Onbancorp's merger with Franklin advances.

SYRACUSE, N.Y. - Onbancorp and Franklin First Financial Corp. reported that the Federal Reserve Bank of New York has approved their applications to merge.

The merger had been approved by the shareholders of both companies at special meetings held on May 25, 1993.

The closing of the acquisition is still contingent on approval by the New York State and Pennsylvania Banking Departments and certain conditions in the merger agreement.

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