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KeyCorp still has ‘lots of work to do’ on First Niagara deal

According to KeyCorp chairman and CEO Beth Mooney, 2016 turned out to be a “successful and transformational year” for the Cleveland-headquartered company that bought First Niagara Financial Group Inc. of Buffalo. But the work isn’t over yet. KeyCorp (NYSE: KEY) still has to make the $3.7 billion deal worthwhile for investors. “While the systems and conversion (work) is done, there’s still lots of work to do to realize ($400 million in) cost savings and make that translate into benefits,”…

Pine Pharmaceuticals planning Tonawanda expansion

A growing Town of Tonawanda pharmaceutical company is planning an expansion that will see significant increase at a larger facility. Pine Pharmaceuticals LLC, a manufacturer of custom-designed pharmaceuticals, is working with town officials and the Erie County Industrial Development Agency on a proposal that will see the four-year-old company expand its operations from 4,280-square-feet in TM Montante Group’s Riverview Solar Technology Park to a 25,000-square-foot stand alone building. The company…

M&T Bank ‘hoping to get back’ to M&A

M&T Bank wants to get back into the mergers-and-acquisitions arena, but it continues to sit on the sidelines until federal regulators give the okay. Buffalo-headquartered M&T (NYSE: MTB) hasn’t been able to pursue M&A opportunities since mid-2013 when the bank signed a written agreement with the board of governors of the Federal Reserve System to overhaul its risk management program. M&T cannot make deals as long as the agreement is in place. But there’s hope on behalf of some M&T executives…

First guests arriving at DoubleTree in Niagara Falls

The first wave of overnight guests have begun checking into the just-opened DoubleTree by Hilton, the newest hotel in Niagara Falls. The DoubleTree is a $25 million private-sector investment by the Merani Hotel Group. It marks the first time the Hilton chain has brought the DoubleTree brand to the city. “It’s not only an additional Hilton brand, but it is one that is perfect for our marketplace,” said John Percy, Niagara Tourism & Convention Corp. president and CEO. “DoubleTree is a very…

Buffalo’s private-sector job growth matched U.S. average in December

The Buffalo-Niagara Falls metropolitan area saw a noticeable bump in employment to close out 2016 with a growth rate that mirrored the United States. The region counted 6,900 more jobs in private business compared to the previous year, up 1.5 percent, which matched the nationwide average increase. Overall, the area picked up 7,100 jobs when factoring in the public sector, for a nonfarm growth rate of 1.3 percent. The sectors leading the way according to the state Department of Labor included services,…