The Federal Reserve Board on Monday gave Manufacturers & Traders Trust Co. of Buffalo permission to buy 32 branches with roughly $600 million of deposits in upstate New York from Chase Manhattan Bank.

Manufacturers will remain New York's seventh-largest bank, with $14.8 billion, or 3.6%, of the state's deposits. Chase is New York's biggest bank, controlling $95 billion or 22% of the state's deposits. The Fed noted Manufacturers' outstanding record under the Community Reinvestment Act.

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