Exhibit 99.1
FIRST NIAGARA FINANCIAL GROUP, INC. REPORTS COMMON STOCK REPURCHASE PROGRAM
Lockport, N.Y. - July 24, 2003 - First Niagara Financial Group, Inc. (NASDAQ:
FNFG), today announced that it has received a regulatory non-objection from the
Office of Thrift Supervision to its request to repurchase up to 2.1 million (3%)
of its outstanding common stock in order to fund currently exercisable stock
options. The regulatory non-objection was necessary because the repurchase
program will commence less than one year from the date of the Company's
reorganization and second step stock offering, which closed January 17, 2003.
Management of the Company will use its discretion in determining the timing of
the repurchases and the prices at which repurchases will be made. The extent to
which shares are repurchased will depend on a number of factors including market
trends and prices, economic conditions, alternative uses for capital and the
strength of the Company's capital in relation to its activities.
First Niagara Financial Group, Inc., through its wholly owned subsidiary First
Niagara Bank, has assets of $3.6 billion and deposits of $2.4 billion. First
Niagara Bank is a full-service, community-oriented bank that provides financial
services to individuals, families and businesses through 46 banking centers, a
loan production office, several financial services subsidiaries, and 84 ATMs
throughout upstate New York.
Forward-Looking Statements - This press release contains forward-looking
statements with respect to the financial condition and results of operations of
First Niagara Financial Group, Inc. including, without limitations, statements
relating to the earnings outlook of the Company. These forward-looking
statements involve certain risks and uncertainties. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements, include among others, the following possibilities:
(1) changes in the interest rate environment; (2) competitive pressure among
financial services companies; (3) general economic conditions including an
increase in non-performing loans that could result from an economic downturn;
(4) changes in legislation or regulatory requirements; (5) difficulties in
continuing to improve operating efficiencies; (6) difficulties in the
integration of acquired businesses; and (7) increased risk associated with an
increase in commercial real-estate and business loans.
Officer Contacts
William E. Swan..................... Chairman, President and CEO
Paul J. Kolkmeyer................... Executive Vice President, COO and CFO
Christopher J. Thome................ Reporting and Investor Relations Manager
(716) 625-7645
chris.thome@fnfg.com
Leslie G. Garrity................... Public Relations and Corporate
Communications Manager
(716) 625-7528
leslie.garrity@fnfg.com
Corporate Information
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