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Lockport Savings Bank has been approved by the state Insurance Department to acquire the Savings Bank Life Insurance portfolio held by the Greater New York Savings Bank.

The transaction took place Tuesday following completion of the $359 million acquisition of Greater New York Savings by Astoria Federal Savings and Loan Association.

The acquired portfolio, including 12,000 insurance policies representing $487.22 million of insurance, increases Lockport Savings' portfolio by 25 percent, to more than $2 billion in insurance and 75,000 policies.

The bank, which was in competition with several other institutions, had the backing of Greater New York Savings Bank, a Lockport Savings spokesman said.

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