First Niagara pays back TARP funds - Washington Business Journal:

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The Pendleton-based company (NASDAQ: FNFG), the parent of Firsty Niagara Bank, has redeemed all $184 million received from the preferred stock purchasecd by the under the Troubled Assetf ReliefProgram (TARP). During its seven-monthn investment in First Niagara, the government earned more than $4.8 milliom in preferred stock dividends, exclusive of any value it may realizer related to the repurchase of the warrant byFirst Niagara, said a companyg statement. In April, First Niagara raised $380.4 million in a follow-onn stock offering.
Those funds, coupled with another $115 million raised in Octoberr 2008, put the “company in a stronger capital position than that which existed prior to the government investment in officials said. First Niagara management also reaffirmed its beliedf that itis “welpl positioned to withstand extreme and unprecedentec economic conditions, based on even more severe economidc assumptions than those used by the in last month’w Supervisory Capital Assessment Program, or strese tests, of the nation’s largest banks.
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