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Exhibit 99.1
FROM:
FIRST ALBANY COMPANIES INC. (NASDAQ: "FACT")
30 South Pearl Street
Albany, New York 12207
Contact: Stephen Wink, Sen.V.P. & General Counsel
Tel.: 518.447.8500 FOR IMMEDIATE RELEASE
WEDNESDAY, SEPTEMBER 6, 2000
FIRST ALBANY COMPLETES STOCK BUY-BACK
FROM FORMER FINANCIAL CONSULTANTS
ALBANY--First Albany Companies Inc. (NASDAQ: "FACT") announced today the
completion of a stock buy-back in which the firm purchased approximately 814,000
shares of its common stock from many of its former Private Client Group
financial consultants.
First Albany purchased these shares from the financial consultants in
private transactions for an aggregate purchase price of approximately $16
million. The Board of Directors of First Albany had approved the repurchase of
stock held by financial consultants who were transferred to First Union
Securities, Inc. First Albany consummated the sale of its Private Client Group
to First Union Securities, Inc. on August 4, 2000. The stock was recently
distributed to the financial consultants following the termination of First
Albany's Stock Bonus Plan. The buy-back resulted in a purchase of approximately
10% of the 8.1 million shares of First Albany common stock outstanding; post
buy-back there are approximately 7.3 million shares outstanding.
Commenting on the announcement, Alan Goldberg, President of First Albany,
said, "This stock buy-back demonstrates the confidence we have in First Albany's
future and our commitment to maximize shareholder value. The buy-back was an
integral part of our strategy to reposition the firm and eliminate a substantial
overhang of shares in the market."
* * * * *
First Albany provides investment banking services to corporate and public
clients and engages in market-making and trading of corporate, government and
municipal securities. The firm also provides venture capital and merchant
banking services to the investment and corporate communities.
Founded in Albany in 1953, today First Albany has 18 offices in 11 states
across the country: California (Los Angeles, San Francisco, Burlingame, Rancho
Santa Fe), Connecticut (Hartford, Stamford), Florida (Bonita Springs), Illinois
(Chicago), Massachusetts (Boston, Wellesley), Minnesota (Minneapolis), New
Jersey (Morristown), New York (New York City, Albany), Pennsylvania (Sewickley,
Chadds Ford), Texas (Greenville), and Virginia (Richmond).
