ALBANY, N.Y. -- National Savings Bank of Albany said its board has unanimously rejected the latest in a series of acquisition offers from TrustCo Bank Corp.

National Savings said its board found the offer "inadequate in both price and customary safeguards necessary to ensure that National's shareholders would receive the consideration contemplated."

The offer was dated May 15 and called for a cash payment of $6.67 and half a share of TrustCo stock for each share of National Savings, subject to adjustments. National said that, at a potential $2.45 a share net income for fiscal 1992, the TrustCo offer ranged from 9.8 times to 10.7 times projected earnings.

"At today's market price of TrustCo stock of about $38 a share, the offer is equal to $26.05 a National Share," said the Albany thrift. "If TrustCo's price were to rise... to $49, the price would increase 0.8%, to $26.27 .... If TrustCo's price falls to $29, the price would fall 7.6%, to $24.07 .... "

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