NewAlliance Bancshares First Niagara Merger
On August 19, 2010 First Niagara Financial Group, Inc. (Nasdaq: FNFG) announced an agreement to acquire New Haven, Connecticut-based NewAlliance Bancshares, Inc. (NYSE: NAL) in a deal valued at $1.5 billion.
Under the terms of the agreement, NewAlliance shareholders will receive 1.10 shares of First Niagara for each share they own.
The merger will create a top-25 U.S. bank, by assets. The combined bank will have more than $29 billion in assets, including more than $14 billion in loans, as well as $18 billion in deposits.
The 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.
First Niagara was advised by the investment banking firm of Sandler O'Neill + Partners, L.P., as well as the law firm of Sullivan & Cromwell LLP. NewAlliance was advised by the investment banking firm of J.P. Morgan and the law firm of Hinckley, Allen & Snyder, LLP.
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