Northwest Bank, a subsidiary of Pennsylvania-based Northwest Bancshares, has received the regulatory nod from the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance to acquire 18 First Niagara Bank offices in Western New York.
Northwest Bank will purchase 13 branches in Erie County and five branches in Niagara County as part of the deal. The branches include a total of $1.7bn in deposits and $500m in loans.
The transaction is anticipated to be completed on 9 September 2016.
The acquisition of the branches is related to the acquisition of Buffalo-based First Niagara Financial Group by Cleveland-based KeyCorp.
The $4.1bn cash-stock deal was announced in October 2015. The combined entity would be the 13th largest bank in the nation with nearly $135bn in assets, the companies said.
In April 2016, KeyCorp and First Niagara agreed to sell 18 First Niagara branches in New York to Northwest Bank to avoid antitrust concerns emerging from the proposed combination of the two banks.
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