Ambanc Holding Co. in Amsterdam, N.Y., said it will let its tender offer for Cohoes Bancorp expire but that it will persist in its bid to buy the upstate New York thrift.
Ambanc's bid was to expire Friday, Oct. 6. Instead of getting an extension, $703 million-asset Ambanc said, it will try to arrange talks with management at the Cohoes, N.Y., company, which is also being pursued by Trustco Bank Corp. of Schenectady.
"We remain committed to acquiring Cohoes and we will continue our efforts in this regard by immediately communicating our desire to engage in meaningful discussions directly with the board of Cohoes," John M. Lisicki, Ambanc's president and chief executive officer, said in a news release.
Ambanc said in August that it had submitted three nominees to Cohoes' board of directors for an election to be held at Cohoes' annual meeting next month.