First Niagara bank, which has 46 branches in the Greater Lehigh Valley, will become part of Cleveland-based KeyCorp now that the Federal Reserve Bank approved the acquisition Tuesday.
The merger is expected to be completed on or about Aug. 1, with client conversion planned for the third quarter of the year.
The deal was announced in October and approved by the shareholders of both companies in March.
First Niagara, based in Buffalo, N.Y., has $39 billion in assets, $29 billion in deposits and 394 banking offices in Pennsylvania, New York, Connecticut and Massachusetts.
KeyCorp has assets of about $95.4 billion and does not have any branches in the Greater Lehigh Valley.
With about $135 billion of assets, the combined bank would be the 13th largest commercial bank headquartered in the U.S, with three million customers and locations in 15 states.
