KeyCorp buying First Niagara, will become nation's 13th-largest bank

October 30, 2015 10:33 AM

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CLEVELAND, Oh -- KeyCorp this morning said it's buying First Niagra of Buffalo, a deal that will increase Key's size by 40 percent and make it the 13th largest bank in the United States.

Cleveland-based Key will pay $4.1 billion in cash and stock for First Niagara, which has $39 billion in assets and $29 billion in deposits and 394 branches in New York, Pennsylvania, Connecticut and Massachusetts.

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