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Cramer on BloggingStocks: First Niagara -- the model stock to own

Posted Jul 28th 2009 10:00AM by Jim Cramer (RSS feed)
Filed under: Market Matters, Stocks to Buy, Cramer on BloggingStocks

From TheStreet.com Network

TheStreet.com's Jim Cramer says its acquisition of Harleysville could make it a great regional player in the East.

When we look back at the coming great banking consolidation making a host of new colossuses, we will think about First Niagara's (NASDAQ: FNFG) (Cramer's Take) acquisition of Harleysville National (NASDAQ: HNBC) (Cramer's Take) announced on a sleepy Monday near the end of July 2009.

First Niagara, a Lockport, N.Y., bank, earlier this year received a gift from the FDIC -- a big chunk of PNC Financial (NYSE: PNC) (Cramer's Take) branches -- made necessary because PNC had too much market power courtesy of its now seemingly disastrous acquisition of National City. That move gave First Niagara a foothold in western Pennsylvania to complement its New York base.

Continue reading Cramer on BloggingStocks: First Niagara -- the model stock to own