First Niagara Plans Further Expansion in Connecticut

First Niagara Financial Group Inc. in Buffalo is planning to open at least five new branches in Connecticut this year to go along with the six it is acquiring in the state from HSBC Bank USA.

David Ring, New England regional president for the $32.8 billion-asset First Niagara, told the Hartford Business Journal that the company is planning to open three branches in Greater Hartford and two in affluent Fairfield County, where the HSBC branches are located. In the article, published Monday, Ring also said that First Niagara is aiming to use its added heft to grow its commercial lending and private banking in the state.

First Niagara entered Connecticut in April when it acquired NewAlliance Bancshares Inc. in New Haven for $1.5 billion. It has the No. 6 deposit share in the state, with nearly $5 billion of deposits in its 79 Connecticut branches, according to Federal Deposit Insurance Corp. data.

First Niagara is also in the processing of buying HSBC’s entire upstate New York and Connecticut branch network for $1 billion. That deal is expected to close in May.