First Niagara Bank

In a sign that the banking industry is back on track for a recovery, First Niagara Bank has concluded a deal in which it will acquire NewAlliance for approximately $1.5 Billion. What makes this deal so noteworthy is that it is the first merger between healthy financial institutions since the beginning of the current economic downturn as opposed to the acquisition of troubled banks by stronger counterparts. Many analysts see this as the first in what could be a wave of consolidations in the banking industry.

First Niagara Bank has been around since 1870 when it formed as Farmers and Mechanics Savings Bank. Prior to the acquisition of NewAlliance, First Niagara employed 4000 people in 254 branches. The acquisition of NewAlliance will bring in another 88 branch locations. More importantly, in 2009 when many banks were folding, First Niagara created over 300 new jobs and managed to increase the number of new loans by 20%. These numbers point toward a solid institution able to weather economic crises and should be encouraging for anyone looking for work in the financial industry.

First Niagara employees enjoy a broad benefits package including medical and dental plans, stock options, a 401k plan, and incentive based bonuses. The company also operates what they call ''First Niagara University'' which promotes the bank's culture of promoting from within by offering classes designed to help employees gain the skills and knowledge needed to advance within the company. They also provide tuition assistance to employees looking to improve themselves by pursuing degrees.