Ambanc Holding Co., Inc. Continues Stock Repurchase Program.

Business Editors

AMSTERDAM, NY--(BUSINESS WIRE)--May 3, 2000

Ambanc Holding Co., Inc. (the Company), the parent company of Mohawk Community Bank (the Bank), Amsterdam, New York, today announced that it has completed a stock repurchase program in the amount of 543,224 shares of common stock, and that its board of directors has authorized a new stock repurchase program. The new program provides for the Company to repurchase up to 5 percent or approximately 245,000 shares of its 4.9 million shares of common stock outstanding.

John M. Lisicki, President & Chief Executive Officer stated: "The repurchase of our common stock has allowed the Company to adjust its capital levels and enhance shareholder value. This continuation of the repurchase program demonstrates our ongoing confidence that our stock is an excellent investment." Mr. Lisicki also indicated that the stock repurchase could mitigate some of the potentially dilutive effects of the Company's stock option plan and would be available for general corporate use. Shares may be purchased from time-to-time in open market and negotiated transactions based on market conditions over the next twelve months.

Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The Company's primary subsidiary, Mohawk Community Bank, serves customers through seventeen upstate New York offices, located in Fulton, Montgomery, Schenectady, Saratoga, Albany, Otsego, Chenango and Schoharie counties. The Bank's deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (FDIC). The Company's common stock is traded on the NASDAQ National Market, under the symbol "AHCI".