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ap

First Niagara completes National City deal

First Niagara completes deal to buy 57 National City branches

  • On 11:19 am EDT, Tuesday September 8, 2009

LOCKPORT, N.Y. (AP) -- First Niagara Financial Group Inc. said Tuesday it has completed its purchase of a set of National City branches in western Pennsylvania.

The deal gives First Niagara 57 new branches, another $3.9 billion in deposits and $757 million in existing loans. The branches are in or near Pittsburgh, Warren and Erie, Pa.

Additionally, National City bought $150 million in 12 percent senior notes due Sept. 10, 2014, from First Niagara.

National City Bank is a subsidiary of the PNC Financial Services Group Inc. PNC shares added 14 cents to $40.60 in morning trading.

First Niagara shares rose 18 cents to $12.71 in morning trading.

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