KeyBank vows to work with Cuomo on First Niagara merger
Larry Rulison and Eric Anderson reported in the Times Union KeyBank is saying it is willing to work with Gov. Andrew Cuomo to address his concerns about its purchase of First Niagara Financial Group. The response came a day after Cuomo said he opposed the merger and was lobbying to kill it. The governor believes the $4.1 billion acquisition would have an adverse impact on the retail banking market in the Buffalo area as it would consolidate one third of all deposits there into the hands of one bank. Cuomo is also concerned in the number of lost jobs that would result at the corporate and branch levels as a result of the merger. First Niagara is based in Buffalo, an area where Cuomo has focused much of his upstate revitalization efforts. “We wholeheartedly believe by further investing in New York we will increase our ability to better serve the people, businesses and communities of this state,” KeyBank said in a response to the governor’s concerns. “We look forward to working with Governor Cuomo and his staff to address their concerns and share our commitments.” Read the full story in the Columbia Paper.