Citizens agrees to sell 18 NY bank branches

Citizens Financial Group Inc. said it agreed to sell 18 branches in northern New York to Community Bank System Inc.

Citizens, the Rhode Island parent of Citizens Bank, did not give a price in a statement describing the deal this morning.

Citizens vice chairman Dana A. Drago said in the statement that the sale of the branches in the Adirondack region was part of a ''strategic business line decision'' to refocus its distribution network, and that it will continue to expand in metropolitan parts of New York state.

The branches being sold are just a fraction of its 1,600 total branches and include half a percent of total deposits, she said.

Meanwhile, Citizens plans to add 57 new in-store branches in Stop & Shop supermarkets in New York through next year, she said.

Community Bank System Inc. of DeWitt, N.Y., has 140 branches in New York and northeastern Pennsylvania, where it operates as First LIberty Bank & Trust.
(By Ross Kerber, Globe staff)