Charter One Financial Inc. said Tuesday that it would buy 14 branches, $400 million of deposits, and $120 million of commercial loans from Chittenden Corp. of Burlington, Vt.

The transaction, which would also include a $42.5 million, or 10.5%, deposit premium, would expand Charter One's presence in the state beyond the 12 branches it acquired last year in its deal for Albank Financial Corp.

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