completed its acquisition of State Street Corp.'s remaining commercial banking operations, including $1.2 billion of commercial loans, $1.1 billion of deposits, and four branch offices.

State Street, a Boston banking company that specializes in securities processing and asset management, said it received a $350 million premium for the business and expects to record a $1 per-share gain in the fourth quarter. The company said the sale of assets would result in a 3% reduction in revenues and would dampen earnings per share by 6% in the near term. State Street said it would offset the declines over three years through acquisitions and internal growth.

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