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FIRST ALBANY EXPANDS FINANCIAL INSTITUTIONS GROUP; ADDS TWO KEY EXECUTIVES

 FIRST ALBANY EXPANDS FINANCIAL INSTITUTIONS GROUP;
 ADDS TWO KEY EXECUTIVES
 ALBANY, N.Y., June 10 /PRNewswire/ -- First Albany Companies, Inc. (NASDAQ: FACT) today announced that its principal subsidiary, First Albany Corporation, has expanded its Financial Institutions Group with the addition of two key senior executives. Michael S. Burd has joined the investment banking and stock brokerage firm as senior vice president and director of the Financial Institutions Group, while Scott E. Willkomm has been named vice president in the group.
 Burd and Willkomm are based in First Albany's office in Boston, Mass., which will be relocated to One Exchange Place by the fall of 1992 to accommodate the expansion of the Financial Institutions Group, corporate finance department and other operations. The Financial Institutions Group provides financings, merger and acquisition services, strategic transactions and advisory services for banks, savings institutions and other financial companies primarily in the Northeast.
 Burd, age 39, was most recently a managing director with Furman Selz Incorporated, a New York-based investment banking, brokerage and investment advisory firm, where he was primarily responsible for relationships with financial service companies. Previously, he was first vice president in corporate finance at E.F. Hutton & Company Inc. and was senior officer in the firm's Financial Institutions Group. He has also served as a corporate finance executive with Warburg Paribas Becker Inc. Burd holds an M.B.A. degree from Harvard Business School and an A.B. degree from Stanford University.
 Willkomm, age 27, was formerly a vice president with Sandler O'Neill & Partners, L.P. in the corporate strategies division, where he was responsible for developing innovative strategies for bank and thrift mergers and acquisitions. From 1987 to 1989, Willkomm was a financial analyst in the investment banking division of Merrill Lynch Capital Markets. He holds an A.B. degree from Bowdoin College.
 Commenting on the Financial Institution Group's expansion, First Albany President Alan P. Goldberg said, "We believe that, as a regional investment banking firm committed to innovation and quality service, we can fill an important niche in structuring transactions and providing advisory assistance for area financial institutions. Mike Burd and Scott Willkomm have strong records of expertise and accomplishment in this area, and will contribute greatly to the growth of the Financial Institutions Group."
 First Albany Companies, Inc. is the holding company for First Albany Corporation, a regional brokerage and investment banking firm. Headquartered in Albany, N.Y., the firm currently operates 33 branch offices predominantly located in New York State and New England.
 -0- 6/10/92
 /CONTACT: Michele Katz or Robin Schoen of Morgen-Walke Associates, 212-986-5900, for First Albany Companies/
 (FACT) CO: First Albany Companies, Inc. ST: New York IN: FIN SU:


PS-OS -- NY026 -- 8740 06/10/92 10:33 EDT
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Publication:PR Newswire
Date:Jun 10, 1992
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