Marine Midland Bank announced an agreement Thursday to acquire one of its competitors, First Federal Savings and Loan Association in Rochester, N.Y., for $620 million in cash.

For a price - about 1.55 times book value - deemed relatively inexpensive by analysts, Marine will be increasing its assets by more than $7 billion, to $30 billion, and solidifying its No. 1 market position in western New York.

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