return nsTable.id end end return 0 end

function p.formatPages(...) -- Formats a list of pages using formatLink and returns it as an array. Nil -- values are not allowed. local pages = {...} local ret = {} for i, page in ipairs(pages) do ret[i] = p._formatLink(page) end return ret end

function p.formatPageTables(...) -- Takes a list of page/display tables and returns it as a list of -- formatted links. Nil values are not allowed. local pages = {...} local links = {} for i, t in ipairs(pages) do checkType('formatPageTables', i, t, 'table') local link = t[1] local display = t[2] links[i] = p._formatLink(link, display) end return links end

function p.makeWikitextError(msg, helpLink, addTrackingCategory) -- Formats an error message to be returned to wikitext. If -- addTrackingCategory is not false after being returned from -- Module:Yesno, and if we are not on a talk page, a tracking category -- is added. checkType('makeWikitextError', 1, msg, 'string') checkType('makeWikitextError', 2, helpLink, 'string', true) yesno = require('Module:Yesno') local title = mw.title.getCurrentTitle() -- Make the help link text. local helpText if helpLink then helpText = ' (help)' else helpText = end -- Make the category text. local category if not title.isTalkPage and yesno(addTrackingCategory) ~= false then category = 'Hatnote templates with errors' category = string.format( '%s:%s', mw.site.namespaces[14].name, category ) else category = end return string.format( '%s', msg, helpText, category ) end


-- Format link -- -- Makes a wikilink from the given link and display values. Links are escaped -- with colons if necessary, and links to sections are detected and displayed -- with " § " as a separator rather than the standard MediaWiki "#". Used in -- the template.


function p.formatLink(frame) local args = getArgs(frame) local link = args[1] local display = args[2] if not link then return p.makeWikitextError( 'no link specified', 'Template:Format hatnote link#Errors', args.category ) end return p._formatLink(link, display) end

function p._formatLink(link, display) -- Find whether we need to use the colon trick or not. We need to use the -- colon trick for categories and files, as otherwise category links -- categorise the page and file links display the file. checkType('_formatLink', 1, link, 'string') checkType('_formatLink', 2, display, 'string', true) link = removeInitialColon(link) local namespace = p.findNamespaceId(link, false) local colon if namespace == 6 or namespace == 14 then colon = ':' else colon = end -- Find whether a faux display value has been added with the | magic -- word. if not display then local prePipe, postPipe = link:match('^(.-)|(.*)$') link = prePipe or link display = postPipe end -- Find the display value. if not display then local page, section = link:match('^(.-)#(.*)$') if page then display = page .. ' § ' .. section end end -- Assemble the link. if display then return string.format('%s', colon, link, display) else return string.format('%s%s', colon, link) end end


-- Hatnote -- -- Produces standard hatnote text. Implements the template.


function p.hatnote(frame) local args = getArgs(frame) local s = args[1] local options = {} if not s then return p.makeWikitextError( 'no text specified', 'Template:Hatnote#Errors', args.category ) end options.extraclasses = args.extraclasses options.selfref = args.selfref return p._hatnote(s, options) end

function p._hatnote(s, options) checkType('_hatnote', 1, s, 'string') checkType('_hatnote', 2, options, 'table', true) local classes = {'hatnote'} local extraclasses = options.extraclasses local selfref = options.selfref if type(extraclasses) == 'string' then classes[#classes + 1] = extraclasses end if selfref then classes[#classes + 1] = 'selfref' end return string.format( '
%s
', table.concat(classes, ' '), s )

end

return p-------------------------------------------------------------------------------- -- Module:Hatnote -- -- -- -- This module produces hatnote links and links to related articles. It -- -- implements the and meta-templates and includes -- -- helper functions for other Lua hatnote modules. --


local libraryUtil = require('libraryUtil') local checkType = libraryUtil.checkType local mArguments -- lazily initialise Module:Arguments local yesno -- lazily initialise Module:Yesno

local p = {}


-- Helper functions


local function getArgs(frame) -- Fetches the arguments from the parent frame. Whitespace is trimmed and -- blanks are removed. mArguments = require('Module:Arguments') return mArguments.getArgs(frame, {parentOnly = true}) end

local function removeInitialColon(s) -- Removes the initial colon from a string, if present. return s:match('^:?(.*)') end

function p.findNamespaceId(link, removeColon) -- Finds the namespace id (namespace number) of a link or a pagename. This -- function will not work if the link is enclosed in double brackets. Colons -- are trimmed from the start of the link by default. To skip colon -- trimming, set the removeColon parameter to true. checkType('findNamespaceId', 1, link, 'string') checkType('findNamespaceId', 2, removeColon, 'boolean', true) if removeColon ~= false then link = removeInitialColon(link) end local namespace = link:match('^(.-):') if namespace then local nsTable = mw.site.namespaces[namespace] if nsTable then return nsTable.id end end return 0 end

function p.formatPages(...) -- Formats a list of pages using formatLink and returns it as an array. Nil -- values are not allowed. local pages = {...} local ret = {} for i, page in ipairs(pages) do ret[i] = p._formatLink(page) end return ret end

function p.formatPageTables(...) -- Takes a list of page/display tables and returns it as a list of -- formatted links. Nil values are not allowed. local pages = {...} local links = {} for i, t in ipairs(pages) do checkType('formatPageTables', i, t, 'table') local link = t[1] local display = t[2] links[i] = p._formatLink(link, display) end return links end

function p.makeWikitextError(msg, helpLink, addTrackingCategory) -- Formats an error message to be returned to wikitext. If -- addTrackingCategory is not false after being returned from -- Module:Yesno, and if we are not on a talk page, a tracking category -- is added. checkType('makeWikitextError', 1, msg, 'string') checkType('makeWikitextError', 2, helpLink, 'string', true) yesno = require('Module:Yesno') local title = mw.title.getCurrentTitle() -- Make the help link text. local helpText if helpLink then helpText = ' (help)' else helpText = end -- Make the category text. local category if not title.isTalkPage and yesno(addTrackingCategory) ~= false then category = 'Hatnote templates with errors' category = string.format( '%s:%s', mw.site.namespaces[14].name, category ) else category = end return string.format( '%s', msg, helpText, category ) end


-- Format link -- -- Makes a wikilink from the given link and display values. Links are escaped -- with colons if necessary, and links to sections are detected and displayed -- with " § " as a separator rather than the standard MediaWiki "#". Used in -- the template.


function p.formatLink(frame) local args = getArgs(frame) local link = args[1] local display = args[2] if not link then return p.makeWikitextError( 'no link specified', 'Template:Format hatnote link#Errors', args.category ) end return p._formatLink(link, display) end

function p._formatLink(link, display) -- Find whether we need to use the colon trick or not. We need to use the -- colon trick for categories and files, as otherwise category links -- categorise the page and file links display the file. checkType('_formatLink', 1, link, 'string') checkType('_formatLink', 2, display, 'string', true) link = removeInitialColon(link) local namespace = p.findNamespaceId(link, false) local colon if namespace == 6 or namespace == 14 then colon = ':' else colon = end -- Find whether a faux display value has been added with the | magic -- word. if not display then local prePipe, postPipe = link:match('^(.-)|(.*)$') link = prePipe or link display = postPipe end -- Find the display value. if not display then local page, section = link:match('^(.-)#(.*)$') if page then display = page .. ' § ' .. section end end -- Assemble the link. if display then return string.format('%s', colon, link, display) else return string.format('%s%s', colon, link) end end


-- Hatnote -- -- Produces standard hatnote text. Implements the template.


function p.hatnote(frame) local args = getArgs(frame) local s = args[1] local options = {} if not s then return p.makeWikitextError( 'no text specified', 'Template:Hatnote#Errors', args.category ) end options.extraclasses = args.extraclasses options.selfref = args.selfref return p._hatnote(s, options) end

function p._hatnote(s, options) checkType('_hatnote', 1, s, 'string') checkType('_hatnote', 2, options, 'table', true) local classes = {'hatnote'} local extraclasses = options.extraclasses local selfref = options.selfref if type(extraclasses) == 'string' then classes[#classes + 1] = extraclasses end if selfref then classes[#classes + 1] = 'selfref' end return string.format( '
%s
', table.concat(classes, ' '), s )

end

return p
  1. ^
  2. ^ a b
  3. ^
  4. ^
  5. ^ http://www.marketwatch.com/story/first-niagara-to-buy-newalliance-in-15-bln-deal-2010-08-19?reflink=MW_news_stmp
  6. ^
  7. ^
  8. ^ https://www.key.com/about/articles/keybank-first-niagara-agreement-103015.jsp?ppc=Q4_prFN_tw
  9. ^ a b c d e http://kdka.com/business/PNC.First.Niagara.2.978660.html
  10. ^ http://kdka.com/consumer/first.niagara.switchover.2.1170342.html
  11. ^ http://www.usdoj.gov/opa/documents/branches-divested.pdf
  12. ^
  13. ^ a b
  14. ^
  15. ^
  16. ^ http://www.marquettesavings.com/MarquetteAcquisitionRelease040709.pdf
  17. ^
  18. ^
  19. ^
  20. ^
  21. ^
  22. ^

External links

  • First Niagara Banking official website
  • First Niagara corporate profile
  • Photos of original HQ
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