First Niagara buying 57 branches from PNC

NEW YORK (AP) -- First Niagara Financial Group Inc., parent of First Niagara Bank, said Tuesday it will acquire $4.2 billion in deposits and 57 branches in western Pennsylvania from National City Bank, a unit of PNC Financial Services Group Inc....

First Niagara Financial Group Inc., parent of First Niagara Bank, said Tuesday it will acquire $4.2 billion in deposits and 57 branches in western Pennsylvania from National City Bank, a unit of PNC Financial Services Group Inc.

Zacks.com submits: PNC Financial Services Group Inc. (PNC) is set to expand by acquiring 19 branches from a subsidiary of BankAtlantic Bancorp Inc. (BBX).

First Niagara Financial Group Inc. (FNFG) Barclays Capital Global Financial Services Conference Transcript September 11, 2012 4:15 PM ET Executives John Koelmel - President and CEO Greg Norwood - Chief Financial Officer Ram Shankar - Head, Investor Relations Analysts Matthew Keating - Barclays Capital Presentation

By Pat Racaniello: I took notice of First Niagara Financial Group (FNFG) in the second half of last year, liked what I saw, did my due diligence and initiated a position in January of this year. I felt that FNFG was going to become a regional bank and would no longer be just the home-town bank it was a few short years ago.

In 2011, strong banks will take the next step in recovery, shifting from strengthening balance sheets to deploying capital for loan growth. Sure, you may wonder if it’s prudent for banks to leverage so soon after the financial crisis, but CEOs of major banks are indicating that’s exactly what they’re prepared to do in 2011.

Thomas Smicklas submits:PNC Financial Services Group (PNC) has acquired RBC Bank for $3.45b, a $112m discount to tangible book value. PNC will likely start making money on this transaction sometime in early 2013. The stock presently trades at $56.80 with a fifty two week range of $49.43-$65.19.The transaction is to close in March, 2012.

By Sammy Pollack:Shares of Buffalo-based First Niagara Financial Group Inc. (FNFG) are down more than 23% over the past year.