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The news that Troy Financial Corp. would be purchased by First Niagara Financial Group was a boon for local bank stocks.
Naturally, stock in Troy Financial (Nasdaq: TRYF) jumped to bridge the gap between the $28.80 a share at which it had closed on Friday, Aug. 8, and the $35.50 a share acquisition price announced early on the morning of Aug. 11. But other local stocks also rose as the spotlight turned to communty banks and possible next targets.
"We've seen a lot of banks in the region and the Northeast go up," said Bruce Whittaker, president of Greene County Bancorp Inc. (Nasdaq: GCBC) of Catskill. "I guess it's good. At least it gets people to look at the other banks. We've had some calls from investors wanting to know more about our bank."
Greene County Bancorp, which is based in Catskill, was...