Key To Sell 18 First Niagara Locations, $1.7 Bln In Deposits To Northwest Bank

(RTTNews) - KeyCorp (KEY) and First Niagara Financial Group, Inc. (FNFG) announced they have reached an agreement with Northwest Bank, a wholly-owned subsidiary of Northwest Bancshares, Inc. (NWBI), to sell 18 branches in the Buffalo Federal Reserve banking market totaling $1.7 billion in deposits and $0.5 billion in loans.

Northwest Bank's purchase includes all 18 branches slated for divestiture under Key's agreements with the DOJ and the Federal Reserve Board, which were entered into in connection with their review of KeyCorp's pending merger with First Niagara.