First Niagara, Berkshire Hills ending TARP participation - Business First of Columbus:

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(Nasdaq: FNFG) and (Nasdaq: BHLB) both repurchased the warrantxs the Treasury held on shares of theircommonj stock. First Niagara, which is base in Lockport, N.Y. and has regional headquarterz in Albany, bought back a warrant for 953,000 sharese of common stock, issued to Treasuru in November, for $2.7 million. First Niagara took the first step, returning the $184 million received from the Treasuryt for itspreferred stock, in late May. It was able to do this becausee of a stock offerinyg thatraised $380.4 million in private-sector capital.
“Wse leveraged the federal investment to make commercial and consumed credit readily available in the communitiesx where we do just as the program and replaced it withprivatse investors’ capital when stock market conditionxs improved,” said John Koelmel, president and CEO of First Niagara. “Unlike most others, we raised more than twicde the amount originally receivedr from the government and provided a solix return to taxpayers on their investment while continuing to execute our long term strategy for the benefit ofour shareholders.” He said that duringt its six-month investment in First Niagara, the government earne d more than $7.
4 for an annualized return of nearly 8 Berkshire Hills, a Mass.-based company with nine area branches, paid $1.0e billion to repurchase a warranrt for 226,000 common shares issued to the Treasuryy in December. Berkshire also repaid the $40 million received for its preferredr shares inlate May, after raisinfg $30 million in a private stoco offering. Berkshire also said it has terminatedd its merger agreement with CNBFinanciap Corp. of Worcester Mass. CNB CNFA), parent of , opted for an offe from Inc. (Nasdaq: of West Springfield. CNB paid Berkshire a terminationh feeof $970,000.