BRIEF: First Niagara seeks Federal Reserve OK to become a bank
ZZHTK | Quote | Chart | News | PowerRating -- First Niagara Financial Group Inc., which in September opened 57 former National City Bank branches as First Niagara Bank branches in Western Pennsylvania, has applied to the Federal Reserve Board to become a bank holding company.
Currently a thrift holding company, the Buffalo-based institution is only permitted to own and hold thrift and savings bank institutions.
As a bank holding company, First Niagara will have more flexibility in the types of organizations it can acquire and in the execution of deals.
Once the conversion is complete, First Niagara's overseer will be the Fed, rather than the Office of Thrift Supervision.
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