Updated with market close information.
First Niagara is awaiting regulatory approval for its deal to purchase roughly 200 branches from HSBC (HBC), and the Buffalo, N.Y., lender's shares jumped after the Federal Reserve late Tuesday announced its long-delayed approval of Capital One's (COF) $9 billion deal to purchase ING Direct (USA) from ING Groep (ING).
The broad indexes pull back as eurozone leaders made additional demands on Greece before a possible agreement on a second bailout for roughly $170 billion. Meanwhile Greece's creditors canceled a meeting originally scheduled for Wednesday in Brussels because of lack of assurance on whether Greece will follow through on the government austerity program it passed over the weekend.The KBW Bank Index (I:BKX) was down slightly to close at 44.20, with the 24 index components roughly split between winners and losers. First Niagara's shares have now returned 14% year to date. The company is in the midst of a huge transition, with agreements to divest roughly 100 branches, in order to trim overlapping offices and also to address Justice Department concerns over competitive balance in the company's market area. The company has made deals to sell branches to Community Bank System (CBU), of DeWitt, N.Y., Financial Institiutions, Inc. (FISI) of Warsaw, N.Y., and KeyCorp (KEY) of Cleveland, although the HSBC deal is still subject to regulatory approval.
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