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First Niagara Bank agrees to sell 27 NY branches
By: The Associated Press//January 23, 2012//
Listen to this articleBUFFALO — First Niagara Bank has announced agreements to sell 27 branches to two upstate New York buyers as it moves ahead with its acquisition of HSBC Bank’s regional retail network.
The Buffalo-based bank announced the separate sale of 37 branches last week.
On Friday, bank executives said DeWitt-based Community Bank System would purchase 19 First Niagara and HSBC branches. Eight others will be sold to Five Star Bank, a subsidiary of Warsaw-based Financial Institutions.
The offices are spread across upstate New York and have a combined $1.4 billion in deposits and $315 million in loans.
First Niagara last year announced plans to buy 195 HSBC branches in New York and Connecticut in a $1 billion deal. Officials said at the time that about half the branches would be sold or divested.
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