ALBANY, N.Y. -- Albank Financial Corp. said its board of directors declared a 10-cent-a-share quarterly dividend, payable Jan. 3 to shareholders of record.

Albank posted record net income of $21.1 million for the first nine months of the year, versus $18.9 million in 1993. In October the company announced that it had entered into an agreement with the Federal Deposit Insurance Corp. to acquire the deposits of the former Ludlow Savings Bank of Ludlow, Mass. The transaction involved about $215 million in deposits and nine branch offices.

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