Fulfilling an agreement meant to preserve its independence, a New York company has put an activist shareholder on its board.

Under an arrangement struck last summer, Ambanc Holding Co. in Amsterdam, N.Y., had until April 1 to find a buyer or name Seymour Holtzman as a director. It chose not to sell, and announced last week that it had awarded seats to Mr. Holtzman and a local accountant, Allan R. Lyons.

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