releases: http://higgins.house.gov/media-center/press-releases/higgins-pushes-feds-to-block-job-killing-first-niagarakeycorp-bank
Data license: MIT · Data source: dwillis/congress-press
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| http://higgins.house.gov/media-center/press-releases/higgins-pushes-feds-to-block-job-killing-first-niagarakeycorp-bank | Higgins Pushes Feds to Block Job-Killing First Niagara/KeyCorp Bank Merger | 2015-12-07 | 2015 | 2015-12 | Democrat | House | NY | Brian Higgins | H001038 | higgins.house.gov | legacy | In a letter to the Department of Justice and Federal Trade Commission, Congressman Brian Higgins (NY-26) is sounding the alarm on the bank merger of First Niagara and KeyCorp. With great concern about the local job impact we took a close look at the deal and believe it to be in violation of federal regulations, said Congressman Brian Higgins. Our findings conclude the deal, as currently proposed, violates federal anti-trust law and therefore cannot be allowed to proceed. On October 29, 2015 First Niagara Financial Group and KeyCorp made public their intention to merge. The banks have to make an application to the Federal Trade Commission and the United States Department of Justice to make their case that the proposed merger will not create uncompetitive banking marketplaces which limit customer choice. To determine if a proposed merger is anti-competitive, regulators measure how much more concentrated a banking market will be after the proposed merger. Using the regulators own mathematical measure of market concentration, an examination of the data by Congressman Higgins confirms the proposed merger fails the market concentration test all across upstate New York where the two banks each have an extensive branch network. First Niagara, headquartered in Buffalos Larkinville neighborhood, has branches throughout New York, Pennsylvania, and into New England and employs 2230 people in Western New York. Key Bank is headquartered in Cleveland, has branches across the Northeast, Midwest, and the Pacific Northwest, and employs 1100 people in the Buffalo-Niagara region. The banks have not indicated how many jobs would be lost, but have indicated that they intend to save $700 million per year as a result of the merger, and published reports indicate that this merger could cost 1200 to 1500 jobs locally. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |