The price of First Niagara Bank N.A’s acquisition and retention of more than 100 HSBC Bank USA N.A. branches has been reset at $764 million, the Buffalo-based bank reported in a filing late Friday afternoon.
The purchase price includes an estimated $130 million in estimated premiums receivable from HSBC to KeyBank N.A., Five Star Bank and Community Bank System Inc., and is subject to final closing adjustments, First Niagara states in a filing with the U.S. Securities and Exchange Commission.
In announcing the acquisition of 195 HSBC branches in Upstate New York and Connecticut, the price was listed as $1 billion. First Niagara lowered it to just over $900 million when the deal was completed in May.
First Niagara acquired net deposits of $9.8 billion and net performing loans of $1.6 billion from HSBC as part of the transaction, Friday’s filing states.
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