Purchase by bank of N.Y. clears hurdle.

WEST PATERSON, N.J. -- Shareholders of National Community Banks Inc. have approved its acquisition by Bank of New York Co.

Under terms of an agreement signed in January, each National Community share is to be exchanged for 0.96 share of Bank of New York. The New Jersey holding company's outstanding preferred shares will be exchanged for a comparable new issue by Bank of New York.

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