Ambanc Subsidiary Consolidation of Amsterdam Branches Proceeding on Schedule.AMSTERDAM, N.Y.--(BUSINESS WIRE)--Dec. 1, 1999-- John M. Lisicki, President & 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. of Ambanc Holding Co., Inc. (Nasdaq: AHCI AHCI Advanced Host Controller Interface AHCI Art and Humanities Index ) and its subsidiary, Mohawk Community Bank, announced today that the Bank's plans to relocate the (former Amsterdam Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. ) Perth Road office, in Amsterdam, NY, to be consolidated with the (former Amsterdam Federal Bank) Maple Avenue office, also in Amsterdam, NY, are proceeding on schedule. The final day of banking business at the Perth Road Office was Saturday, November 6. All staff members, records and equipment were successfully moved that weekend, with an opening of the newly consolidated office at Maple Avenue beginning on Monday, November 8. Expansion and renovation of the facility is nearly complete. A small amount of renovation work remains to be done and will occur before year-end. Additionally, the previously announced renovation and expansion of the Sanford Farms branch location, inside the Amsterdam Price Chopper supermarket, is expected to conclude at the same time. A new schedule of longer hours at Mohawk Community Bank's other Amsterdam office locations began on November 1. The agreement for the sale of the Perth Road property to local restaurateurs Walt and Doreen Porath, announced on September 7, 1999, has been rescinded, and will not occur as anticipated. The rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement of the purchase agreement was the result of a contingency in the agreement to the effect that the existing facility be found suitable for the operation of a restaurant. A study performed by the purchaser's engineering consultants disclosed that the facility would not satisfy that contingency without extensive site work and cost prohibitive modifications. Both parties agreed that the terms of the original agreement could not be met, and consented to the rescission. Mohawk Community Bank representatives are now in the process of putting the property back on the market for sale. Mohawk Community Bank, head quartered in Amsterdam, New York Amsterdam, New York is the name of two locations in Montgomery County, New York:
See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . |
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