Dime Savings Bank of New York has signed a letter of intent to sell its eight branches in the Albany and Utica area to Albank Financial Corp.

The branches, to become part of Albank Savings Bank, have about $450 million in deposits.

"The sale of our eight Albany and Utica area branches is part of the Dime's strategy to ... focus on our core franchise in the New York area," said Richard D. Parsons, chairman and chief executive officer of Dime.

After the sale, Dime would have 39 branches in New York and eight retail offices in central New Jersey.

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