FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 2, 1996
Center Banks Incorporated
(Exact name of registrant as specified in its charter)
Delaware 0-18513 16-1368745
(State or other Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
33 E. Genesee Street
Skaneateles, New York 13152
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(address of principal executive office) (Zip Code)
Registrant's Telephone number, including area code: (315) 685- 2265
Not applicable
(Former name or former address, if changed since last report)
Page 1 of 3 pages.
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Item 5. Other Events.
Center Banks Incorporated, and its wholly owned subsidiary, Skaneateles Savings
Bank (the "Bank"), announced on January 2, 1996 that they have reached an
agreement in principle whereby the Bank will purchase the assets and assume the
deposit liabilities of Cicero Bank, Cicero, New York.
The Bank is a New York State chartered savings bank with total assets of $210
million and total deposits of $179 million. Cicero Bank is a New York State
chartered commercial bank with total assets of $26 million and total deposits of
$21 million.
The transaction is subject to a variety of conditions, including the signing of
a definitive agreement setting forth the full terms of the transaction, receipt
of regulatory approvals, and approval by the shareholders of Cicero Bank. The
transaction is also subject to the condition that the Bank purchase from the
landlord Cicero Bank's principal offices on Seymour Street in the Town of
Cicero.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Center Banks Incorporated
(Registrant)
By: /s/ J. Daniel Mohr
J. Daniel Mohr
Treasurer
Dated January 4, 1996
