Hudson River Bancorp (NASDAQ:HRBT)
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First Niagara Financial Group, Inc. And Hudson River Bancorp,
Inc. Receive Regulatory Approval to Proceed With Merger and Announce Beginning
Of Election Period
LOCKPORT, and HUDSON, N.Y., Dec. 2 /PRNewswire-FirstCall/ -- First Niagara
Financial Group, Inc. (NASDAQ:FNFG) and Hudson River Bancorp, Inc.
(NASDAQ:HRBT) announced today that they have received all necessary regulatory
approvals to proceed with their merger. Additionally, the companies announced
that all election materials were mailed to Hudson River shareholders on or
about November 23, 2004 and that the election period will expire on December
28, 2004. All elections are subject to the allocation and pro-ration
procedures as described in the Joint Proxy Statement/Prospectus dated August 6,
2004.
First Niagara Financial Group, Inc., through its wholly owned subsidiary First
Niagara Bank, has assets of $5.1 billion and deposits of $3.3 billion. First
Niagara Bank is a full-service, community-oriented bank that provides financial
services to individuals, families and businesses through 71 banking centers, a
loan production office, several financial services subsidiaries, and 96 ATMs
across New York State. On April 2, 2004 the Company announced its intentions
to acquire Hudson River Bancorp, Inc., a $2.6 billion asset bank headquartered
in Hudson, New York, which was approved by shareholders of both companies on
September 28, 2004 and is expected to close on January 14, 2005. Hudson River
Bancorp, Inc. is the holding company for the Hudson River Bank & Trust Company
and the Hudson River Commercial Bank. Hudson River operates through 50 offices
and 60 ATMs and is a full-service financial services organization
Forward-Looking Statements -- This press release contains forward-looking
statements with respect to First Niagara Financial Group, Inc. and Hudson River
Bancorp, Inc. These forward-looking statements involve certain risks and
uncertainties. Factors that may cause actual results to differ materially from
those contemplated by such forward-looking statements, include among others,
the following possibilities: (1) changes in the interest rate environment; (2)
competitive pressure among financial services companies; (3) general economic
conditions including an increase in non-performing loans that could result from
an economic downturn; (4) changes in legislation or regulatory requirements;
(5) difficulties in continuing to improve operating efficiencies; (6)
difficulties in the integration of acquired businesses; and (7) increased risk
associated with an increase in commercial real-estate and business loans and
non-performing loans.
DATASOURCE: First Niagara Financial Group, Inc.
CONTACT: Paul J. Kolkmeyer, President and CEO, or John R. Koelmel, Chief
Financial Officer, or Christopher J. Thome, Reporting and Investor Relations
Manager, , +1-716-625-7645, or Leslie G. Garrity, Public
Relations and Corporate Communications Manager, +1-716-625-7528,
, all of First Niagara Financial Group; or Carl A.
Florio, President and CEO, or Timothy E. Blow, Chief Financial Officer,
+1-518-828-4600 ext. 4351, both of Hudson River Bancorp