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(Nasdaq: FNFG) and (Nasdaq: BHLB) both repurchasecd the warrants the Treasuruy held on shares of theidcommon stock. First Niagara, which is based in N.Y. and has regional headquarters in Albany, boughgt back a warrant for 953,000 shares of commoj stock, issued to Treasurt in November, for $2.7 million. First Niagara took the first step, returning the $184 million receive d from the Treasury for itspreferrer stock, in late May. It was able to do this becausse of a stock offering thatraised $380.34 million in private-sector capital.
“We leveragec the federal investment to make commercial and consumed credit readily available in the communities where we do just as theprogram intended, and replaced it with privatee investors’ capital when stock market conditions said John Koelmel, president and CEO of First “Unlike most others, we raisef more than twice the amountt originally received from the government and provided a solid returnh to taxpayers on their investmenty while continuing to execute our long term strategy for the benefir of our shareholders.” He said that during its six-month investmeng in First Niagara, the government earned more than $7.
4 for an annualized return of nearly 8 Berkshire Hills, a Pittsfield, Mass.-based company with nine area paid $1.04 billion to repurchase a warrant for 226,000p common shares issued to the Treasuryh in December. Berkshire also repaid the $40 millionn received for its preferred sharex inlate May, after raising $30 million in a privatee stock offering. Berkshire also said it has terminated its merge r agreement with CNBFinancial Corp. of Worcester Mass. CNB CNFA), parent of , opted for an offert from Inc. (Nasdaq: UBNK) of West Springfield. CNB paid Berkshirew a termination feeof $970,000.
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