BSB Bancorp of Binghamton, N.Y., said Monday that it plans to expand its presence in the Syracuse market by acquiring Skaneateles (N.Y.) Bancshares for $41 million.

The deal calls for Skaneateles shareholders to receive 0.970 shares of BSB stock for each share they own. At BSB's closing price Friday, that would come to $27.89 per share-2.1 times Skaneateles' book value and 25.1 times 1998 earnings per share.

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