FOR IMMEDIATE RELEASE
Contact: Carl A. Florio
President & CEO
Timothy E. Blow
Chief Financial Officer
518-828-4600
HUDSON RIVER BANCORP, INC.
August 18, 2000 Hudson River, N.Y. - Hudson River Bancorp, Inc.
(NASDAQ:HRBT) announced today that shareholders at its annual meeting
yesterday overwhelmingly approved the adoption of the Plan of Merger with
Cohoes Bancorp, Inc., approved the amendments to its stock option and
management retention plans, the election of three directors and the
ratification of the appointment of its auditors.
Carl Florio, President & CEO of Hudson River Bancorp, Inc., stated: "We
are gratified that our shareholders understand the value of our proposed
merger of equals with Cohoes and agreed with our strategy. Unfortunately,
while the majority of Cohoes shareholders voting on the merger favored the
transaction, they were unable to obtain the required number of the total votes
eligible to be cast necessary to adopt the agreement."
President Florio went on to say that Hudson River would continue its
strategy of growing shareholder value through expansion of its products and
services, exploring other merger and acquisition opportunities and continuing
its stock repurchase program.
