A pair of Connecticut public hearings on the controversial $1.5 billion merger of flagship banks belonging to New Haven’s NewAlliance Bancorp Inc. and regional New York lender First Niagara Financial Group Inc. begin Tuesday in Manchester.
The hearing, ordered by Connecticut banking regulators, will begin at 5 p.m. at Manchester Community College, 161 Hillstown Road.Â
On Wednesday, the second hearing begins at 5 p.m. in the Conte-West Hills School auditorium, 511 Chapel St., in New Haven.
Buffalo-based First Niagara’s acquisition of NewAlliance Bank, which is expected to be finalized this spring, has drawn criticism from certain political and social leaders including New Haven Mayor John DeStefano.
Critics have raised concerns that First Niagara has a poor track record when it comes to lending to low- to moderate-income consumers, as well as to small businesses.
