Fleet-Norstar Financial Group, which owns Norstar Bank in Buffalo, will combine its Syracuse and Albany-based Norstar banking subsidiaries, company officials said Friday.
The $4.7 billion Albany-based Norstar bank of Upstate NY and the $1.4 billion Syracuse-based Norstar Bank of Central NY will merge by January 1992, said John Robinson, vice president of the company's New York banking group.
"This is a natural combination of adjacent markets," Robinson said. The move will help the company cut costs, he said.
Robert McFarland, chairman of Norstar Upstate, will be chairman of the combined subsidiary, which will be known as Norstar Upstate. Thomas Lucey, president of Norstar Central, will become president and chief operating officer.