Keefe, Bruyette & Woods, Inc., a full-service investment bank that specializes in the financial services sector, and a wholly owned subsidiary of KBW, Inc. (NYSE: KBW), today announces upcoming changes to the KBW Bank Index (Index Symbol: BKX SM, ETF Symbol: KBE SM).

Effective prior to the opening of business on Monday, April 19, 2010, First Niagara Financial Group, Inc. (NASDAQ: FNFG) will undergo an increase in shares to account for the completion of an all-stock acquisition.

The KBW indices that have tradable exchange-traded funds are: KBW Bank Index (Index Symbol: BKX SM, ETF Symbol KBE SM); KBW Capital Markets Index (Index Symbol: KSX SM, ETF Symbol KCE SM); KBW Insurance Index (Index Symbol: KIX SM, ETF Symbol KIE SM); KBW Mortgage Finance Index (Index Symbol: MFX SM, ETF Symbol: KME SM), and KBW Regional Banking Index (Index Symbol: KRX SM, ETF Symbol: KRE SM).

About KBW

KBW, Inc. is the parent of Keefe, Bruyette & Woods, Inc., Keefe, Bruyette & Woods Limited and KBW Asset Management. Keefe, Bruyette & Woods, Inc. is a full service investment bank specializing in the financial services industry. Founded in 1962, it is widely recognized as a leading authority in the banking, insurance, brokerage, asset management, mortgage banking and specialty finance sectors. The firm has established industry-leading positions in the areas of research, corporate finance, mergers and acquisitions, as well as sales and trading for financial services companies.

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