Approval of proposal by First Niagara Financial Group and FNFG Merger Sub

The following press release was published by the Board of Governors of the Federal Reserve System on March 31, 2011. It is reproduced in full below.

The Federal Reserve Board on Thursday announced its approval of the application by First Niagara Financial Group, Inc. and FNFG Merger Sub, Inc., both of Buffalo, New York, to acquire NewAlliance Bancshares, Inc. and its subsidiary bank, NewAlliance Bank, both of New Haven, Connecticut.

Attached is the Board's Order relating to this action.

Source: Board of Governors of the Federal Reserve System