PRESS RELEASE
Cohoes Bancorp, Inc. Hudson River Bancorp, Inc.
75 Remsen Street One Hudson City Centre
Cohoes, New York 12047 Hudson, New York 12534
(518) 233-6500 (518) 828-4600
Contact: Harry L. Robinson Contact: Carl A. Florio
President President
Cohoes Bancorp, Inc. and Hudson River Bancorp, Inc.
Terminate Merger Agreement and Amend Option Agreements
September 28, 2000 -- Cohoes Bancorp, Inc. (Nasdaq NMS: COHB) and Hudson
River Bancorp, Inc. (Nasdaq NMS: HRBT) announced today the mutual termination
of the merger of equals agreement entered into on April 25, 2000, pursuant to
which Cohoes was to merge with Hudson River. The agreement was terminated as
a result of the merger not being approved by the requisite vote of the
shareholders of Cohoes at the special meeting held on August 17, 2000. Cohoes
and Hudson River also amended their reciprocal stock option agreements to cap
the economic value of their stock options in each other at $3.5 million.
"We are extremely disappointed that this transaction could not be
completed. Cohoes is a great company with top quality people, and would have
been a fine complement to our existing institution," stated Carl A. Florio,
President and Chief Executive Officer of Hudson River.
Cohoes President Harry L. Robinson said, "Although we are disappointed
that our merger with Hudson River couldn't work out, we have nothing but
respect for their people and their organization. As for Cohoes, improving our
return and enhancing stockholder value will continue to be our number one
priority."
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