First Niagara Financial Group, Inc. Declares Quarterly Dividend

Business Wire, July 24, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--July 24, 2000

First Niagara Financial Group, Inc. (NASDAQ:FNFG) announced today that its Board of Directors has declared a quarterly dividend of seven cents ($.07) per share on outstanding FNFG common stock. The dividend is payable August 15, 2000 to stockholders of record on August 1, 2000.

First Niagara Financial Group, Inc. is a $1.8 billion holding company and is the parent of First Niagara Bank and Cortland Savings Bank.

Corporation Information

First Niagara Financial Group, Inc.

6950 South Transit Road

P.O. Box 514

Lockport, NY 14095-0514

Press releases are being distributed by Business Wire and can be found on the Internet as well as appropriate trade media and financial disclosure circuits. News and other information about the Corporation are available on the Internet at the Corporation's website, http://www.first-niagara.com. For additional information about First Niagara Financial Group, Inc. please contact: