First Empire State Corp. of Buffalo says it saved "tens of millions of dollars" by waiting for a change in federal tax law before merging its savings bank into its main commercial bank.

Gary S. Paul, senior vice president of corporate finance, said the $13 billion-asset banking company held off on the consolidation until Congress revised the part of the federal tax code which dealt with deductions taken by thrifts for bad-debt reserves.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.