KeyCorp gets Federal Reserve OK to complete merger with First Niagara

By Kevin Zimmerman

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KeyCorp has received regulatory approval from the Federal Reserve to complete its merger with First Niagara Financial Group.

The merger is expected to be completed on or about Aug. 1, with systems and client conversion expected to take place during the fourth quarter.

KeyCorp, based in Cleveland, plans to make Buffalo, where First Niagara is headquartered, the combined entity’s northeast regional headquarters. Some 70 First Niagara and 36 KeyBank branches will be closed over the next several months, leaving the group with more than 1,200 branches and 1,500 ATMs in 15 states.

Both institutions currently operate branches in Fairfield and Westchester counties, including First Niagara branches in Shelton, Stratford, Fairfield, Westport and Norwalk.

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