SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 29, 2000
TROY FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 000-25439 16-1559508
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
32 Second Street, Troy, New York 12180
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(Address of principal executive offices)
Registrant's telephone number, including area code: (518) 270-3313
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Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On February 29, 2000, Troy Financial Corporation announced a
stock repurchase program. The press release describing the repurchase program is
attached as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
Exhibit
No. Description
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99.1 Press Release dated February 29, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TROY FINANCIAL CORPORATION
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(Registrant)
/s/ Edward M. Maziejka, Jr.
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Edward M. Maziejka, Jr.
Vice President and Chief Financial Officer
Date: February 29, 2000
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press Release dated February 29, 2000.
Exhibit 99.1
FOR IMMEDIATE RELEASE
Tuesday, February 29, 2000
Troy Financial Corporation Announces
Plans to Repurchase 10% of Its Common Stock
Troy Financial Corporation, New York, February 29, 2000: Troy Financial
Corporation (NASDAQ; TRYF), Troy, New York, announced today a plan to repurchase
up to an additional 10% of its outstanding common stock beginning after March
31, 2000. The Company has received the required regulatory approvals for the new
repurchase program.
The shares will be acquired from time-to-time in open market
transactions. The timing, volume and price of purchases will be at the
discretion of management and the Troy Financial Corporation board, and will also
be contingent upon overall financial and market conditions. However, according
to the terms of the regulatory approvals, the repurchases must be completed
prior to March 31, 2001.
Daniel J. Hogarty, Jr., Chairman of the Board, President and Chief
Executive Officer of the company said, "We are committed to increasing the value
of the stock for Troy Financial Corporation shareholders and, in our opinion,
this is a good use of the company's capital at the present time. The board views
the decision to implement a stock buy-back as part of a long term strategy."
Troy Financial Corporation is a financial services holding
company headquartered in Troy, New York, and owns The Troy Savings Bank, which
converted from a New York-chartered mutual savings bank to stock form on March
31, 1999. Founded in 1823, The Troy Savings Bank offers a complete range of
financial services, including banking, trust, municipal finance, insurance and
investment services. The bank operates from 14 branches in Albany, Rensselear,
Saratoga, Schenectady, Warren and Washington Counties in New York.
