First Niagara, headquartered in Buffalo, N.Y., was a regional bank with approximately $39 billion in assets, $29 billion in deposits and 394 banking offices across New York, Pennsylvania, Connecticut and Massachusetts. KeyCorp acquired it in a cash-and-stock transaction valued at approximately $4.1 billion, creating what was then the 13th largest U.S.-headquartered commercial bank with roughly $135 billion in pro forma assets and around three million clients.
Why it was attractive
- 01 Strong deposit franchise and branch presence in Upstate New York (Buffalo
- 02 Albany
- 03 Syracuse
- 04 Rochester) plus attractive markets in Pennsylvania
- 05 Massachusetts and Connecticut
- 06 added scale to drive operating leverage
Capabilities acquired
Retail deposit franchisebranch network in Upstate New York and the Northeastconsumer and commercial lendingexpanded scale
Key and First Niagara are a powerful combination, driven by a shared commitment to the clients and to the communities we serve. This transformational opportunity will bring compelling and complementary capabilities to our shared 3 million clients, while driving meaningful synergies and enhancing shareholder value.
I am confident that the combination of First Niagara and Key will benefit our shareholders, customers and the communities we serve and will build off the great progress that the First Niagara team has made.