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Previous: NORDIC AMERICAN TANKER SHIPPING LTD, SC 13E4, 1998-10-29 |
Next: BLOUNT INTERNATIONAL INC, 10-Q, 1998-10-29 |
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 October 29, 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 October 29, 1998, the Registrant issued the press release attached
hereto as Exhibit 99 announcing approval for the merger from the OTS.
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: October 29, 1998 By:
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Lauren T. Barnett
President & Chief Executive Officer
<PAGE>
Exhibit
Number Description
- ------- ---------------------------------------------------
99 Press release dated October 29, 1998
FOR IMMEDIATE RELEASE
Contacts:
Lauren T. Barnett, President and CEO
Tel: (518) 842-7200 Fax: (518) 842-7500
Harold A. Baylor, Jr., Vice Pres., CFO & Treasurer
Tel: (518) 842-7200 Fax: (518) 842-1688
AMBANC & AFSALA Receive OTS Approval For Merger
Amsterdam, N.Y., October 29, 1998 -- AMBANC HOLDING CO., INC. (NASDAQ:
AHCI), parent company of Amsterdam Savings Bank, announced today that it has
received approval from the Office of Thrift Supervision (OTS) for its merger
with AFSALA BANCORP, INC. (NASDAQ: AFED), parent company of Amsterdam Federal
Bank.
The shareholders of both companies voted to approve the transaction at
special shareholders' meetings held in September of this year. The Merger is
expected to close in November. 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 Savings Bank and Amsterdam Federal 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.
John M. Lisicki, who will become President and CEO of AMBANC and Mohawk
Community Bank in the Merger, said that he was very happy to have obtained the
approval of OTS. Lisicki, currently Chairman, CEO & President of AFSALA Bancorp
and Amsterdam Federal Bank, said he is looking forward to closing the Merger.
Lisicki added he is enthusiastic about the combined institution's ability to
provide banking and financial services in the community banking tradition
established by Amsterdam Federal Bank and Amsterdam Savings Bank. Mr. Lisicki
further added that the primary benefit of the two companies becoming one is the
opportunity to enhance shareholder value by consolidating resources and
eliminating duplication, in addition to allowing Mohawk Community Bank to
continue to provide high levels of personal service to customers and
communities.
Lauren T. Barnett, who will retire from his interim role as President and
CEO of AMBANC and Amsterdam Savings Bank, said that it was a proud day for him,
the employees and the board of his company. He agreed with Mr. Lisicki's
sentiments and added that he was impressed with the energy and proficiency of
the team of employees and consultants who have been working tirelessly to bring
about the consummation of the merger.
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