Exhibit 99.1
FOR IMMEDIATE RELEASE For Further Information Contact:
November 13, 2000 Daniel J. Hogarty, Jr.
Chairman of the Board
President & Chief Executive Officer
(518) 270-3312
Edward M. Maziejka, Jr.
Vice President and
Chief Financial Officer
(518) 270-3274
TROY FINANCIAL CORPORATION ANNOUNCES
COMPLETION OF CATSKILL FINANCIAL CORPORATION
ACQUISITION
TROY, NEW YORK (NOVEMBER 13, 2000) - Troy Financial Corporation (NASDAQ:TRYF),
Troy, New York announced today that it completed the acquisition of Catskill
Financial Corporation (NASDAQ: CATB) and Catskill Savings Bank as of the close
of business on November 10, 2000. The seven offices of Catskill Savings Bank are
now open as full-service banking offices of The Troy Savings Bank. The combined
regional Bank has total assets in excess of $1.2 billion, deposits of $780
million and 21 full-service offices located in eight counties throughout New
York State's Capital and Catskill Regions. The Troy Savings Bank now has the
largest deposit market share in both Greene and Rensselear counties.
Daniel J. Hogarty, Jr., Chairman of the Board, President, & CEO of Troy
Financial Corporation stated, "We are extremely pleased that we are able to
continue the fine tradition that has been established by Catskill Savings Bank
in its principal markets. Many of our philosophies are identical in that we are
both community based banks that are locally owned and managed. As a result of
the acquisition, Catskill customers can now take advantage of the additional
services offered by Troy, including our Trust Department, as well as our
Investment and Commercial Banking subsidiaries. These enhancements will be
beneficial to individuals, businesses, not-for-profit organizations, and
municipal and governmental agencies throughout the region.
In addition, we welcome the staff of Catskill Savings Bank. Wilbur J. Cross,
Catskill Savings Bank President and CEO will continue on with Troy in the
capacity of Director of both The Troy Savings Bank, and Troy Financial Corp. The
entire current Catskill Savings Bank Board of Directors will also continue with
the new company as Advisory Board members."
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Troy is a community-based, full service financial institution offering a wide
variety of business, retail and municipal banking products. Troy offers a full
range of trust, insurance, and investment services and originates real estate
mortgages, both residential and commercial, and commercial business and consumer
loans throughout its primary market area, which consists of the eight New York
counties of Albany, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren
and Washington. The Bank's website is: www.troysavingsbank.com
Statements contained in this news release, which are not historical facts,
contain forward - looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These statements are based on the
beliefs of management as well as assumptions made using information currently
available to management. Since these statements reflect the views of management
concerning future events, these statements involve risks, uncertainties and
assumptions. Therefore, actual results may differ significantly from results
discussed in the forward-looking statements due to a number of factors, which
include, but are not limited to, factors discussed in the documents filed by the
Company with the Securities and Exchange Commission from time to time.
