Opposition mounting to Key Bank takeover of First Niagara
KeyCorp is running into more opposition over its proposed purchase of Buffalo based First Niagara Financial Group.
Governor Andrew Cuomo is the latest elected official to come out against Key Bank's takeover of First Niagara. Cuomo fired off a letter Wednesday urging federal regulators to reject the $4.1 billion deal which would create the nation's 13th largest commercial bank.
Cuomo says the proposed acquisition would reduce retail banking competition across upstate, limit consumer access, and eliminate jobs. He is asking the Federal Reserve Board of Governors, the Comptroller of the Currency, and the Justice Department's Antitrust Division to block the transaction.
If the deal goes through, he is threatening legal action.