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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 September 2, 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 September 2, 1998, the Registrant issued the press release attached
hereto as Exhibit 99 announcing Ambanc shareholders vote to approve merger with
AFSALA Bancorp, Inc.
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: September 2, 1998 By:
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Lauren T. Barnett
President & Chief Executive Officer
<PAGE>
Exhibit
Number Description
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99 Press release dated September 2, 1998
FOR IMMEDIATE RELEASE
Contact:
Marvin R. LeRoy, Jr., Director
Tel:(518) 438-2217
Ambanc Shareholders Vote To Approve Merger With AFSALA Bancorp, Inc.
Amsterdam, New York. Ambanc Holding Co., Inc. (Nasdaq AHCI), the holding
company for Amsterdam Savings Bank, FSB, announced today that on September 1,
1998, Ambanc shareholders voted in favor of the merger of AFSALA Bancorp, Inc.,
the holding company for Amsterdam Federal Bank, into Ambanc. AFSALA shareholders
are scheduled to vote on the merger on September 3, 1998. If AFSALA shareholders
approve the merger, closing is expected to occur early in the fourth quarter.
The transaction is to be accounted for as a purchase and provides for a
tax-free, stock for stock exchange of 1.07 shares of Ambanc common stock for
each outstanding shares of AFSALA common stock.
As of June 30, 1998, Ambanc reported total assets of $565.4 million,
deposits of $321.7 million and shareholder's equity of $58.4 million. Ambanc
currently operates 12 offices. Upon completion of the merger, Ambanc will have
approximately $730.0 million in assets, $465.0 million in deposits, and 18
offices.
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