The Firm is representing KeyCorp (NYSE: KEY) in connection with its agreement to sell 18 First Niagara Bank branches in the Buffalo Federal Reserve banking market, with approximately $1.7 billion in deposits and $500 million in loans, to Northwest Bancshares, Inc. (NASDAQGS: NWBI). The divestiture transaction is subject to the completion of the merger of KeyCorp and First Niagara, which remains subject to regulatory approvals, and resolves antitrust concerns raised by the Department of Justice and the Federal Reserve.
KeyCorp is a bank holding company that, through its principal subsidiary, KeyBank National Association, and certain other subsidiaries, provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate and institutional clients. Northwest Bank has approximately $9 billion of total assets and has a 15-year history of operations in the Buffalo market.
The Simpson Thacher team includes Lee Meyerson, Elizabeth Cooper, Jakob Rendtorff, Paul Bennett and Mike Arsiotis (M&A); Mark Chorazak and Spencer Sloan (Bank Regulatory); Peter Guryan and Rick Jamgochian (Antitrust); Tristan Brown, Linda Barrett and Leah Segall (Executive Compensation and Employee Benefits); and Jonathan Goldstein and Judy Yan (Tax).