Blumenthal Asks for Info on Bank Merger

Attorney General Richard Blumenthal is calling for more information from First Niagara Financial Group,  about the plan it announced in August to buy NewAlliance Bancshares of Connecticut for about $1.5  billion in cash and stock.

Blumenthal says he wants to know how the acquisition by the Buffalo-based company will affect employment and community lending in Connecticut.  He’s also asking for state and federal regulators to hold public hearings in New Haven,  to make sure that local individuals and groups have an opportunity to ask questions and express their opinions.

In his letter to First Niagara,  Blumenthal asks how many and what categories of  jobs would be lost in Connecticut due to the merger,  He’s asking for details on credit and lending by the institution,   its procedures on overdraft fees, and its policies regarding sale of loans to the secondary market.

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

WTIC Holiday Stores 2016
Hear WTIC Podcasts

Listen Live