As a result of the acquisition, First Niagara Financial through its wholly owned subsidiary, First Niagara Bank, will have approximately $19.7bn in assets, 254 branches and approximately $13.7bn in deposits.
In July 2009, First Niagara planned to acquire Harleysville, its more than $5bn in assets and more than $4bn in deposits. All 83 Harleysville National and East Penn bank branches in nine Eastern Pennsylvania counties will open as First Niagara locations.
John Koelmel, president and CEO of First Niagara, said: “Across Southeastern Pennsylvania and the Lehigh Valley, we have a great team in place that’s built a strong franchise in banking markets with attractive demographics and tremendous long-term growth opportunities. We’re thrilled to welcome our newest customers and employees to First Niagara.”
First Niagara was advised by the investment banking firms of Sandler O’Neill and Partners and Keefe Bruyette and Woods, as well as the law firm of Luse Gorman Pomerenk & Schick. Harleysville was advised by the investment banking firm of JP Morgan and the law firm of Dechert.
