Northwest Bankshares is a month away from taking over 18 First Niagara bank branches in the Buffalo Niagara region.
The Pennsylvania-based bank said Monday that its $78.2 million deal to buy the branches has been approved by the Federal Deposit Insurance Corp., clearing the final regulatory hurdle facing the purchase.
Northwest said it expects the deal to close on Sept. 9.
The branches have deposits of $1.7 billion and loans of about $511 million. The branches have 185 employees and 70,000 customers.
The branches are being sold off to satisfy anti-trust concerns stemming from KeyCorp’s acquisition of First Niagara. Once the deal closes, Northwest, currently the No. 7 bank in the Buffalo Niagara region, will move up to No. 4 in the rankings, which are based on how much a bank holds in deposits in a region.