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UPDATE: KeyCorp to Acquire First Niagara Financial Group for $11.40/Share in Cash, Stock

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KeyCorp (NYSE: KEY) and First Niagara Financial Group  (NASDAQ: FNFG) announced today that they have entered into a definitive agreement under which KeyCorp will acquire First Niagara in a cash and stock transaction for total consideration valued at approximately $4.1 billion.

First Niagara, headquartered in Buffalo, N.Y., has $39 billion in assets and $29 billion in deposits and 394 banking offices in New York, Pennsylvania, Connecticut and Massachusetts.  With approximately $135 billion of assets, the combined bank will be the 13th largest commercial bank headquartered in the U.S. 

The combination will create a leading regional bank with enhanced scale to serve three million clients across diverse markets in the Northeast, Mid-Atlantic, Midwest and Pacific Northwest.  The acquisition will make KeyCorp a leading bank in Upstate New York, with a strong market presence in Buffalo, Albany, Syracuse and Rochester.  KeyCorp will also expand its operations to attractive markets throughout Pennsylvania, Massachusetts and Connecticut. 

Under the terms of

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