Aug 1, 2016 1 min read

KeyCorp has completed its previously announced acquisition of First Niagara Financial Group. Cleveland-based KeyCorp said in a press release that systems and client conversion is expected to occur during the fourth quarter.

The deal is subject to pending regulatory approval by the Office of the Comptroller of the Currency for the merger of First Niagara Bank into KeyBank.

The acquisition, which was announced Oct. 30, will include the addition of approximately 300 branches in New York, Pennsylvania, Connecticut, and Massachusetts, giving Key more than 1,200 branches throughout its 15 state footprint.

The merger will also add approximately $29 billion in deposits and total assets of $40 billion to KeyCorp, based on June 30 balances. KeyCorp received regulatory approval from the Federal Reserve for the acquisition on July 12.

Clients will continue to use their First Niagara accounts and other banking services until the fourth quarter, when accounts are expected to convert to KeyBank, subject to pending OCC regulatory approval. KeyBank will communicate directly to First Niagara clients about conversion plans and timing.