Regulators Approve KeyCorp's Plan to Buy First Niagara

Tuesday, July 12, 2016

Source: Buffalo Business First

The Federal Reserve Board has given its blessing to KeyCorp to acquire First Niagara Financial Group Inc.

The deal – which will transform the banking landscape in Western New York – now awaits formal approval from the U.S. Office of the Comptroller of the Currency.

KeyCorp (NYSE: KEY) expects to close the deal on Aug. 1, nine months after it was first announced. When finalized, the Cleveland-based company will operate the No. 2 largest retail bank in Western New York, trailing only Buffalo-based M&T Bank (NYSE: MTB).

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