Investing.com - Financial Markets Worldwide
Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

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
TFC
-
KEY
-
MOBs
-
NPBC
-
RY
-

(Adds background)
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

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.