Exhibit 99.1
FOR IMMEDIATE RELEASE
October 18, 2000
FOR FURTHER INFORMATION CONTACT:
AT TROY: AT CATSKILL:
Daniel J. Hogarty, Jr., Chairman Wilbur J. Cross, Chairman, President
President & Chief Executive Officer & Chief Executive Officer
(518) 270-3312 (518) 943-3626, Ext.22
Edward M. Maziejka, Jr. David J. DeLuca
Vice President & Chief Financial Vice President & Chief Financial
Officer (518) 270-3274 Officer (518) 943-3626, Ext. 53
TROY RECEIVES REGULATORY APPROVALS TO ACQUIRE CATSKILL;
CATSKILL SHAREHOLDERS APPROVE ACQUISITION
TROY and CATSKILL, N.Y. - (BUSINESS WIRE) October 18, 2000 -- Troy Financial
Corporation (Nasdaq: TRYF), holding company for The Troy Savings Bank and The
Troy Commercial Bank, and Catskill Financial Corporation (Nasdaq: CATB), holding
company for Catskill Savings Bank, announced the receipt of regulatory and
shareholder approvals for their merger transaction. Troy has received required
regulatory approvals from the New York State Banking Department, as well as the
Federal Deposit Insurance Corporation, to acquire Catskill Financial Corporation
and Catskill Savings Bank. Also, at a special meeting yesterday, Catskill's
shareholders overwhelmingly approved the adoption of the Agreement and Plan of
Merger with Troy Financial Corporation.
The parties expect to close the transaction on or about November 10, 2000. In
the transaction, Catskill shareholders will receive $23.00 in cash for each
share of common stock.
Daniel J. Hogarty, Jr., Chairman, President and Chief Executive Officer of Troy,
stated that, "the acquisition is an important step forward in Troy's strategic
plan to grow and serve the financial needs of individuals, businesses,
not-for-profit organizations, and municipal and governmental units in and near
its present locations." He also noted that, "increasing our service capabilities
in a new market with an established and highly regarded community bank, which
has shared philosophies, is a significant opportunity and reflects the continued
commitment by Troy to enhance customer service and shareholder returns."
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Wilbur J. Cross, Chairman, President and Chief Executive Officer of Catskill
Financial stated that, "We are extremely pleased that our shareholders concurred
with Management's belief that this transaction rewarded our shareholders with a
substantial premium over our book value, as well as the market value of our
shares prior to the deal announcement."
Through its two banking subsidiaries, The Troy Savings Bank and The Troy
Commercial Bank, Troy operates as a community based, full service financial
institution offering a wide variety of business and retail banking products
through 14 offices in the six New York Counties of Albany, Saratoga,
Schenectady, Warren, Washington, and Rensselaer. Troy offers a full range of
trust, insurance, and investment services, as well as FDIC insured deposit
products. Troy also originates real estate mortgages, both residential and
commercial, commercial business loans, and consumer loans.
Catskill Financial Corporation is a unitary thrift holding company, whose only
subsidiary is Catskill Savings Bank. Catskill Savings Bank operates seven
full-service banking offices, and is the largest banking institution in Greene
County, New York.
