First Niagara Financial Group Inc. (NASDAQ: FNFG) falls as NewAlliance Bancshares, Inc. (NYSE: NAL) sets record high

First Niagara Financial Group losing point by point

In brief: Financial Group First Niagara Financial Group Inc. (NASDAQ: FNFG) buys NewAlliance's shares for $ 1.5 billion. The deal is too expensive for First Niagaraexperts say.

One more big deal is causing collapse of one financial group and rise of another. First Niagara Financial Group Inc. (NASDAQ: FNFG) shares fell to 12.12 points, losing -0.66 (-5.16%). NewAlliance Bancshares, Inc. (NYSE: NAL) rose to 12.92 points, gaining +1.56 (13.73%).

First Niagara Financial Group Inc. financial group has agreed to purchase New Alliance Inc. for $ 1.5 billion in shares in order to strengthen bank’s positions in New England. At present New Alliance is worth $ 8.7 billion. The bank numbers 88 branches. First Niagara’s assets are estimated at $ 21 billion, its network comprises 255 offices. Experts estimate the transaction will result in First Niagara’s rise by 5% in 2012.

Anrey Torbinski
2010-08-19 16:08, Economics.

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