Upstate New York's Community Bank System Inc. has turned down an unsolicited buyout offer for about $112 million, according to a source familiar with the details.

Schenectady-based Trustco Bank Corp NY sent a merger proposal last month to the $916 million-asset company for about $40 a share or 1.7 times its Dec. 31 book value, the source said, but no formal offer was made.

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