Cohoes Bancorp faces an uncertain future in the wake of its collapsed merger agreement with another upstate New York thrift.

With two higher but unsolicited offers on the table, shareholders at $727 million-asset Cohoes last week narrowly rejected a deal to merge with Hudson River Bancorp, of Hudson. Now Cohoes' board must decide whether to consider the unsolicited bids, seek other merger partners, or remain independent.

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