CANAJOHARIE, N.Y. - Shareholders of Landmark Financial Corp. on Thursday ended the bidding war over its federal thrift charter by approving the sale of the company to Trustco Bank Corp NY of Schenectady.
Trustco will pay $21 a share for Landmark Financial, which was also being pursued by Private Mortgage Investment Services of Saratoga Springs, N.Y. The mortgage company had launched a tender offer of $25 a share in May.
More than 78% of voting shareholders voted in favor of the acquisition by $2.3 billion-asset Trustco, said Landmark Financial's president and chief executive officer, Gordon E. Coleman.
