Niagara Bancorp, which has been expanding in upstate New York, announced Monday that it has agreed to acquire Iroquois Bancorp of Auburn for $80.3 million in cash.The buyer has $1.7 billion of assets and the seller $595 million. Iroquois operates two banks and 13 branches.

Niagara said it would pay $33.25 per Iroquois share - just under two times book and 16.9 times earnings. The deal is expected to close in the third quarter.

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