First Niagara Financial Group, Inc. And Hudson River Bancorp, Inc. Receive Regulatory Approval to Proceed With Merger and Announ
December 02 2004 - 4:29PM
PR Newswire (US)
First Niagara Financial Group, Inc. And Hudson River Bancorp, Inc.
Receive Regulatory Approval to Proceed With Merger and Announce
Beginning Of Election Period LOCKPORT, and HUDSON, N.Y., Dec. 2
/PRNewswire-FirstCall/ -- First Niagara Financial Group, Inc.
(NASDAQ:FNFG) and Hudson River Bancorp, Inc. (NASDAQ:HRBT)
announced today that they have received all necessary regulatory
approvals to proceed with their merger. Additionally, the companies
announced that all election materials were mailed to Hudson River
shareholders on or about November 23, 2004 and that the election
period will expire on December 28, 2004. All elections are subject
to the allocation and pro-ration procedures as described in the
Joint Proxy Statement/Prospectus dated August 6, 2004. First
Niagara Financial Group, Inc., through its wholly owned subsidiary
First Niagara Bank, has assets of $5.1 billion and deposits of $3.3
billion. First Niagara Bank is a full-service, community-oriented
bank that provides financial services to individuals, families and
businesses through 71 banking centers, a loan production office,
several financial services subsidiaries, and 96 ATMs across New
York State. On April 2, 2004 the Company announced its intentions
to acquire Hudson River Bancorp, Inc., a $2.6 billion asset bank
headquartered in Hudson, New York, which was approved by
shareholders of both companies on September 28, 2004 and is
expected to close on January 14, 2005. Hudson River Bancorp, Inc.
is the holding company for the Hudson River Bank & Trust
Company and the Hudson River Commercial Bank. Hudson River operates
through 50 offices and 60 ATMs and is a full-service financial
services organization Forward-Looking Statements -- This press
release contains forward-looking statements with respect to First
Niagara Financial Group, Inc. and Hudson River Bancorp, Inc. These
forward-looking statements involve certain risks and uncertainties.
Factors that may cause actual results to differ materially from
those contemplated by such forward-looking statements, include
among others, the following possibilities: (1) changes in the
interest rate environment; (2) competitive pressure among financial
services companies; (3) general economic conditions including an
increase in non-performing loans that could result from an economic
downturn; (4) changes in legislation or regulatory requirements;
(5) difficulties in continuing to improve operating efficiencies;
(6) difficulties in the integration of acquired businesses; and (7)
increased risk associated with an increase in commercial
real-estate and business loans and non-performing loans.
DATASOURCE: First Niagara Financial Group, Inc. CONTACT: Paul J.
Kolkmeyer, President and CEO, or John R. Koelmel, Chief Financial
Officer, or Christopher J. Thome, Reporting and Investor Relations
Manager, , +1-716-625-7645, or Leslie G. Garrity, Public Relations
and Corporate Communications Manager, +1-716-625-7528, , all of
First Niagara Financial Group; or Carl A. Florio, President and
CEO, or Timothy E. Blow, Chief Financial Officer, +1-518-828-4600
ext. 4351, both of Hudson River Bancorp
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