River Bank America, New Rochelle, N.Y., has agreed to sell most of its assets and transfer all of its deposits to Buffalo-based Marine Midland Bank, the U.S. subsidiary of Hong Kong's HSBC Holdings PLC.

Marine will pay $93 million for the 11-branch franchise, including $1.1 billion in assets and $1.2 billion in deposits. River Bank will retain $300 million in mortgage loans and real estate, which officials plan to manage after refinancing the company's debt.

The 147-year-old company will then voluntarily dissolve itself, retiring its noncumulative preferred stock at par value.

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