Schumer expresses concern over First Niagara/KeyBank merger
KeyBank's proposed takeover of First Niagara Bank could hit a snag with one leader on Capitol Hill. Sen. Charles Schumer is vowing to oppose the deal if it's going to cost the region jobs.
During a stop in Buffalo Tuesday, Schumer said he is "pushing" First Niagara Bank and Key Bank "very hard" for information about their proposed merger.
Schumer, who sits on the Senate Banking Committee, says he received information Monday and is analyzing the bank's numbers.
"I don't know if they're adequate. I don't know what they're going to tell us. They first came in and said, 'We're going to be great for upstate New York. We'll give to charity.' That's not what we're talking about here. It's nice they give to charity, I hope they do. But we're talking about jobs for hundreds of western New Yorkers," Schumer said.
First Niagara and KeyBank employ more than 6,500 people across the state.
Schumer also recently sent a letter urging federal regulators to extend the comment period and to hold public hearings for upstate residents. If the deal is approved, it's expected to close in the third quarter of 2016.