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 13, 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)
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Item 5. Other Events
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On November 13, 1998, the Registrant issued the press release attached
hereto as Exhibit 99 announcing Amsterdam Savings and Amsterdam Federals Merged
Bank's Executive Management Team.
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 13, 1998 By:
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Lauren T. Barnett
President & Chief Executive Officer
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Exhibit
Number Description
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99 Press release dated November 13, 1998
FOR IMMEDIATE RELEASE
Contact:
John M. Lisicki, President and CEO-Elect
Tel:(518) 842-7200
Fax:(518) 842-7500
Amsterdam Savings, Amsterdam Federal Announce
Merged Bank's Executive Management Team
Amsterdam, N.Y., (November 13, 1998) The board of directors of Amsterdam
Savings Bank and Amsterdam Federal Bank today announced the executive management
team for Mohawk Community Bank, the institution that will be created by the
merger of the two banks.
Joining John M. Lisicki, who will be President and Chief Executive Officer
of Mohawk Community Bank, are Senior Vice President Benjamin Ziskin, Treasurer,
Vice President & Chief Financial Officer, James J. Alescio and Senior Vice
President Thomas Nachod.
Ziskin and Alescio will move into the new post from the senior management
positions they now occupy at Amsterdam Federal. Nachod comes to Mohawk Community
Bank from ALBANK, where he most recently served as Senior Vice President. All
three will be senior officers of Mohawk Community Bank.
Ziskin has been with Amsterdam Federal since 1985, when he joined the bank
as treasurer, and was appointed Vice President in 1989. He is a board member and
past treasurer of the Capital District League of Savings Institutions and has
served on the boards of a variety of community organizations, including the
Montgomery County Chapter of the New York State Association for Retarded
Children, Greater Amsterdam Volunteer Ambulance Service, Montgomery Transitional
Services, Amsterdam Housing Authority, Big Brothers/Big Sisters and the St.
Mary's Hospital Foundation.
Alescio was Assistant Treasurer of Amsterdam Federal from 1984 to 1987. In
1993, he was appointed Treasurer and Chief Financial Officer of Amsterdam
Federal. He is a member of the American Institute of Certified Public
Accountants and the New York State Society of Certified Public Accountants.
Lisicki said he is pleased to welcome Nachod to the new bank, adding that
his extensive experience in the banking industry will be an asset to Mohawk
Community Bank during the merger process and beyond. With more than 35 years of
banking experience, Nachod most recently served as Senior Vice President of
ALBANK, where he was responsible for the administration of 37 branch offices,
overseeing community lending, private banking and public finance.
Prior to joining ALBANK, Nachod worked at Key Bank in a variety of roles,
among them merger and conversion activities related to institutions acquired by
Key. In addition, Nachod served as Chief Executive Officer of two banks,
Connecticut Community Bank in Greenwich, CT and Fidelity Bank of Scottsdale, AZ.
At Fidelity Bank, Nachod has hired to organize and supervise start-up of the
institution upon its founding.
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Nachod is active in various Capital District civic organizations including
the Albany-Colonie Chamber of Commerce and the United Way, and is a past
president of the Guilderland Central School District school board. He is
currently an adjunct professor at the Sage Graduate School.
"This excellent blend of experience will allow Mr. Nachod to assume the
responsibility of overseeing Mohawk Community Bank's projects. This includes
serving as project manager for the merger," Lisicki said. "In this capacity, he
will continue the work of integrating our institutions into a single, focused,
results-oriented institution."
Lisicki concluded by praising the entire executive management team, noting
that the new institution will be in good hands with Ziskin, Alescio and Nachod
assisting him at its helm.
"Our team brings a tremendous range of experience and expertise to Mohawk
Community Bank," said Lisicki, "I'm confident in their ability to assist me as
we take on the challenges of completing the merger and continuing the traditions
of hometown banking, excellent customer service and superior banking products in
the communities we serve."
On October 29, 1998, the Office of Thrift Supervision (OTS) approved the
merger between AFSALA Bancorp, Inc. (NASDAQ: AFED), parent company of Amsterdam
Federal Bank, and Ambanc Holding Company, Inc. (NASDAQ: AMBANC), parent company
of Amsterdam Savings Bank.
The merger is expected to close this month. Upon consummation of the
merger, each outstanding share of AFSALA common stock will be converted into
1.07 shares of Ambanc common stock.
Following the merger, Amsterdam Federal Bank and Amsterdam Savings Bank
will operate as one bank under the name Mohawk Community Bank, and will have
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.
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