First Niagara Gobbles Up Another Bank

A First Niagara branch in Cranberry Township, ...

Image via Wikipedia

 

Pottstown newcomer First Niagara Bank is expanding again.  No sooner did the ink dry on the Harleysville sale that brought First Niagara here…they went bought another bank! 

New Alliance Bank of Connecticut was purchased in a $1.5 billion dollar transaction.  The deal will close the second quarter of 2011.  This will give First Niagara Bank 340 offices, $29 billion in assets, $18 billion in deposits and about 5000 employees. 

In comparison, the Harleysville sale price was $300 million. 

One comment on “First Niagara Gobbles Up Another Bank

  1. WA-hoo!! I’m bailing on FN in about a week or so! The fees and charges are ridiculous. They are based on deposit amounts not average collected balances! I just go slapped w/ a $15 fee for the accounts I have (that’s a monthly fee…do the math that’d be $180/yr).

    I loved H’ville and this bank has been flukey since the beginning, for me! From debit card mishaps to moving funds amongst my own accounts (I heard someone had their money moved to another business account and bounce fees were piling up…) – I wish them luck. Their business practices suck. That goes back to the ‘you’ll have a job after the switch’ 30 days to the switch and ‘sorry, you’re out of a job’ – this happened to 2 close higher ups I know, personally.

    FN can kiss my business BYE BYE!!

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