KeyCorp has received regulatory approval from the Federal Reserve to complete the merger with First Niagara Financial Group.

The merger of First Niagara into KeyCorp is expected to be completed on or about August 1, 2016, pending the satisfaction of customary closing conditions.  Systems and client conversion is expected during the Q4/16, subject to pending regulatory approval by the OCC.

“We are pleased to reach another important milestone as we bring Key and First Niagara together,” said Beth Mooney, KeyCorp CEO and chair. “I’m also proud that our two companies have worked so well together to meet our commitment for clients, communities, employees and shareholders.  We remain confident in and committed to meeting the growth and financial objectives of the First Niagara acquisition.”

First Niagara, headquartered in Buffalo, NY had $40 billion in assets and $30 billion in deposits as of March 31, 2016, and approximately 390 branches in New York, Pennsylvania, Connecticut and Massachusetts.  The planned acquisition was originally announced on October 30, 2015.

KeyCorp is headquartered in Cleveland with assets of approximately $98 billion on March 31, 2016.