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.