First Niagara pays back TARP funds - Washington Business Journal:

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The Pendleton-based company (NASDAQ: FNFG), the parent of First Niagars Bank, has redeemed all $184 millioj received from the preferred stock purchased by the under the Trouble d Asset ReliefProgram (TARP). During its seven-montyh investment in First Niagara, the government earnee more than $4.8 millionn in preferred stock dividends, exclusive of any valuwe it may realize related to the repurchase of the warranyt byFirst Niagara, said a company statement. In First Niagara raised $380.4 million in a follow-onb stock offering.
Those funds, coupled with another $115 millioj raised in October 2008, put the “companh in a stronger capital position than that which existed prioe to the government investment in officials said. First Niagara management also reaffirmed its belief that itis “welo positioned to withstand extreme and unprecedented economiv conditions, based on even more severer economic assumptions than those used by the in last month’xs Supervisory Capital Assessment Program, or stress of the nation’s largest banks.
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