First Niagara Plans $300 Million Stock Sale to Repay TARP

First Niagara Financial Group Inc.'s first-quarter net income dipped 0.5% as the bank announced a $300 million stock offering, with much of the proceeds aimed at repurchasing $184 million in preferred stock issued to the Treasury Department under the capital purchase program.

Officials at many banks have said in recent weeks that they want to repay Troubled Asset Relief Program money as soon as possible to avoid the restrictions that come with the funds.

Analysts have said First Niagara, which is based in western New York and has a $1.6 billion market value, stands out as a regional bank that can emerge from the financial crisis bigger and better. The company outperformed much of the banking sector by managing to post higher net income for 2008.

Read Full Article from Wall Street Journal

- Posted: 2009-04-13 07:56:05

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