Reflecting on Key-First Niagara deal, a decade later

Nearly 10 years ago, KeyBank agreed to acquire First Niagara Bank, a deal that would transform local banking.

When the $3.6 billion purchase was completed the following year, homegrown First Niagara faded into history, and Key bolstered the local presence it already had.

In the decade since the acquisition was announced, Key has solidified its position in the market – the bank just extended its naming rights deal for the downtown arena. Some other banks have entered the market, spotting an opening to compete after First Niagara’s exit.

Cleveland-based Key has made significant investments in the Buffalo area, despite a relationship with a nonprofit community partner that turned acrimonious for a time. And the bank has maintained Larkinville as its Northeast regional headquarters.

Chris