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

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The Pendleton-based company (NASDAQ: FNFG), the parent of First Niagarw Bank, has redeemed all $184 million receive from the preferred stocko purchased by the under the Troubled Asset ReliefProgram (TARP). Duringy its seven-month investment in First Niagara, the government earned more than $4.8 milliob in preferred stock exclusive of any valuw it may realize related to the repurchasre of the warrant byFirst Niagara, said a company statement. In First Niagara raised $380.4 million in a follow-o n stock offering.
Those funds, coupled with anothedr $115 million raised in October putthe “company in a stronger capitalp position than that which existed prior to the governmenyt investment in November,” officials First Niagara management also reaffirmed its belief that it is “well positiones to withstand extreme and unprecedented economidc conditions, based on even more severe economic assumptions than those used by the in last month’a Supervisory Capital Assessment Program, or stress of the nation’s largest banks.
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