Niagara Gazette

Local News

March 19, 2013

Koelmel leaves First Niagara

Niagara Gazette — First Niagara bank announced Tuesday that John R. Koelmel has been replaced as the company's president and CEO.

The announcement was made after the close of business Tuesday. First Niagara stock, last trading at $8.44, was down 6 cents in trading on the day.

In a prepared statement released by the bank, no reason was given for the board's decision, which officials said was "mutually agreed upon."

Koelmel held the banks top post since 2007, and is credited with ushering the bank from a local thrift based in Lockport to a four-state bank with approximately 430 branches, $37 billion in assets and $28 billion in deposits.

The company employs about 6,000 people across Upstate New York, Pennsylvania, Connecticut and Massachusetts. 

“John Koelmel has guided the company’s transformation from a local thrift to a leading Northeast  banking franchise, and led First Niagara during a period of difficult economic conditions and financial industry turmoil,” board chairman Thomas Bowers said in the statement.

Gary M. Crosby, 59, was selected to serve as interim president and CEO as officials search for a permanent replacement. In the statement.

Crosby's current title is executive vice president and chief administrative and operations officer.

“The board and I are grateful to John for his leadership through this critical period in our history and for positioning us so that we can focus on enhancing shareholder value through continuing organic growth and the efficient operation of the business we have today," Bowers said. 

Koelmel was quoted in the release, but also did not shed light on the specific reason for his departure.

“I highly value the opportunity to have driven First Niagara’s rapid growth over the last six years and to position it as one of the top regional banking franchises in the Northeast. And I thank all 6,000 of my teammates for their tremendous support. I agree with the board that it’s in the best interests of the organization under present circumstances to move forward with new leadership.”

Text Only | Photo Reprints
Local News
Featured Ads
Seasonal Content
House Ads
AP Video
Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN Raw: Deadly Landslide Hits Indian Village Obama Chides House GOP for Pursuing Lawsuit New Bill Aims to Curb Sexual Assault on Campus Russia Counts Cost of New US, EU Sanctions 3Doodler Bring 3-D Printing to Your Hand Six PA Cops Indicted for Robbing Drug Dealers Britain Testing Driverless Cars on Roadways Raw: Thousands Flocking to German Crop Circle At Least 20 Chikungunya Cases in New Jersey Raw: Obama Eats Ribs in Kansas City In Virginia, the Rise of a New Space Coast Raw: Otters Enjoy Water Slides at Japan Zoo NCAA Settles Head-injury Suit, Will Change Rules Raw: Amphibious Landing Practice in Hawaii Raw: Weapons Fire Hits UN School in Gaza Raw: Rocket Launches Into Space With Cargo Ship Broken Water Main Floods UCLA
House Ads
Night & Day
Twitter News
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Front page

Do you think cigarette sales to non-Native American customers should be taxed on reservations?

Yes. Items should be taxed like they are everywhere else.
No, the indian reservations are sovereign land and they are selling them on their land.
Not up to me. Native Americans decide the rules on their land.
Don't care. Smoking isn't good for you.
     View Results