Connecticut Banking Commissioner Howard F. Pitkin has approved the acquisition of NewAlliance Bancshares Inc. by New York’s First Niagara Financial Group Inc. and the subsequent merger of First Niagara Bank N.A. and NewAlliance Bank.

In October, First Niagara filed applications and an acquisition statement in order to acquire NewAlliance Bancshares. Pitkin held public hearings regarding the transaction in March in order to allow the public an opportunity to voice their opinions related to the acquisition and merger.

"The hearing provided an opportunity to solicit comments from the public," said Pitkin. "Having considered all comments received from the public, I have reviewed the application in its entirety and approved it with certain monitoring conditions to ensure the bank’s commitment to the state of Connecticut is fulfilled."

"We are very pleased to now have received approval of our transaction from all regulators – the Federal Reserve Board, the OCC and the Connecticut Department of Banking," said First Niagara President and CEO John R. Koelmel. "We continue to demonstrate our readiness and preparedness to take our organization to the next level as well as our commitment to the customers and communities we serve across the franchise, which will now include Connecticut and Massachusetts."

The banks plan to complete the transaction on April 15 and open all NewAlliance locations as First Niagara branches on April 18.