Peerless Group Inc. has purchased C.T. Office Systems, a business forms and supply company.

About 70% of C.T. Office Systems' customers are also clients of Peerless.

Officials at Peerless said the acquired business will be renamed Peerless Office Systems.

Terms of the deal were not disclosed. In 1995, C.T. Office Systems' revenue was more than $600,000.

The acquisition is expected to create some internal cost savings in Peerless' outsourcing division, which uses C.T. Office Systems products.

C.T. Office Systems specializes in custom forms and supplies for the financial industry. Peerless develops and supports information systems and check and statement processing solutions for community banks and credit unions.

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