An upstate New York community bank has a deal to buy five nearby branches from a large New York City-area thrift.
CNB Financial Corp. said last week that it would buy them from Lake Success-based Astoria Financial Corp. for an undisclosed sum. CNB, based in Canajoharie, is the parent of $709 million-asset Central National Bank.
George L. Engelke Jr., Astoria's chairman, president, and chief executive officer, said the branches "represent only a minor segment of our retail banking franchise." He said his $20 billion-asset thrift wants to focus on the New York City area, where it has 84 branches.
The branches are in Cooperstown, where CNB already has a branch, and in four towns where it has none. The deal is expected to close in the third quarter.