SUBSEQUENT EVENT

6 Months Ended

Jun. 30, 2013

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

NOTE 13                      SUBSEQUENT EVENT

On July 10, 2013, the Bank, the wholly-owned banking subsidiary of the Corporation entered into a Purchase and Assumption Agreement with Bank of America, National Association (“BOA”) pursuant to which the Bank agreed to acquire certain assets and assume certain liabilities of six BOA branch offices located in Auburn, Cortland, Ithaca and Seneca Falls, New York. Subject to the terms of the Purchase Agreement, the Bank will acquire approximately $261,000,000 in deposits and $1,600,000 in loans, for a purchase price equal to the sum of a deposit premium of 1.5% based on the 30-day average balances prior to the close of the transaction, the aggregate net book value of all assets and accrued interest on the loans acquired.  The Bank will not receive any loans that are past due 30 days or more on the closing date.  The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2013.