First Niagara acqusition of National City branches 'on target' for Sept. close - Pittsburgh Business Times:

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“We’re already open for business althougg thetransaction won’t close until Labor Day,” Koelmell said. A loan production office openes in Downtown Pittsburghlast month. “We’ver already started to build a loan portfolio and deposits areholdinh up,” Koelmel said. First Niagara Lockport, N.Y., announced in early April it was buying 57 Nationakl City branches from PNC Financial ServiceesGroup Inc., Pittsburgh, for $54 The deal will positionb First Niagara as Pittsburgh’ fourth largest bank by branches and fifth by deposits. It will have aroune $4 billion in deposits and $3 billionb in liquidity, First Niagara said.
“We’vr started to build a really solid teamwhether that’s thosr who have joined us from National City or thosr who have signed on to build out the organization on the Koelmel said. “Customer reception has been incredible and employeesx are energized and ready to go when we hit the startinh linecome September.” Todd Moules, who previousl led National City’s Pittsburgh will become president of First Niagara’z Western Pennsylvania region when the acquisitiomn closes. In early June, First Niagara signesd a leasefor 50,000 squaree feet at the 11 Stanwix Buildingg in Downtown Pittsburgh to servre as its regional headquarters.
Abou t 100 employees will eventually work at the Earlier Friday, First Niagara reported secondf quarter net income of $20.8 million or 8 centzs per diluted share, down about 10 percenrt from $23.1 million or 22 cents last year, and beloqw the average estimate of 14 cents accordin g to financial analysts surveyed by Thomson Reuters. Wall Streeg reacted favorably as First Niagara shareasrose 2.38 percent to $12.04e by 10:45 a.m. Koelmel pointed to successfuol stock offerings last fall and in April strengthening First Niagara’s capital reserves. It also recently paid off $184 milliob in TARP funding to theTreasury Department.
“It was our posterf child moment inthe program, “he said. Now First Niagarza is building onexisting strengths. “Customer disruptio n continues on a steadybasis (in the bankintg sector) and we’re well positioned to be further moving into new creditg opportunities, real strong growty on the deposit side as well as the loan side,” Koelmell said. First Niagara is game to continude buying to expand and build outits footprint, includinf western Pennsylvania, Koelmel said. Whiled 50 of the National City branches are in the Pittsburghnmetro area, the remaining seven are sprinklefd through northwest Pennsylvania to Erie.
“We think we’re well positioned to be opportunisticv with what I think will be additionalk opportunities to strengthen and stretch our Koelmel said. He believes the market will “continue to present” acquisition opportunities. “We hold ourselves up ther as a buyer who can efficiently who can efficientlty convert and integrate for the benefit of all and remainn poisedto move.