First Niagara Sells 27 More Branches

Posted by Orb Staff on January 23, 2012 No Comments
Categories : Residential Mortgage

10768_firstniagaralogolarge First Niagara Sells 27 More Branches Buffalo, N.Y.-based First Niagara Bank has announced the sale of 27 branches as part of its acquisition of HSBC Bank's regional retail network.

The Associated Press reports that DeWitt, N.Y.-based Community Bank System will purchase 19 branches and that Five Star Bank, a subsidiary of Warsaw, N.Y.-based Financial Institutions, will buy eight. The branches are located across upstate New York and have a combined $1.4 billion in deposits and $315 million in loans.

This is the latest round of branch sales for First Niagara – last week, it announced the sale of 37 locations to KeyCorp. This is part of First Niagara's strategy to purchase 195 HSBC branches in New York and Connecticut for $1 billion, with roughly half of the locations to be sold or divested.

Register here to receive our Latest Headlines email newsletter




Leave a Comment