Alliance Financial Corp. of Syracuse, N.Y., has agreed to buy Bridge Street Financial Inc. of Oswego for $55 million in cash and stock.
The deal, announced late Monday, would be the first bank acquisition for the $980 million-asset Alliance since it was created in 1999 through a merger of two upstate New York banking companies, Oneida Valley Bancshares and Cortland First Financial. Early last year Alliance bought part of HSBC Bank USA's personal trust business.
Bridge Street is the parent of the $225 million-asset Oswego County National Bank, which has seven branches, in Oswego and Onondaga counties. The bank, founded in 1870, would be merged into Alliance Bank, which has 21 branches, in Cortland, Madison, Onondaga, and Oneida counties.
The deal is expected to close early in the fourth quarter.
