First Niagara CEO on NewAlliance Deal
When Cramer predicted a wide-scale consolidation among regional banks following the 2008 crash, much like the mergers that took place after the savings-and-loan crisis, he never guessed that one of his favorite outfits would buy another.
But that’s what happened this week, as First Niagara , a player in New York and Pennsylvania, bought New England’s NewAlliance Banchares for $1.5 billion in cash and stock, Reuters reported. The combined company will boast 340 branches, $20 billion in deposits and $15 billion in loan, becoming the 11th largest play in the Northeast.
How big are the possibilities for First Niagara once this deal is complete? Cramer invited CEO John Koelmel onto Mad Money to find out. Watch the video to see the full interview.
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