By Michael Mroziak
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-980055.mp3
Buffalo – Buffalo-based banking company First Niagara will grow significantly with its acquisition of nearly 200 HSBC bank branches throughout New York State and Southern Connecticut.
First Niagara president and CEO John Koelmel hosted a news conference to detail his company's acquisition of 195 HSBC branches. As Koelmel told reporters, work is underway to ensure a smooth transition not only for the branches and their employees but also for HSBC customers.
"No question, we're growing up fast," said Koelmel. "But as in life, those who do that well are all the better positioned to succeed over the longer term."
First Niagara will have to sell off some of its holdings to fall in line with federal regulations but Koelmel said he could not quantify their divestment until the company meets with federal officials. He also told reporters at a news conference inside their headquarters at the Larkin Building that no mass layoffs are planned.
"In fact you'll see us do just the opposite," said Koelmel. "We'll work with our HSBC team that joins us, and will otherwise further strengthen our collective team across Upstate New York, to ensure that in the years ahead we will be all that we will be."
What is still unknown is what will happen to HSBC's other properties once it completes its pullout from Western New York. Koelmel told reporters his company is committed to its headquarters inside the Larkin Building and to making the neighborhood "more vibrant." He noted that the company has very recently moved more employees to that location.
HSBC Tower recently lost another major tenant when law firm Phillips Lytle committed to moving its offices to a renovated Donovan Building. WBFO contacted HSBC's corporate office for comment, but as of late Monday afternoon our call was not returned.
You can hear John Koelmel's news conference from First Niagara's headquarters in the Larking Building in its entirety by clicking the audio link above.