GLENS FALLS, N.Y. - Evergreen Bancorp has sold about $20 million in commercial loans and foreclosed real estate to an unidentified investor.
The sale, which reduces nonperforming assets by $13 million, will be reflected in the company's third-quarter results, but will not have a material impact because of adequate loan loss reserves, according to a press release.
The sale will also lead to a reduction in expenses and an increase in net interest income in fiscal 1996.
Evergreen is the $833 million-asset holding company for Evergreen Bank, with 24 branches in seven upstate New York counties.