NYACK, NY (July 29, 2013) -- First Niagara Financial Group (Nasdaq:FNFG) announced today that it has completed a collateralized $1.3 million loan to the principals of Target Research Group, located in Airport Executive Park, Nanuet, N.Y., to purchase the company from Aries/MVL Group, a holding company for market research organizations. Founded in 1986, Target Research Group offers tactical and strategic market research services to business-to-business and business-to-consumer clients in consumer packaged goods, healthcare, financial services, legal, and a variety of other industries.
According to Target Research executives Greg Spagna and Steve Cook, when they went looking for a bank to help them take ownership of the company they were managing, it was First Niagara’s efficiency and exceptional customer service that made them choose the bank as their lender. “First Niagara always acted as part of our employee team during our endeavor to buy Target Research Group,” said Spagna. “Our deciding factor was the impeccable turn-around and customer service we were given. We knew that by choosing First Niagara, the service from its employees would always be there.”
The negotiation with Aries/MVL took four months. First Niagara’s Business Banking team turned the deal around in 48 hours, which saved Target some important contracts.
“At First Niagara, we pride ourselves on making the lending process collaborative, uncomplicated and transparent to our customers,” said First Niagara Business Banking Relationship Manager Beth Lawrence-Lallis. “We are thrilled to have helped the new owners acquire Target Research, and we look forward to working in partnership with them as they grow and expand their business.”
In addition to the commercial loan financing, First Niagara is providing business banking and cash management services to the company, personal banking services to its owners, and offering “Bank at Work” services to its 30-plus employees.
“Our relationship with Target Research exemplifies First Niagara’s commitment to providing local businesses with tailored lending solutions that are responsive to their needs and strengths,” First Niagara Tri-State Regional President Cathie Schaffer said. “We will continue to look for opportunities to put our capital to work for businesses in communities throughout the region.
First Niagara’s Tri-State Region Business Banking team serves businesses in Lower Hudson Valley, Fairfield County, CT and Northern New Jersey.
About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 420 branches, approximately $37 billion in assets, $27 billion in deposits, and approximately 6,000 employees providing financial services to individuals, families and businesses across Upstate New York, Pennsylvania, Connecticut and Massachusetts.