Election deadline set in Great Lakes, First Niagara merger

By Lisa Kerner

Charlotte, N.C., Jan. 30 - Great Lakes Bancorp, Inc. shareholders have until Feb. 11 to elect to receive cash or stock in the company's acquisition by First Niagara Financial Group, Inc.

As previously reported, First Niagara agreed to acquire Great Lakes for $14 per share in a transaction valued at approximately $153 million.

Great Lakes shareholders may elect to receive $14 in cash, 0.993 of a share of First Niagara stock, or a combination of cash and stock for each share of Great Lakes stock they own, subject to proration so that 50% of Great Lakes shares are exchanged for cash and 50% for stock.

All regulatory approvals have been received in the proposed merger, which is slated to close in the first quarter, according to a form 8-K filing with the Securities and Exchange Commission.

Located in Buffalo, Great Lakes operates as the holding company for the Greater Buffalo Savings Bank.

First Niagara is the holding company for First Niagara Bank based in Lockport, N.Y.

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