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First Niagara's sale of 4 offices consolidates its branch network

First Niagara Financial Group has agreed to sell four Central New York branches to Elmira Savings Bank, completing the previously announced consolidation of its branch network offices in Tompkins County and the Moravia office in Cayuga County, with $93 million in deposits and $9 million in consumer loans. That equals a price of roughly $14.42 million, on top of assuming the liabilities themselves.

Elmira will pay a "weighted" deposit premium of 15.50 percent to purchase three Ithaca

Elmira will also hire the 20 employees in the four branches after the deal closes, which is expected in the fourth quarter if regulators approve.

First Niagara Risk Management, the company's insurance agency, will still operate in Ithaca through an office gained in 2005 from the acquisition of the L.A. Lama Insurance Agency.

-- Jonathan D. Epstein

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