POUGHKEEPSIE, N.Y. -- Poughkeepsie Savings Bank said it has begun to solicit offers for a subsidiary, Market Street Mortgage Corp.

The savings bank has engaged Cohane, Rafferty Securities Inc. of Harrison, N.Y., as its exclusive adviser in the transaction.

A sale would help Poughkeepsie Savings, which has more than $1 billion in assets and eight branches, boost its capital position, said chairman and chief executive officer Christoph H. Schmidt. Market Street Mortgage, based in Tampa, Fla., has loan production offices in Florida, Georgia, Maryland, North Carolina, and Virginia.

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