September 8, 2009 (FinancialWire) — First Niagara Financial Group, Inc. (NASDAQ: FNFG) said it has completed the acquisition of 57 Western Pennsylvania bank branches including $3.9 billion of deposits and $757 million of performing loans from National City Bank, a subsidiary of The PNC Financial Services Group, Inc. (NYSE: PNC).

All of the acquired branches in and around Pittsburgh, Warren and Erie, Pennsylvania.

Under a securities purchase agreement previously entered into between National City, PNC and First Niagara, First Niagara issued, and National City purchased, $150 million of 12% senior notes maturing September 10, 2014.

First Niagara has the ability to prepay this debt in whole or part prior to the maturity date without penalty, according to the company.

Lockport, New York-based First Niagara Financial provides financial services through 170 branches and five regional market centers across Upstate New York and Western Pennsylvania.

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