NEW YORK -- The New York State Banking Board approved Onbancorp's acquisitions of Merchants National Bank and Trust Co. of Syracuse and Union National Bank of Albany.

The board said it had also approved Onbancorp's application to become a commercial bank holding company.

With the acquisitions, Syracuse-based Onbancorp will have $2.9 billion in assets and $2.1 billion in deposits, 43 offices in the Syracuse area, and 10 around Albany.

The agency said its approval was conditioned on the company's adopting an advertising program aimed at low- and moderate-income customers. Federal Deposit Insurance Corp. approval is pending.

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