EX-99.1
2
v104147_ex99-1.htm
Unassociated Document
Exhibit
99.1
FIRST
NIAGARA ANNOUNCES THE COMPLETION OF ITS ACQUISITION OF GREATER BUFFALO SAVINGS
BANK
Lockport,
N.Y. - February 15, 2008 - First Niagara Financial Group, Inc. (NASDAQ: FNFG),
announced today that it completed the acquisition of Great Lakes Bancorp, Inc.,
the parent company of Greater Buffalo Savings Bank. In connection with this
transaction, Great Lakes shareholders will receive 5.4 million shares of First
Niagara common stock, as well as cash payments totaling $75.8 million in the
aggregate.
"On
behalf of First Niagara, I want to welcome the customers and shareholders of
Greater Buffalo to the First Niagara family", stated President and CEO, John R.
Koelmel. "During the last few months employees of both organizations have
demonstrated their commitment, dedication and expertise by making this
transition as smooth as possible for everyone. I am very confident that our
new
customers will experience the same level of outstanding service that they were
used to at Greater Buffalo but with the added benefit of more options to meet
their financial needs. This merger strengthens our presence in Western New
York,
a region we have been highly committed to serving for over 135 years".
Under
the
terms of the merger agreement, Great Lakes shareholders were permitted to
request cash, First Niagara stock or a combination of both for their outstanding
shares, subject to an overall limitation that not more than 50% of deal
consideration would be paid in cash. Shareholder requests for cash exceeded
50%
of the overall deal consideration. On that basis, Great Lakes shareholders
who
did not submit an election will receive 100% of their consideration in First
Niagara stock. Shareholders who requested any or all of their consideration
in
First Niagara stock will receive that request. Finally, shareholders who elected
any or all of their consideration in cash will receive approximately 43% of
that
request in the form of First Niagara stock and the remainder in cash. Cash
will
be paid in lieu of all fractional shares in the exchange.
At
December 31, 2007, Great Lakes had assets of approximately $900 million and
deposits of $627 million. With the addition of Greater Buffalo's branch offices,
First Niagara now has approximately $9.0 billion in assets and operates 117
branches and four Regional Market Centers across Upstate New York.
First
Niagara was advised by the investment banking firm of Stifel, Nicolaus &
Company, Inc. and the law firm of Luse, Gorman, Pomerenk & Schick, P.C.
Great Lakes was advised by the investment banking firm of Sandler O'Neill &
Partners, L.P. and the law firm of Hodgson Russ LLP.
Officer
Contacts
John
R. Koelmel
President
and Chief Executive Officer
Michael
W. Harrington
Chief
Financial Officer
Anthony
M. Alessi
Investor
Relations Manager
(716)
625-7692
tony.alessi@fnfg.com
Leslie
G. Garrity
Public
Relations and Corporate Communications Manager
(716)
625-7528
leslie.garrity@fnfg.com

EX - 99 . 1 2 v104147 _ ex99 - 1 . htm Un associated Document Exhibit 99 . 1 FIRST NIAGARA ANNOUNCES THE COMPLETION OF ITS ACQUISITION OF GREATER BUFFALO SAVINGS BANK Lockport , N . Y . - February 15 , 2008 - First Niagara Financial Group , Inc . ( NASDAQ : FNFG ) , announced today that it completed the acquisition of Great Lakes Bancorp , Inc . , the parent company of Greater Buffalo Savings Bank . In connection with this transaction , Great Lakes shareholders will receive 5 . 4 million shares of First Niagara common stock , as well as cash payments totaling $ 75.8 million in the aggregate . " On behalf of First Niagara , I want to welcome the customers and shareholders of Greater Buffalo to the First Niagara family " , stated President and CEO , John R . Koelmel . " During the last few months employees of both organizations have demonstrated their commitment , dedication and expertise by making this transition as smooth as possible for everyone . I am very confident that our new customers will experience the same level of outstanding service that they were used to at Greater Buffalo but with the added benefit of more options to meet their financial needs . This merger strengthens our presence in Western New York , a region we have been highly committed to serving for over 135 years " . Under the terms of the merger agreement , Great Lakes shareholders were permitted to request cash , First Niagara stock or a combination of both for their outstanding shares , subject to an overall limitation that not more than 50 % of deal consideration would be paid in cash . Shareholder requests for cash exceeded 50 % of the overall deal consideration . On that basis , Great Lakes shareholders who did not submit an election will receive 100 % of their consideration in First Niagara stock . Shareholders who requested any or all of their consideration in First Niagara stock will receive that request . Finally , shareholders who elected any or all of their consideration in cash will receive approximately 43 % of that request in the form of First Niagara stock and the remainder in cash . Cash will be paid in lieu of all fractional shares in the exchange . At December 31 , 2007 , Great Lakes had assets of approximately $ 900 million and deposits of $ 627 million . With the addition of Greater Buffalo 's branch offices , First Niagara now has approximately $ 9.0 billion in assets and operates 117 branches and four Regional Market Centers across Upstate New York . First Niagara was advised by the investment banking firm of Stifel , Nicolaus & Company , Inc . and the law firm of Luse , Gorman , Pomerenk & Schick , P . C . Great Lakes was advised by the investment banking firm of Sandler O ' Neill & Partners , L . P . and the law firm of Hodgson Russ LLP . Officer Contacts John R . Koelmel President and Chief Executive Officer Michael W . Harrington Chief Financial Officer Anthony M . Alessi Investor Relations Manager ( 716 ) 625 - 7692 tony.alessi@fnfg.com Leslie G . Garrity Public Relations and Corporate Communications Manager ( 716 ) 625 - 7528 leslie.garrity@fnfg.com
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