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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): May 27, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>FIRST NIAGARA FINANCIAL GROUP, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-23975</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>42-1556195</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

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<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>6950 South Transit Road, P.O. Box 514, Lockport, NY<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>14095-0514</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(716) 625-7500</B>


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    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;1.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Termination of a Material Definitive Agreement. </B></U></TD>
    <TD width="5%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">On November&nbsp;21, 2008, First Niagara Financial Group, Inc. (the &#147;Company&#148;) entered into a Letter Agreement (the
&#147;Purchase Agreement&#148;) with the United States Department of the Treasury (&#147;Treasury&#148;) pursuant to which the Company
issued and sold to Treasury: (i)&nbsp;184,011 shares of the Company&#146;s Fixed Rate Cumulative Perpetual Preferred Stock,
Series&nbsp;A, par value $0.01 per share (the &#147;Series&nbsp;A Preferred Stock&#148;), having a liquidation amount per share equal to
$1,000, for a total price of $184,011,000 (ii)&nbsp;and a warrant (the &#147;Warrant&#148;) to purchase 1,906,191 shares of the
Company&#146;s common stock, par value $0.01 per share (the &#147;Common Stock&#148;), at an exercise price of $14.48. Pursuant to
the terms of the Purchase Agreement, the number of shares of common stock available under the Warrant was reduced to
953,096 as a result of the Company raising $380.4&nbsp;million through an underwritten public offering on April&nbsp;14, 2009.


<P align="left" style="font-size: 10pt; text-indent: 4%">On May&nbsp;27, 2009, the Company redeemed the Series&nbsp;A Preferred Stock and returned to the Treasury a total of
$184,317,685, which includes the original investment amount of $184,011,000 plus accrued but unpaid dividends of
$306,685. The return of the investment had the effect of terminating the Company&#146;s continuing obligations under the
Purchase Agreement, which agreement is now terminated. The Letter of Transmittal for the redemption of the Series&nbsp;A
Preferred Stock is attached as Exhibit&nbsp;10.2 hereto and is incorporated herein by reference.


<P align="left" style="font-size: 10pt; text-indent: 4%">The Company expects to notify the Treasury of its intent to repurchase the outstanding Warrant for 953,096 shares
of its common stock.


<P align="left" style="font-size: 10pt; text-indent: 4%">A press release dated May&nbsp;28, 2009 announcing this transaction is attached as Exhibit&nbsp;99.1 to this Form 8-K.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. </B><U><B>Financial Statements and Exhibits</B></U>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable.</TD>
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    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable.</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable.</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits.</TD>
</TR>

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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter of Transmittal, dated May&nbsp;27, 2009, between the United
States Department of the Treasury and First Niagara Financial
Group, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated May&nbsp;28, 2009</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly authorized.

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    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>FIRST NIAGARA FINANCIAL GROUP, INC.</B></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATE: May&nbsp;28, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: <u>/s/ Michael W. Harrington</u></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael W. Harrington</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Duly authorized representative)</TD>
</TR>
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</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter of Transmittal, dated May&nbsp;27, 2009, between the United
States Department of the Treasury and First Niagara Financial
Group, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated May&nbsp;28, 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4




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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 27, 2009
FIRST NIAGARA FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-23975
42-1556195
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
6950 South Transit Road, P.O. Box 514, Lockport, NY
14095-0514
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(716) 625-7500
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02
Termination of a Material Definitive Agreement.
On November 21, 2008, First Niagara Financial Group, Inc. (the "Company") entered into a Letter Agreement (the
"Purchase Agreement") with the United States Department of the Treasury ("Treasury") pursuant to which the Company
issued and sold to Treasury: (i) 184,011 shares of the Company's Fixed Rate Cumulative Perpetual Preferred Stock,
Series A, par value $0.01 per share (the "Series A Preferred Stock"), having a liquidation amount per share equal to
$1,000, for a total price of $184,011,000 (ii) and a warrant (the "Warrant") to purchase 1,906,191 shares of the
Company's common stock, par value $0.01 per share (the "Common Stock"), at an exercise price of $14.48. Pursuant to
the terms of the Purchase Agreement, the number of shares of common stock available under the Warrant was reduced to
953,096 as a result of the Company raising $380.4 million through an underwritten public offering on April 14, 2009.
On May 27, 2009, the Company redeemed the Series A Preferred Stock and returned to the Treasury a total of
$184,317,685, which includes the original investment amount of $184,011,000 plus accrued but unpaid dividends of
$306,685. The return of the investment had the effect of terminating the Company's continuing obligations under the
Purchase Agreement, which agreement is now terminated. The Letter of Transmittal for the redemption of the Series A
Preferred Stock is attached as Exhibit 10.2 hereto and is incorporated herein by reference.
The Company expects to notify the Treasury of its intent to repurchase the outstanding Warrant for 953,096 shares
of its common stock.
A press release dated May 28, 2009 announcing this transaction is attached as Exhibit 99.1 to this Form 8-K.
Item 9.01.
Financial Statements and Exhibits
(a)
Not Applicable.
(b)
Not Applicable.
(c)
Not Applicable.
(d)
Exhibits.
Exhibit No.
Description
10.2
Letter of Transmittal, dated May 27, 2009, between the United
States Department of the Treasury and First Niagara Financial
Group, Inc.
99.1
Press release dated May 28, 2009
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly authorized.
FIRST NIAGARA FINANCIAL GROUP, INC.
DATE: May 28, 2009
By:
/s/ Michael W. Harrington
Michael W. Harrington
Chief Financial Officer
(Duly authorized representative)
EXHIBIT INDEX
Exhibit No.
Description
10.2
Letter of Transmittal, dated May 27, 2009, between the United
States Department of the Treasury and First Niagara Financial
Group, Inc.
99.1
Press release dated May 28, 2009