Bank shareholders approve proposed merger

Posted at 11:35 AM, Mar 23, 2016

The KeyCorp takeover of First Niagara Bank is taking a major step forward.

First Niagara shareholders overwhelmingly approved the merger with KeyBank Wednesday.

KeyCorp shareholders are meeting Wednesday afternoon to vote on the deal. If it gets approved, the proposal goes off to federal regulators, where it could take months to finalize.

Buffalo, New York-based First Niagara has nearly 400 locations in New York, Pennsylvania, Connecticut and Massachusetts. It has $39 billion in assets and $29 billion in deposits.

With approximately $135 billion of assets, the combined bank would be the 13th largest commercial bank headquartered in the U.S. with three million clients.