Exhibit 99.1
First Niagara Financial Group, Inc. Names Kolkmeyer President & CEO
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First Niagara Financial Group, Inc. (the"Company") (NASDAQ: FNFG) parent of
First Niagara Bank, (the "Bank") today announced the appointment of Paul J.
Kolkmeyer as President and CEO of both the Bank and the Company. Kolkmeyer, who
has been with First Niagara for nearly 14 years, has been serving as Interim
President and CEO since the August 2003 death of William E. Swan.
"We have determined that Paul is the most qualified person to move our Company
forward to fulfill the vision we all share for First Niagara with the same core
values that make our Company strong," said Robert G. Weber, Chairman of the
Board of Directors. "We thank him for the leadership and stability he brought to
First Niagara over the last few months and look forward to a very successful
future with him at the helm."
Kolkmeyer joined First Niagara as Senior Vice President and Chief Financial
Officer. During his tenure, the Company will have grown from a $500 million bank
to a $5.0 billion financial services company at the close of its previously
announced acquisition of Troy Financial Corporation. He has served as Executive
Vice President and Chief Operating Officer of First Niagara Bank and First
Niagara Financial Group, Inc. since July 2002. Prior to joining First Niagara,
he spent nine years in New York City as Vice President for Morgan Guaranty Trust
Company and at M&T Bank. He began his career in Western New York with KPMG LLP
and then the Carborundum Company in Niagara Falls.
"I am pleased with the Search Committee's confidence in my ability to move First
Niagara forward," said Kolkmeyer. "We have a bright future ahead. With a strong
strategic business plan, a team of very talented employees and a culture that
strives to exceed customer expectations and encourage employee excellence, we
will continue to drive growth and create value."
Kolkmeyer currently serves on the Executive Committee and Board of the Niagara
USA Chamber of Commerce. He is also on the Board of Regents at Canisius College
and Chairman of the Canisius College Council on Accountancy. In 1999, he was
recognized by Canisius College as the Western New York "Accountant of the Year."
Kolkmeyer grew up in the Town of Tonawanda, a Buffalo, NY, suburb. He graduated
with a bachelor's degree in accounting from Canisius College and earned his MBA
in finance from Fordham University.
He and his wife, Nancy, reside in Lockport, NY, with their two children.
Special Note: A photo of Kolkmeyer is available in TIFF and JPEG formats via
email. To request a photo, please contact leslie.garrity@fnfg.com. Please
specify format and deadline.
First Niagara Financial Group, Inc., through its wholly owned subsidiary First
Niagara Bank, has assets of $3.5 billion and deposits of $2.3 billion. On August
11, 2003, First Niagara Financial Group, Inc. entered into an agreement to
acquire Troy Financial Corporation, which will add 21 banking centers in the
Capital Region around Albany, NY. The transaction is expected to close in
January 2004. First Niagara Bank is a full-service, community-oriented bank that
provides financial services to individuals, families and businesses through 47
banking centers, a loan production office, several financial services
subsidiaries and 70 ATMs throughout upstate New York. First Niagara's range of
products includes personal and business checking, savings, business loan and
mortgage products, cash management services, investment alternatives, lease
financing and trust services. The Company offers an expanded product line, which
includes commercial and personal insurance and investment advisory services.
Officer Contacts
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Paul J. Kolkmeyer........................... President and CEO
Christopher J. Thome........................ Reporting and Investor Relations Manager
(716) 625-7645
chris.thome@fnfg.com
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Leslie G. Garrity........................... Public Relations and Corporate Communications Manager
(716) 625-7528
leslie.garrity@fnfg.com
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Corporate Information
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First Niagara Financial Group, Inc. Transfer Agent and Registrar
6950 South Transit Road Mellon Investor Services, LLC
P.O. Box 514 P.O. Box 3315
Lockport, New York 14095-0514 South Hackensack, NJ 07606
Telephone (800) 201-6621 Telephone (800) 851-9677
www.fnfg.com www.melloninvestor.com
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