LOOKING for a JOB?? FNFG is hiring over 100 employees, thats right its Hiring.
First Niagara adding 100 NY jobs as market expands The Business Review (Albany)
First Niagara Financial Group will add more than 100 jobs in upstate New York as part of its entry into Pennsylvania.
The Lockport, N.Y.-based bank, which has 50 branches in the Albany market, has agreed to purchase 57 branches in western Pennsylvania from National City Bank. National City was required to divest of the offices as part of its December merger into PNC Bank Corp. (NYSE: PNC).
The purchase gives First Niagara (Nasdaq: FNFG) $4.2 billion in deposits and 400,000 customer relationships in the Pittsburgh, Warren and Erie, Pa., markets. It paid a 1.3 percent premium for the deposits, or about $54.6 million.
“This transaction enables us to strategically expand our franchise, leverage our strong financial position and enhance shareholder value,” First Niagara President and CEO John Koelmel said in a statement. “We are also very pleased to be able to retain 500 jobs in the western Pennsylvania market and add upwards of 200 new jobs there and in upstate New York during these very challenging economic times.”
The deal, which is expected to close in September 2009, is anticipated to be accretive to earnings per share by approximately 20 percent in 2010.
It will also be accretive to employment at First Niagara. The company said it will retain all 500 jobs in the 57 branches, and add 50 to 75 more people in Pennsylvania. And, to support the larger branch network, it will add 100 to 125 jobs in upstate New York.
It was not immediately clear if any of those jobs will be in the Albany market.
Also as part of the deal with PNC, First Niagara has the option to issue a combination of stock and debt, totaling up to $150 million, to allow the bank to maintain its strong capital levels.