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)
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TRUSTCO
Bank Corp NY News Release
192 Erie Boulevard, Schenectady, New York, 12305
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(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank NASDAQ -- TRST
Contact: William F. Terry
Secretary
518-381-3611
FOR IMMEDIATE RELEASE:
TRUSTCO ANNOUNCES TERMINATION OF EXCHANGE OFFERS FOR
COHOES BANCORP, INC. AND HUDSON RIVER BANCORP, INC., AND
HALTS PROXY SOLICITATION FOR ALTERNATIVE DIRECTOR
SLATE FOR COHOES ANNUAL MEETING ELECTION
Schenectady, New York - November 27, 2000
Robert A. McCormick, President and Chief Executive Officer of TrustCo Bank
Corp NY, today announced several actions based on the proposed Cohoes
Bancorp, Inc. and Hudson River Bancorp, Inc. merger. "As a result of our
efforts since the first Cohoes/Hudson River deal was announced in April,
the present $19.50 proposal will result in the creation of approximately
$69 million in added wealth for the Cohoes shareholders. Since our fellow
Cohoes shareholders are now expected to receive ample compensation for
their Cohoes stock, we are taking action today to withdraw our exchange
offers for both Cohoes and Hudson River. Also, we are halting our
solicitation of proxies to elect our four nominees to the Cohoes Board of
Directors, and we will deliver the proxies we have received to Cohoes. None
of our nominees intend to serve as Cohoes directors if they are elected. We
will continue to review various options open to us."
TrustCo is a $2.4 billion bank holding company and through its subsidiary
banks, Trustco Bank, National Association, and Trustco Savings Bank,
operates 54 bank offices in Albany, Columbia, Greene, Montgomery,
Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington
counties. In addition, Trustco Bank, National Association operates a full
service Trust Department with $1.34 billion of assets under management.
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