Hudson River Bancorp has a deal to buy SFS Bancorp in Schenectady for $32 million in cash.

Hudson River has $881 million of assets and 13 branches in five New York counties. SFS, parent of Schenectady Federal Savings Bank, has four branches and $176 million of assets.

Terms of the deal, announced Tuesday, call for Hudson River to pay $25.10 for each share of SFS. The deal is expected to close by the end of the third quarter.

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