Election Deadline Set For NewAlliance Stockholders To Elect To Receive Stock Or Cash In Connection With First Niagara Transaction

BUFFALO, N.Y. and NEW HAVEN, Conn., March 11, 2011 (GLOBE NEWSWIRE) -- First Niagara Financial Group, Inc. (Nasdaq:FNFG) and NewAlliance Bancshares, Inc. (NYSE:NAL) today announced the deadline for NewAlliance stockholders to elect the form of consideration they wish to receive in exchange for their NewAlliance shares, as contemplated by the terms of the merger agreement approved by NewAlliance stockholders last December.

NewAlliance stockholders who wish to elect to receive either First Niagara common stock, cash, or a combination thereof, in exchange for their shares of NewAlliance common stock in connection with the proposed acquisition of NewAlliance by First Niagara must deliver a properly completed Form of Election and Letter of Transmittal ("Election Materials"), together with their NewAlliance stock certificate, to American Stock Transfer & Trust Company ("AST") prior to 5:00 p.m., New York City time, on April 5, 2011 (the "Election Deadline"). Election materials will be mailed to NewAlliance stockholders who held NewAlliance shares of record as of March 4, 2011. 

NewAlliance stockholders who hold their shares in "street" name through a bank, broker or other nominee, in the form of unvested restricted stock awards or through a 401(k) plan or an employee stock ownership plan may have an election deadline earlier than the Election Deadline. These NewAlliance stockholders should consult with, and carefully review any materials they receive from, their bank, broker, other nominee or plan administrator or plan trustee to determine the election deadline applicable to them.

Under the terms of the merger agreement signed by First Niagara and NewAlliance, each NewAlliance stockholder will receive, for each NewAlliance share and at the holder's election, either 1.10 shares of First Niagara stock or $14.28 in cash, subject to the adjustment, election and allocation procedures provided in the merger agreement. The cash price will remain fixed while the value of the stock consideration will likely change prior to closing due to fluctuations in the price of First Niagara stock. Therefore, at closing, the cash and stock alternatives are likely to have different values.