Two upstate New York thrifts said they have terminated their merger agreement.

Pathfinder Bancorp of Os-wego and cross-town rival Oswego County Savings Bank said the process of gaining federal regulatory approvals had become "burdensome and time-consuming."

Oswego County, which has $110 million of assets, had planned to sell after it completed its mutual-to-stock conversion.

Pathfinder is the $191 million-asset parent of Oswego City Savings Bank.

When the deal was announced in September, its value had not been determined. According to a Securities and Exchange Commission filing, Oswego County shareholders would have received at least a 15% premium for their shares.

Executives at both companies did not return calls seeking comment. In a press release, Oswego County CEO Gregory J. Kreis said the savings bank hopes to complete its conversion in the second quarter.

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