Cohoes Bancorp, Inc. Announces Approval From New York State Banking Department to Repurchase an Additional 5% of Its Common Stock.Business Editors COHOES Cohoes (kəhōz`), city (1990 pop. 16,825), Albany co., E N.Y., near Albany, at the confluence of the Mohawk and Hudson rivers; settled by the Dutch 1665, inc. 1869. , N.Y.--(BUSINESS WIRE)--February 22, 2000 Cohoes Bancorp, 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 : COHB) (the "Company"), parent company of Cohoes 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. (the "Bank"), announced today that the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Banking Department had approved additional stock repurchases by Cohoes Bancorp, Inc of up to 5% of its common stock, but only if the stock is trading at less than $10.00 per share. This is in addition to the previously announced plan to repurchase up to 10% of Cohoes Bancorp, Inc. common stock which the Banking Department approved without any market price contingencies. The 5% repurchase permission can be used only after the 10% repurchase is fully implemented. Both the 10% and the additional 5% authorizations expire at the end of 2000 if not previously used. Harry L. Robinson, President and Chief Executive Officer of Cohoes Bancorp, Inc., explained "We had sought approval for the additional 5% repurchase without any price limits, however, the Banking Department decided to allow us to buy the additional 5% only if the stock trades at less than our initial public offering price. We cannot predict the market price of our common stock and thus we do not know whether we will repurchase any shares pursuant to the Banking Department's most recent approval." The Company is a unitary holding company which owns all of the capital stock of Cohoes Savings Bank, which maintains a network of 21 full service branch offices in 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. . On December 31, 1999, the Company had $708.9 million in assets and $130.0 million in stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . |
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