EXHIBIT 99.1
PRESS RELEASE
Date: July 24, 2000
CORTLAND, NEW YORK; ONEIDA, NEW YORK (July 24, 2000) Alliance Financial
Corporation (Nasdaq:ALNC) today announced that its Board of Directors authorized
the repurchase of up to 300, 000 shares of its common stock, or approximately
8.2 percent of the Company's outstanding common stock, during the next 12 month
period. This proposed repurchase is in addition to the 104,000 shares of the
Company's common stock repurchased during the past 12 month period, under the
recently expired stock repurchase program initiated last July.
The shares may be repurchased from time-to-time, in accordance with
applicable securities laws, in open-market transactions or privately negotiated
transactions over the course of the next 12 months. The shares will be purchased
at prevailing market prices from time-to-time during the repurchase period
depending upon market conditions.
John C. Mott, Chairman and CEO of Alliance Financial Corporation stated
that, "The Board of Directors continues to view the Company's common stock as an
attractive long-term investment. We believe the stock repurchase program is an
important component of our capital management strategy as we seek to enhance
shareholder value."
Alliance Financial Corporation is an independent bank holding company
created through the merger of Cortland First Financial Corporation and Oneida
Valley Bancshares, Inc. in November 1998. Alliance Bank, N.A., the banking
subsidiary of Alliance Financial Corporation, provides banking, trust and
investment services through 18 community branch locations in Cortland, Madison,
Oneida, Onondaga and Broome counties.
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This press release contains certain forward-looking statements with respect
to the financial conditions, results of operations and business of Alliance
Financial Corporation. These forward-looking statements involve certain risks
and uncertainties. Factors that may cause actual results to differ materially
from those contemplated by such forward-looking statements include, among
others, the following possibilities; (1) expected cost savings from merged
operations cannot fully be realized or cannot be realized as quickly as
anticipated; (2) the planned expansion into the Syracuse market is not completed
on schedule or on budget or the new branches do not attract the expected loan
and deposit customers; (3) competitive pressure in the banking industry
increases significantly; (4) changes in the interest rate environment reduce
margins; (5) general economic conditions, either nationally or regionally, are
less favorable than expected, resulting in, among other things, a deterioration
in credit quality; (6) changes occur in the regulatory environment; (7) changes
occur in business conditions and inflation; and (8) changes occur in the
securities markets and other factors detailed from time to time in the Company's
SEC filings.
