First Niagara Financial Group, Inc. (FNFG)
Securities Portfolio Repositioning Conference Call
June 27, 2012 5:30 pm ET
John R. Koelmel – President, Chief Executive Officer and Director
Gregory W. Norwood – Chief Financial Officer
Erika Penala – Bank of America Merrill Lynch
John G. Pancari – Evercore Partners Inc.
Josh Levin – Citigroup Global Markets Inc.
Casey Haire – Jefferies & Co., Inc.
Damon DelMonte – KBW
Thomas Frick – FBR Capital Markets
Joseph Fenech – Sandler O’Neill & Partners
This presentation contains forward-looking information for First Niagara Financial Group, Inc. Such information constitutes forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995, which involve significant risk and uncertainties. Actual results may differ materially from the results discussed on this forward-looking statement. Welcome and thank you for standing by. All lines will be placed on a listen only mode until the question-and-answer session. Today’s call is being recorded. If anyone has any objections, you may disconnect at this time.
I would now like to turn the call over to Mr. John Koelmel, President and Chief Executive Officer. Sir, you may begin.
John R. Koelmel
Thanks very much, Victor. Good afternoon everyone. With me as usual is Greg Norwood, our CFO. And we certainly both appreciate all of you joining us on short notice. We acknowledge you’ve had little time to digest what we released just an hour ago. But given it’s a security sale itself and related debt repayment is fairly straight forward, our comments will primarily focus on how and why we made the decisions that resulted in the just announced actions. And given that it’s already 40 days after the completion of the HSBC branch transaction, we’ll also provide you a brief update as to the early results and outcomes before we open up for questions.