SCHENECTADY, N.Y. - Trustco Bank Corp. stepped up its pursuit of an upstate New York thrift by nominating two candidates to the board of Cohoes Bancorp in Cohoes, N.Y.
The announcement Friday came a week after Cohoes shareholders rejected a proposed merger with Hudson River Bancorp of Hudson, N.Y. The collapsed deal leaves open the possibility that Trustco or another bidder could acquire Cohoes.
"Our nominees will, consistent with their fiduciary duties, seek a friendly merger of Cohoes and Trustco," said Trustco president Robert McCormick in a statement. Trustco and Ambanc Holding Co. of Amsterdam, N.Y., made unsolicited bids for Cohoes after Cohoes announced plans to merge with Hudson River in April. Though Cohoes rejected their offers, both companies have continued their bids for Cohoes. Separately, Ambanc added one more nomination to its slate of candidates for Cohoes' board, bringing the number to three.
Cohoes' annual shareholder meeting is scheduled for October.