COHOES BANCORP ANNOUNCES VOTING RESULTS
August 18, 2000: Cohoes Bancorp, Inc. (NMS:COHB) announced today that
47.52% of its outstanding stock voted in favor of the merger agreement with
Hudson River Bancorp, while 32.47% either voted against or abstained. Of the
votes actually cast, 59.4% were voted in favor of the merger agreement. "We
are gratified that we received more votes in favor of our merger agreement
with Hudson River than the against votes solicited by TrustCo and Ambanc on a
combined basis. We would like to thank all of our shareholders who voted, and
particularly those who supported our agreement with Hudson River," stated
Harry L. Robinson, President of Cohoes.
"Obviously we are very disappointed that we did not quite reach the 50%
of the outstanding shares in favor that was needed to approve the merger
agreement. Over the next several weeks, our Board of Directors intends to
evaluate all of its options and determine the best way to proceed on behalf of
all shareholders. In order to keep all of our options open, we intend to seek
regulatory approval to repurchase 10% of our outstanding shares," concluded
Mr. Robinson.
