End of Day- FNFG - First Niagara completes TARP buyback - Sourced WhisperFromWallStreet.com
First Niagara Financial Group Inc.FNFG
First Niagara Financial Group Inc. said Monday that it has paid the federal government $2.7 million to buy back 953,000 shares of common stock that were sold to the government as part of the U.S. Treasury Department’s Capital Purchase Program.
The payment marks the last step in returning funds issued to the bank as part of TARP (troubled assets relief program). The Pendleton-based bank announced May 27, 2009 that it had paid back $184 million it received for the sale of preferred stock issued to the Treasury Department.
First Niagara is one of the first financial institutions nationwide to repay TARP funds, which have been distributed since last fall to more than 600 banks as a way to increase lending and pump up the slumping economy. Earlier this month, the Treasury Department said that 10 of the largest U.S. financial institutions that received TARP funds met the requirements to repay those funds.
In April, First Niagara raised $380.4 million in its second stock offering in the past year. Since October 2008, it has raised more than $495 million, the bank said.
Last Trade: 10.84
Day's Range: 10.75 - 10.94
52wk Range: 9.48 - 22.38
Volume: 1,858,111
ABOUT First Niagara Financial Group Inc
First Niagara Financial Group, Inc. operates as the holding company for First Niagara Bank that provides retail and commercial banking, and financial services to individuals, families, and businesses. It offers retail deposit accounts, which consist of savings, negotiable order of withdrawal, checking, money market, and certificate of deposit accounts, as well as provides commercial account comprising business savings and checking, money market, and cash management accounts, as well as municipal deposit account. The company?s loan portfolio includes commercial real estate and multi-family loans; commercial business loans comprising term loans, letters of credit, and lines-of-credit; residential real estate loans; home equity loans; consumer loans consisting of indirect mobile home loan, and personal secured and unsecured loans; and specialized lending loans, including commercial leases and insurance premium financing. In addition, First Niagara Financial Group provides risk management services, including claims investigation and adjusting services, third party administration of self insured workers compensation plans, and alternative risk management services, as well as self insurance consulting services. Further, it offers employee benefits plan and compensation consulting services. Additionally, the company provides wealth management services that manage client funds utilizing various third party investment vehicles comprising stocks, bonds, mutual funds, and annuities, as well as other investment products, such as individual retirement accounts, education savings plans, and retirement plans. As of December 31, 2008, it operated 114 bank branches in 21 counties that span across Upstate New York. The company was founded in 1870 and is based in Lockport, New York.
---
During 2009 we have sent 40+ alerts with an average gain of over 80%. Below are a few alerts sent only to our whisperfromwallstreet.com members.
SPNG 1800%
AMNG 241%
RKBD 300%
UTRM 169%
TLLE 266%
Sign up now to receive free stock alerts
---
Please Read Our Disclaimer at http://whisperfromwallstreet.com/disclaimer.php
