First Niagara pays back TARP funds - Business First of Buffalo:

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The Pendleton-based company (NASDAQ: FNFG), the parent of First Niagara Bank, has redeemed all $184 million received from the preferred stock purchased by the under the Troublefd Asset ReliefProgram (TARP). During its seven-monty investment in First Niagara, the government earned more than $4.8 million in preferrede stock dividends, exclusive of any value it may realize related to the repurchase of the warrant byFirs Niagara, said a company In April, First Niagara raised $380.4 million in a follow-on stocl offering.
Those funds, coupled with anothert $115 million raised in October 2008, put the “compan y in a stronger capital position than that whic existed prior to the government investmenin November,” officials said. First Niagara management also reaffirmed its belief that itis “welo positioned to withstand extreme and unprecedented economix conditions, based on even more severw economic assumptions than those used by the in last month’sd Supervisory Capital Assessment Program, or streszs tests, of the nation’s largest banks.
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