Filed by TrustCo Bank Corp NY
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14d-2
of the Securities Exchange Act of 1934
Subject Companies: Cohoes Bancorp, Inc.(Commission File No. 000-25027)
and Hudson River Bancorp, Inc.(Commission File No. 000-24187)
TRUSTCO
Bank Corp NY News Release
--------------------------------------------------------------------------------
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank NASDAQ -- TRST
Contact:
William F. Terry
Senior Vice President and Secretary
518-381-3611
FOR IMMEDIATE RELEASE:
TRUSTCO INCREASES OFFERS FOR COHOES AND HUDSON RIVER BANKS
Schenectady, New York - October 3, 2000
Robert A. McCormick, President and CEO of TrustCo Bank Corp NY (TrustCo)
announced today that TrustCo had filed revised documents with the Securities and
Exchange Commission regarding its proposals to acquire both Cohoes Bancorp, Inc.
and Hudson River Bancorp, Inc. for combinations of stock and cash. The proposed
offer for Cohoes totals $18.00, and consists of $7.20 in TructCo stock and
$10.80 in cash. The Hudson River proposed offer amounts to $17.00, consisting of
$6.80 in TrustCo shares plus $10.20 in cash. TrustCo has previously announced a
slate of four candidates who will oppose the Cohoes management slate at the next
Cohoes Bancorp, Inc annual meeting.
"Since the board and management groups from both Cohoes and Hudson River
declined to enter meaningful discussions with us concerning a business
combination, we will make our offers directly to the shareholder groups," said
McCormick. "We believe that both of these banks are likely to be sold, and we"d
like to merge them into TrustCo to retain control locally," continued McCormick.
"Too many of our Capital Region banks are controlled by companies with out of
area headquarters," McCormick said.
TrustCo's registration statements with respect to its exchange offers contain
important information regarding the offers, including the conditions to those
offers, and investors and security holders are advised to read the registration
statements carefully. Investors and security holders may obtain free copies of
the registration statements and other documents filed by TrustCo, Cohoes, and
Hudson River with the SEC at the SEC's Internet site at , or from TrustCo.
TrustCo has not yet commenced the proposed exchange offers, and the registration
statements are not yet effective.
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TrustCo is a $2.4 billion bank holding company, and through its subsidiary
banks, Trustco Bank, N.A. and Trustco Savings Bank, operates 54 bank offices in
Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren,
and Washington counties. In addition, Trustco Bank, N.A. operates a full service
Trust Department with $1.34 billion of assets under management. The common
shares of TrustCo are traded on the Nasdaq National Market tier of the Nasdaq
Stock Market under the symbol TRST.
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