BUFFALO -- First Empire State Corp. said it has completed its acquisition of Ithaca Bancorp.

The stock transaction was valued at $44.2 million.

First Empire, a $10.3 billion-asset bank, will pay the holders of Ithaca Bancorp's common stock $19 in cash for each of their shares.

First Empire will acquire $458 million in assets from Ithaca's only bank subsidiary, Citizens Savings Bank.

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