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KeyCorp Acquires Buffalo's First Niagara For $4.1B

First Niagara Financial Group of Buffalo was recently purchased by Cleveland-based KeyCorp.
First Niagara Financial Group of Buffalo was recently purchased by Cleveland-based KeyCorp. Photo Credit: Wikipedia

The 13th largest U.S.-based bank will be created with the purchase of First Niagara Financial Group of Buffalo by Cleveland-based KeyCorp for $4.1 billion, according to reports.

The KeyCorp deal follows an announcement that New York Community Bancorp Inc. would buy Astoria Financial Corp for about $2 billion, the article says. Both banks are based in New York State. Acquisitions of banks with more than $1 billion in assets were scarce until this year.

For the full story see Fortune Magazine .

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