Exhibit a(11)
For Immediate Release
Ambanc Announces Expiration of Cohoes Tender Offer
Reaffirms its Commitment to an Acquisition of Cohoes
AMSTERDAM, N.Y.--(BUSINESS WIRE)-October 6, 2000--Ambanc Holding Co., Inc.
(NASDAQ: AHCI) ("Ambanc") announced today that it will permit its pending tender
offer to acquire Cohoes Bancorp, Inc., to expire at 12:00 midnight, New York
time, on Friday, October 6, 2000. Ambanc has instructed the depositary for the
offer to return promptly all shares tendered to date and not previously
withdrawn.
John M. Lisicki, Ambanc's President and CEO stated: "We remain committed to
acquiring Cohoes and we will continue our efforts in this regard by immediately
communicating our desire to engage in meaningful merger discussions directly
with the Board of Cohoes. We believe that a combination beneficial to both the
Cohoes and the Ambanc stockholders can be achieved."
Mr. Lisicki also stated that Ambanc remains committed to enhancing shareholder
value in Ambanc, including repurchases of the Company's stock.
Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The
Company's primary subsidiary, Mohawk Community Bank, serves customers in
seventeen upstate New York offices, located in Montgomery, Fulton, Schenectady,
Saratoga, Albany, Otsego, Chenango and Schoharie counties. The Bank's deposits
are insured up to the maximum legal amount by the FDIC.
The foregoing material may contain forward-looking statements. We caution that
such statements may be subject to a number of uncertainties and actual results
could differ materially and, therefore, readers should not place undue reliance
on any forward-looking statements. Ambanc does not undertake, and specifically
disclaims, any obligation to publicly release the results of any revisions that
may be made to any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date of such
statements.
CONTACT: Ambanc Holding Co., Inc.
John M. Lisicki, President & CEO
(518) 842-7200
[email protected]
