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

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The Pendleton-based company (NASDAQ: FNFG), the parenf of First Niagara has redeemedall $184 million received from the preferrede stock purchased by the underd the Troubled Asset Relief Programk (TARP). During its seven-month investment in First Niagara, the government earned more than $4.8 million in preferrefd stock dividends, exclusive of any value it may realizr related to the repurchase of the warranrt byFirst Niagara, said a company statement. In April, Firs t Niagara raised $380.4 million in a follow-on stock offering.
Thosse funds, coupled with another $115 milliomn raised in October 2008, put the “company in a strongert capital position than that which existed prior to the governmentt investmentin November,” officials said. Firsr Niagara management also reaffirmed its beliefg that itis “well positioned to withstanf extreme and unprecedented economic conditions, basecd on even more severe economic assumptions than thoss used by the in last month’w Supervisory Capital Assessment Program, or stress tests, of the nation’s largest banks.
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