First Niagara Financial Group, headquartered in Buffalo's Larkin Terminal Warehouse, announced today the $1.5 billion acquisition of Connecticut's NewAlliance Bancshares Inc. The merger, reportedly the largest between U.S. lenders since 2008, will by the time of its consummation in early 2011 elevate First Niagara to among the top 25 banks in the country.
The bank, established in 1870 as the Farmers and Mechanics Savings Bank and renamed the Lockport Savings Bank in 1967, has been a "serial acquirer" since 2000, growing from a regional concern to now one of the largest lending institutions in the United States. First Niagara announced its move to Buffalo's Larkin District from Lockport, New York, in 2009.
Check out today's news of the acquisition in the Wall Street Journal, Bloomberg Business Week, Market Watch, Buffalo Business First, and the Buffalo News.
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