SYRACUSE, N.Y. - Community Bank System Inc. received approval from the Comptroller's office to acquire 15 branches from The Chase Manhattan Bank.

The approval is conditional upon the injection of additional capital, expected in the third quarter this year.

Earlier, a group of Community Bank System shareholders had sought to block the acquisition in the courts, claiming it would damage their investment. Their claims were dismissed last month.

The 15 Chase branches will be acquired by Community Bank System's wholly owned banking subsidiary, Community Bank.

Community Bank System, based in DeWitt, has $960 million in assets.

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