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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report November 18, 1998
AMBANC HOLDING CO., INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-27036 14-1783770
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
11 Division Street, Amsterdam, New York 12010-4303
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 842-7200
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N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
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On November 18, 1998, the Registrant issued the press release attached
hereto as Exhibit 99 announcing that the merger between Amsterdam Savings and
Amsterdam Federal is complete.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
The Exhibits referred to in Item 5 of this Report and listed on the
accompanying Exhibit Index are filed as part of this Report and are incorporated
herein by reference.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMBANC HOLDING CO., INC.
Date: November 18, 1998 By:/s/John M. Lisicki
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John M. Lisicki
President & Chief Executive Officer
<PAGE>
Exhibit
Number Description
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99 Press release dated November 18, 1998
FOR IMMEDIATE RELEASE
Contacts:
John M. Lisicki, President and CEO
Tel: (518) 842-5700
Ambanc Holding Co., Inc. and AFSALA Bancorp, Inc. Complete Merger
November 18, 1998 (Amsterdam, NY) - John M. Lisicki, President and Chief
Executive Officer of Ambanc Holding Co., Inc. (NASDAQ: AHCI), announced that on
November 16, 1998, Ambanc completed its merger with AFSALA Bancorp, Inc.
(NASDAQ: AFED).
As part of the merger, Amsterdam Federal Bank, a subsidiary of AFSALA, and
Amsterdam Savings Bank, a subsidiary of Ambanc, were also merged and now operate
as one bank under the name Mohawk Community Bank, with total assets of
approximately $700 million. Mohawk Community Bank will also have total deposits
of approximately $460 million and serve customers in 18 upstate New York
offices, located in Montgomery, Fulton, Schenectady, Saratoga, Albany, Otsego
and Chenango counties.
On October 27, 1998, the Office of Thrift Supervision (OTS) approved the
merger between AFSALA and Ambanc, along with their subsidiaries. The
shareholders of each company approved the merger in September, 1998.
Upon consummation of the merger, each outstanding share of AFSALA common
stock will be converted into 1.07 shares of Ambanc common stock.
Mr. Lisicki said "I am pleased that the merger has been completed, and we
may now move aggressively forward to combine the products, services, operating
systems and staff of the two companies." He added "I am pleased to assume the
role of President and Chief Executive Officer of Ambanc and Mohawk Community
Bank and look forward to working with our excellent team of executives and staff
in taking on the remaining challenges of the merger. We will continue the
traditions of hometown banking, customer service and superior banking products
in the communities we serve."
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