First Niagara (FNFG) Completes Divestiture of 64 Branches Following New Agreements
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First Niagara Bank, N.A. announced today that it has reached agreements with Community Bank System, Inc. (NYSE: CBU) and Financial Institutions, Inc. (Nasdaq: FISI) subsidiary Five Star Bank to purchase a total of 27 First Niagara and HSBC Bank USA, N.A. branches in Upstate New York, $1.4 billion in deposits and $315 million in loans.
Combined with last week's announcement of the sale of 37 HSBC locations to KeyBank N.A., First Niagara now has completed agreements to sell a total of 64 branches with approximately $3.8 billion in deposits and $713 million in loans at a weighted average deposit premium of 4.2%. As a result, First Niagara continues to expect to onboard no more than $11.0 billion in deposits upon completion of its transaction with HSBC.
Combined with last week's announcement of the sale of 37 HSBC locations to KeyBank N.A., First Niagara now has completed agreements to sell a total of 64 branches with approximately $3.8 billion in deposits and $713 million in loans at a weighted average deposit premium of 4.2%. As a result, First Niagara continues to expect to onboard no more than $11.0 billion in deposits upon completion of its transaction with HSBC.
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