COHOES, N.Y. - Cohoes Bancorp said Friday that shareholders have rejected the thrift's agreement to merge with Hudson River Bancorp.

At a shareholder meeting Thursday, 47.52% of outstanding Cohoes stock was voted in favor of the merger, falling short of the 50% needed to approve the deal, according to a statement released by the company. About 32% either voted against or abstained, the company said.

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