Bank of N.Y. Cuts Its Bid 2nd Time for Irving Bank

Associated Press

Bank of New York Co. made a second revision Monday on its hostile takeover offer for Irving Bank Corp., slashing the value of the cash-and-stock bid by about $140 million from the previous $1.2 billion.

The bank holding company, the nation's 26th largest, reduced the bid to reflect several factors, including Irving's decision to add another $225 million to its loan-loss reserves in the last quarter, according to Owen A. Brady, a Bank of New York spokesman.

Irving Chairman Joseph A. Rice said the company's board would consider the latest proposal, which was filed Monday with the Securities and Exchange Commission. He called the bid "no more viable than the earlier . . . proposals."

"It is distressing that the management and board of Bank of New York persist in this effort, which is not in the interest of Irving Bank shareholders and is of increasing advantage to Bank of New York shareholders," Rice said in a statement.

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