Great Lakes Bancorp shareholders set to decide merger with First Niagara

By Lisa Kerner

Charlotte, N.C., Jan. 3 - The board of directors of Great Lakes Bancorp, Inc. recommends its stockholders vote in favor of the company's merger with First Niagara Financial Group Inc. at a special meeting at 10 a.m. ET on Feb. 12.

The record date for the meeting is Dec. 19, according to a 424B3 filing with the Securities and Exchange Commission.

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.

The transaction is slated to close in the first quarter.

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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