First Niagara Wraps Up HSBC Deal

September 18, 2012 Updated Sep 18, 2012 at 11:09 AM EDT

By WKBW News

September 18, 2012 Updated Sep 18, 2012 at 11:09 AM EDT

First Niagara Financial Group Inc. is tying up up loose ends in the complex acquisition of HSBC Bank. First Niagara announced plans to take over HSBC over a year ago. A report in this week's Business First says the deal grew complicated as First Niagara sold 64 branches to three other banks. On Friday, First Niagara shut down 20 former HSBC branches. Three of them are in Western New York. Now the report says the bank can get back to its everyday duties. Officials say business is good post-acquisition, with checking balances up and the loan retention rate at 100 percent.

The Holiday Inn on Grand Island is set to change hands at an auction on October 24th.
Royal Bank of Canada is the hotel's owner of record, after taking over more than a year ago when the former owner owed almost $8 million in back mortgage payments. The bank has made $1 million worth of renovations to the hotel, which remains open and will continue to operate through the sale process.

In Cattaraugus County, officials will meet today to discuss "The Woods at Bear Creek."
Local businessman John Hutchins is looking to turn the former Camp Lakeland in Franklinville into a year round destination. The Cattaraugus County IDA is expected to issue an environmental review and a public hearing today for the $4 million project. Then they can vote on an incentive package in October.

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