Ambanc Announces Expiration of Cohoes Tender Offer; Reaffirms its Commitment to an Acquisition of Cohoes.Business Editors AMSTERDAM, N.Y.--(BUSINESS WIRE)--Oct. 6, 2000 Ambanc Holding Co., Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AHCI AHCI Advanced Host Controller Interface AHCI Art and Humanities Index ) ("Ambanc") announced today that it will permit its pending tender offer to acquire Cohoes Bancorp, Inc. (NASDAQ: COHB) ("Cohoes"), to expire at 12:00 midnight, New York time, on Friday, October 6, 2000. Ambanc has instructed the depositary for the offer to return promptly all shares tendered to date and not previously withdrawn. John M. Lisicki, Ambanc's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated: "We remain committed to acquiring Cohoes and we will continue our efforts in this regard by immediately communicating our desire to engage in meaningful merger discussions directly with the Board of Cohoes. We believe that a combination beneficial to both the Cohoes and the Ambanc stockholders can be achieved." Mr. Lisicki also stated that Ambanc remains committed to enhancing shareholder value in Ambanc, including repurchases of the Company's stock. Ambanc Holding Co., Inc. is a unitary savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company. The Company's primary subsidiary, Mohawk Community Bank, serves customers in seventeen upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. offices, located in Montgomery, Fulton, Schenectady, Saratoga, Albany, Otsego, Chenango and Schoharie counties. The Bank's deposits are insured up to the maximum legal amount by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. Ambanc does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. |
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