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UPDATE 1-KeyCorp in talks to buy First Niagara Financial-sources

Published 2015-10-29, 12:57 p/m
© Reuters. UPDATE 1-KeyCorp in talks to buy First Niagara Financial-sources
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Oct 29 (Reuters) - Cleveland-based KeyCorp (N:KEY) KEY.N is in
advanced talks to buy Buffalo-based First Niagara Financial
Group Inc FNFG.O , according to sources familiar with the
matter, the latest example of a consolidation push among
regional U.S. banks.
A deal, which could be announced as early as Friday, is
expected to be at a slight premium to First Niagara's market
capitalization of $3.85 billion as of Wednesday's close.
Representatives of the two banks did not immediately respond
to requests for comment on Thursday.
KeyCorp shares were down 1.7 percent at $13.65 in early
afternoon trading, while First Niagara's shares were down 2.1
percent at $10.61.
Consolidation among smaller U.S. banks has been spurred by
persistently low interest rates and an increase in costs related
to stricter regulations following the financial crisis.
Earlier on Thursday, New York Community Bancorp NYCB.N
said it had agreed to buy Lake Success, New York-based Astoria
Financial Corp AF.N for about $2 billion. urn:newsml:reuters.com:*:nBw4GzGlda
North Carolina-based BB&T (N:BBT) BBT.N agreed in August to buy
National Penn Bancshares NPBC.O , based in Pennsylvania, for
$1.8 billion. urn:newsml:reuters.com:*:nL1N10T018
In the biggest deal involving a regional bank this year,
Royal Bank of Canada RY.TO agreed to buy Los Angeles-based
City National Corp CYN.N for $5.4 billion. urn:newsml:reuters.com:*:nASB0A9KB

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