April 7, 2009

First Niagara extends to Pennsylvania

Western New York's First Niagara Financial Group extended its reach into Pennsylvania Tuesday, buying 57 PNC branches for $54.6 million.

First Niagara paid PNC Financial Services Group of Pittsburgh cash for the branches that include $4.2 billion in deposits and 400,000 new customers, The Buffalo, N.Y., News reported Tuesday.

PNC was forced to sell to appease antitrust concerns that arose when it attempted to purchase National City Corp. in December.

With the acquisition, First Niagara plans to add 50 to 75 positions in Pennsylvania to manage its new holdings and up to 125 jobs in New York, the newspaper said.