First Niagara pays back TARP funds - Minneapolis / St. Paul Business Journal:

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The Pendleton-based company (NASDAQ: the parent of First Niagara Bank, has redeemed all $184 million received from the preferred stock purchased by the unde the Troubled Asset ReliefProgram (TARP). During its seven-monthu investment in First Niagara, the government earned more than $4.8 milliobn in preferred stock dividends, exclusive of any value it may realize related to the repurchase of the warran t byFirst Niagara, said a compan statement. In April, First Niagara raised $380.4 millionb in a follow-on stock offering.
Thosse funds, coupled with another $115 million raisex in October 2008, put the “company in a stronger capitak position than that which existed priotr to the government investment in officials said. First Niagara management also reaffirmed its belief that itis “wello positioned to withstand extreme and unprecedented economif conditions, based on even more severe economixc assumptions than those used by the in last month’s Supervisory Capitalo Assessment Program, or stress tests, of the nation’sw largest banks.
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