Key Developments For First Niagara Financial Group Inc
First Niagara Financial Group Inc (FNFG.O) (Nasdaq)
First Niagara Financial Group Inc. Declares Quarterly Dividend
First Niagara Financial Group Inc. announced on October 27, 2009 that, the Board of Directors declared a quarterly dividend of $0.14 per share on outstanding common stock of the Company, consistent with the prior quarter and prior year levels. The dividend is payable on November 24, 2009 to stockholders of record on November 10, 2009.
First Niagara Financial Group Inc. Closes $460.1 Million Stock Offering
First Niagara Financial Group Inc. announced that it has raised $460.1 million through its public offering by issuing 38,341,000 shares of common stock, including 5,001,000 shares pursuant to the underwriters' over-allotment option. The net proceeds of the offering were approximately $441.5 million. Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. acted as joint book- running managers for the offering.
First Niagara Financial Group Inc. Prices Stock Offering
First Niagara Financial Group Inc. announced that it has entered into an underwriting agreement for the sale of 33,340,000 shares of common stock at a price of $12.00 per share for gross proceeds of approximately $400.1 million, exclusive of any underwriter over-allotment option. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $383.8 million. First Niagara Financial Group, Inc. has granted the underwriters a 30-day option to purchase up to an additional 5,001,000 shares of First Niagara common stock to cover over-allotments, if any. Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. are acting as joint book-running managers for the offering. First Niagara expects to close the transaction on or about September 30, 2009. The net proceeds of this offering will be used for general corporate purposes and bolster First Niagara Financial Group, Inc. already well-capitalized position and allow for continued opportunistic growth.
First Niagara Financial Group Inc. Announces $400 Million Stock Offering
First Niagara Financial Group Inc. announced that it expects to offer and sell approximately $400 million of common stock in an underwritten public offering through Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. as joint book-running managers. The shares will be issued pursuant to a prospectus supplement filed as part of an existing shelf registration statement with the Securities and Exchange Commission. The company intends to grant the underwriters an option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any. The completion of this offering will further bolster First Niagara's already "well-capitalized" position and allow for continued opportunistic growth, both in-market as well as through acquisitions. The net proceeds of this offering will also be used for general corporate purposes.
First Niagara Financial Group Inc. Announces Completion Of Acquisition of National City Branches In Western Pennsylvania From National City Bank, a Subsidiary Of The PNC Financial Services Group, Inc
First Niagara Financial Group Inc. announced that it has completed the acquisition of 57 Western Pennsylvania bank branches including $3.9 billion of deposits and $757 million of performing loans from National City Bank, a subsidiary of The PNC Financial Services Group, Inc. All acquired branches in and around Pittsburgh, Warren and Erie, Pa. open this morning as First Niagara locations. In addition, all First Niagara customers can also bank at 69 ATMs across the area. At the election of First Niagara and pursuant to the securities purchase agreement previously entered into between National City, PNC and First Niagara, First Niagara issued, and National City purchased, $150 million of 12% senior notes maturing September 10, 2014. First Niagara has the ability to prepay this debt in whole or part prior to the maturity date without penalty.
