Flush with cash after recent public offerings, thrift institutions in the New York metropolitan area are paying once-unthinkable prices for acquisitions.

Roslyn (N.Y.) Bancorp set a new standard Tuesday by announcing it would pay $1.1 billion-or a 47% premium over market price, 29 times estimated earnings, and 3.9 times book value-for T R Financial Corp., a thrift based in Garden City, N.Y. One analyst called T R "good but nothing special."

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