by YAHOO! SEARCH
First Niagara asks for change
Published:November 28, 2009, 6:51 AM
Key Links
Updated: August 21, 2010, 3:21 AM
First Niagara Financial Group, a local thrift holding company that has been making several highly visible changes lately, is seeking to make another major adjustment that, it says, will cause customers and employees to see no difference.
Instead of operating as a thrift holding group, allowed only to own other thrifts, FNFG has petitioned the federal government for permission to convert itself into a bank holding company, allowed to own other banks.
The move, if approved, will shift oversight of the company from the Office of Thrift Supervision to the Federal Reserve Board.
FNFG spokeswoman Leslie Garrity said by e-mail Friday that the change in category will allow the company to buy and hold commercial banks as separate entities. Otherwise, acquired banks would have to cease to exist on the date of their purchase and be fully absorbed into First Niagara.
Still, the statement says, “Converting to a bank holding company would have no impact on First Niagara employees’ day-to-day responsibilities or interactions with customers.”
According to information posted by the Federal Reserve, a commercial bank is a for-profit institution that “engages in various lending activities,” while a thrift, “primarily accepts savings account deposits and invests most of the proceeds in mortgages.”
In the last several months, FNFG has announced that it was moving its corporate headquarters from Pendleton in Niagara County to Buffalo’s Larkin at Exchange Building downtown. The firm won’t be abandoning Niagara County, as its current HQ in Pendleton is slated to continue to employ at least its current number of 300 employees. Total employment in Niagara and Erie counties is expected to reach 1,000 jobs.
The company this spring purchased and rebranded 57 Western Pennsylvania branches of PNC Bank. It is in the process of buying the Philadelphia-area headquarters, assests and 83 branches of Harleysville National Bank.
If FNFG’s petition to change its category succeeds, jurisdiction over the Harleysville acquisition will also shift from OTS to the Fed. But, the statement said, FNFG officials still expect that deal to close in the first quarter of next year.
And, in June, it unveiled a new logo.
advertisement
The Feed / What’s Happening Now
No sign of trauma detected in woman found dead
Police in Lewiston seek vehicle in fatal hit-run
Boy killed after darting into traffic is identified
Sabres show some gumption in beating Bruins
Woman, 24, found dead in car
Police raids target massive drug ring
Bills hire a quarterback mechanic in Lee
Sabres find the missing ingredients
Answers to the many questions in Le Roy
Ruff to remain in press box for awhile
Lady Justice’s blindfold gets thrown away
Stay Informed
Newsroom Tips
Have a news tip you think The Buffalo News should investigate?
Call The News tip line at 849-4475 or email us at investigations@buffnews.com.
All calls and emails will be kept confidential.
Buffalo Marketplace
Marketplace videos
Watch the latest offers, products and services from our advertisers.
Browse our print ads
It's the ultimate advantage for Buffalo consumers. Never miss another ad again!
Buffalo Savers: coupons
Buffalo coupons at your fingertips.
Just click and print. It's Easy!

