SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
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by Rule 14a-6(e) (2))
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/X/ Soliciting Material Under Rule 14a-12
Cohoes Bancorp, Inc.
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(Name of Registrant as Specified in Its Charter)
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COHOES BANCORP INCREASES QUARTERLY CASH DIVIDEND 14%
Cohoes, New York - October 19, 2000 - Cohoes Bancorp, Inc. (Nasdaq: COHB)
announced today that its Board of Directors declared a quarterly cash dividend
of $0.08 per share on its common stock, an increase of 14% over the previous
quarterly dividend of $0.07 per share. Cohoes also announced that it has
received regulatory approval to repurchase up to an additional 10%, or
approximately 791,000 shares, of its common stock, as well as to repurchase
the approximately 198,000 shares remaining in its previously announced stock
repurchase program.
Harry L. Robinson, President and Chief Executive Officer, said, "By these
actions, our Board is committed to a multi-pronged approach to maximize value
for Cohoes stockholders. Our strong financial condition and performance
support both this 14% increase in the dividend and an additional stock
buyback. And our continuing review of strategic options - including the sale
of the Company - is yet another element of that commitment."
Cohoes said that the 14% dividend increase is the second increase in the cash
dividend since the Company began paying dividends in the fourth quarter of
fiscal 1999. The new dividend is payable on November 16, 2000 to shareholders
of record at the close of business on November 2, 2000.
The Company filed for regulatory approval of the additional 10% stock
repurchase immediately after the special meeting of shareholders in August
2000. Cohoes received approval for that repurchase as well as for the
repurchase of approximately 198,000 shares remaining in its previously
announced stock repurchase program from the New York Department of Banking at
the end of September 2000. The Company will repurchase shares from time to
time in open-market transactions as, in the opinion of management, market
conditions and other considerations warrant. Any repurchases will be made
only to the extent they do not interfere with the Company's exploration of its
strategic options, including a possible sale to a larger financial
institution.
The Company is a unitary holding company which owns all of the capital stock
of Cohoes Savings Bank, which maintains a network of 21 full service branch
offices in upstate New York. On September 30, 2000, the Company had $739.3
million in assets and $122.8 million in stockholders' equity.
- MORE -
This release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that involve risk and
uncertainty. It should be noted that a variety of factors could cause Cohoes'
actual results and experience to differ materially from the anticipated
results or expectations expressed in the forward-looking statements. Cohoes
does not undertake, and specifically disclaims, any obligation to publicly
release the results of any revisions which 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.
Cohoes intends to file a Solicitation/Recommendation Statement in
response to any Tender Offer Statement that may be filed by TrustCo Bank Corp
NY. WE URGE INVESTORS TO READ THESE DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors will be able to obtain, free of charge, the
Solicitation/Recommendation Statement filed by Cohoes at the SEC's website,
www.sec.gov. In addition, documents filed with the SEC by Cohoes are
available free of charge from the Secretary of Cohoes at 75 Remsen Street,
Cohoes, New York 12047, telephone (518) 233-6500.
Cohoes and its directors and executive officers may be deemed to be
participants in the solicitation of proxies in connection with the upcoming
annual meeting of stockholders. INFORMATION ABOUT THE PARTICIPANTS MAY BE
OBTAINED THROUGH THE SEC'S WEBSITE FROM THE PRELIMINARY PROXY MATERIALS FILED
BY COHOES WITH THE SEC ON OCTOBER 2, 2000, as subsequently revised.
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