BRT Realty Trust on Tuesday offered to buy Peekskill Financial Corp. for $17.25 per share, or $49 million, in cash.

BRT, a mortgage real estate investment trust affiliated with Gould Investor LP, which owns 9.29% of Peekskill, said the proposal was subject to due diligence and the execution of a definitive merger agreement. Peekskill, parent of First Federal Savings Bank of Peekskill, N.Y., has $200 million of assets. BRT said it would retain Peekskill's corporate structure, board of directors, management team, and employees, and would add two people to its board.

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