First Niagara Financial (FNFG) in Buffalo, N.Y., has reportedly reached a severance agreement with John Koelmel, who was
The $36 billion-asset company will pay Koelmel roughly $5 million, according to an
First Niagara had already recorded a
The company also disclosed last month that it was progressing with efforts to permanently replace Koelmel. For now, Gary Crosby, who had been chief administrative and operations officer, remains First Niagaras interim president and CEO.
First Niagara told WGBZ that it would disclose more details in its next quarterly filing with the Securities and Exchange Commission. A lawyer for Koelmel declined to comment.