CLEVELAND (AP) — KeyCorp will stretch its reach deeper into the Northeast with a $4.1 billion deal to buy First Niagara Financial Group and create the 13th largest commercial bank in the United States.
Cleveland-based KeyCorp says it will offer a portion of its stock and $2.30 in cash for each First Niagara share. The total comes to $11.40 per share based on the Thursday closing price of Key Corp's stock.
That represents a roughly 10 percent premium to First Niagara's $10.38 closing price on Thursday. Its shares are up almost 2 percent in premarket trading before the market opens.
Buffalo, New York-based First Niagara has nearly 400 locations in New York, Pennsylvania, Connecticut and Massachusetts. It has $39 billion in assets and $29 billion in deposits.
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