U.S. Sen. Charles Schumer is asking the Federal Reserve to extend the written comment period and consider holding public hearings for Upstate New York residents to voice their concerns about KeyBank’s plans to acquire First Niagara Bank.
U.S. Senator Charles Schumer on Monday urged the Fed to both extend the required 30-day comment period, which is set to expire at the end of the month and to hold public hearings on the proposed merger’s economic impact on the region and the newly constituted bank’s plans for community reinvestment.
Since the merger would have such widespread impact on communities across Upstate New York, Sen. Schumer said it is vital that members of these communities have the opportunity to express their concerns by engaging in discussions directly with bank representatives in a public forum.
Following the news, KeyCorp planned to acquire the Buffalo-based First Niagara Financial Group through a $4.1 billion dollar takeover.
Schumer raised concerns of job losses across Upstate New York. KeyBank and First Niagara both have branches here in Homer. Key Bank has a branch office on Tompkins Street Extension in Cortlandville with a First Niagara has branch offices on Main Sreet in Cortland and the Cortlandville Crossing Plaza.