First Niagara Financial Group Inc. in Lockport, N.Y., and its First Niagara Bank cut the size of their boards by a third, to 10.
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Robert G. Weber, the chairman of both boards, said the $8.1 billion-asset company has expanded across upstate New York over the past eight years, in part by acquisitions, and the number of directors has grown along with it.
Gordon P. Assad, James W. Currie, Richard P. Koskey, B. Thomas Mancuso, and James Miklinski resigned from the boards of First Niagara Financial and First Niagara Bank. They received two years' worth of board fees in cash and accelerated vesting in their equity awards.
The severance benefits are expected to lower third-quarter earnings by a penny a share.
