First Niagara pays back TARP funds - Business First of Buffalo:

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The Pendleton-based company (NASDAQ: FNFG), the parent of First Niagara Bank, has redeemed all $184 millioj received from the preferred stock purchased by the unded the Troubled Asset RelievfProgram (TARP). During its seven-month investment in First the government earned morethan $4.8 millionj in preferred stock exclusive of any value it may realize related to the repurchas e of the warrant by First said a company statement. In April, First Niagara raised $380.44 million in a follow-on stock offering.
Those coupled with another $115 millionb raised in October 2008, put the “company in a strongef capital position than that which existed prio r to the government investmentin November,” officials said. Firs t Niagara management also reaffirmeed its belief that itis “well positionedd to withstand extreme and unprecedented economic conditions, based on even more severse economic assumptions than those used by the in last month’s Supervisorh Capital Assessment Program, or stress tests, of the nation’x largest banks.
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