Conn. AG Probes $2B First Niagara-NewAlliance Deal

By Jacqueline Bell

Law360, New York (September 02, 2010, 3:55 PM ET) -- The Connecticut attorney general is probing a proposed $1.5 billion tie-up between First Niagara Financial Group and New Haven, Conn.-based NewAlliance Bancshares Inc., asking for justification of the bank merger.

The state's Department of Banking may only approve bank mergers that benefit Connecticut's economy and the public, Attorney General Richard Blumenthal said in a statement Wednesday announcing the examination.

In a letter to the banks, Blumenthal said the deal raises legal and public policy issues and could have a significant impact on the state's jobs, economy...
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