The merger of KeyCorp and First Niagara is moving forward after First Niagara says its shareholders overwhelmingly voted in favor of the merger during meetings in both Cleveland and Buffalo Wednesday.
Local and state leaders remain staunchly opposed to the deal. Gov. Andrew Cuomo wants the federal government to reject the move because he believes it'll reduce banking competition, limit access for consumers and eliminate local jobs.
Erie County Executive Mark Poloncarz says both companies have been working to show they plan on investing in the local community, but he's still opposed to the deal.
"I know that we've made progress there and that's good, but it's not like I'm sitting here seeing things that make me say we should support this transaction. This will be bad in the long run for Western New York because it will result in significant job loss," said Poloncarz.
The agreement still needs regulatory approvals.