A Spanish bank that had planned to spin off its domestic banking subsidiary on New York's Long Island through a public offering is instead selling it to a local banking company for $47 million in cash.

Mattituck-based North Fork Bancorp, which has $2.9 billion of assets, agreed last week to pay 157% of book value for the domestic commercial banking business of Extebank, the Stony Brook subsidiary of Banco Exterior de Espana SA, Madrid.

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