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Executive Summary: Trading at over a 30% discount to tangible book value, First Niagara has grown its commercial and residential loan portfolio for 14 consecutive quarters. It has acquired competitors to strengthen its regional footprint and is optimizing existing banking operations, setting the company up for continued growth over the next few years.


As interest rates rise, there are some stocks that will be potential winners and losers. Among stocks that should perform better because the underlying companies should be able to increase loan profits are the bank stocks. Many of the large commercial bank stocks have done very well thus far in 2013. Market leaders such as JP Morgan Chase (JPM), Citigroup (C)...

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