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KeyCorp will keep and expand First Niagara Financial Group's Buffalo, N.Y.-based mortgage operations to spur along its return to being a player in residential lending.
December 17 -
First Niagara Financial Group in Buffalo, N.Y., considered offers from four potential acquirers before deciding in late October to sell itself to KeyCorp.
December 1 -
KeyCorp's deal to buy First Niagara is a return to significant M&A for a company that has long been content to stay on the sidelines. But getting such a deal approved is tougher than ever, and will test Beth Mooneys regulatory juice.
October 29
Sen. Charles Schumer, D-N.Y., has asked for more time for public comment on KeyCorp's proposed takeover of First Niagara Financial Group, and said more study is needed on the deal's potential economic impact on western New York.
Schumer wrote two Federal Reserve officials to request an extension of the deadline for public comment, the
The Federal Reserve on Monday declined to comment on Schumer's letter,
The $93 billion-asset KeyCorp, in Cleveland, in October
"Every element of this potential purchase should be reviewed and critiqued – by both regulators and the Western New York community," Schumer said in a statement. "This means fully studying the deal's impact on competition, community reinvestment and providing ample opportunity for the public to voice their concerns."
First Niagara's jobs are "vital" to the Buffalo community and to the regional economy, Schumer said.
The First Niagara jobs "should continue to remain a critical part of KeyCorp if this merger goes through," he said.
First Niagara employs about 2,300 people in western New York, according to Buffalo Business First.
