Rochester,NY 7/1/2009 10:09:16 PM
FNFG - First Niagara completes TARP buyback
First Niagara Financial Group Inc.
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First Niagara Financial Group Inc. FNFG
After Hours: 11.66 0.24 (2.10%) 10:49am ET
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.
About
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 companys 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.
Last Trade: 11.63
Day's Range: 11.32 - 11.69
52wk Range: 9.48 - 22.38
Volume: 504,103
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