SFS BANCORP, INC.                                                REVOCABLE PROXY


     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF SFS BANCORP,
INC. ("SFS") FOR THE SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON DECEMBER ___,
1998.

     The  undersigned  stockholder of SFS hereby appoints the Board of Directors
of SFS or any successors  thereto as proxies,  with full powers of substitution,
to represent and to vote as proxy, as designated,  all shares of common stock of
SFS Bancorp,  Inc. held of record by the  undersigned on _________,  1998 at the
Special Meeting of Stockholders  (the "Special  Meeting") to be held at the main
office of SFS  located  at  251-263  State  Street,  Schenectady,  New York,  on
________,  December __, 1998, at 10:00 a.m., Eastern Time, or at any adjournment
or postponement  thereof,  upon the matters described in the accompanying Notice
of Special Meeting and Proxy Statement/Prospectus and upon such other matters as
may properly come before the Special Meeting.

     This proxy,  when properly  executed,  will be voted in the manner directed
herein by the undersigned stockholder. If no direction is given, this Proxy will
be voted FOR Proposal 1.

     The  undersigned  hereby  acknowledges  receipt  of the  Notice of  Special
Meeting  of  Stockholders  and the Proxy  Statement/Prospectus  for the  Special
Meeting.

            PLEASE MARK, SIGN AND DATE THIS PROXY ON THE REVERSE SIDE
                     AND RETURN IT IN THE ENCLOSED ENVELOPE


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     The Board of Directors unanimously recommends a vote "FOR" Proposal 1.


     I.   Approval  of the  Agreement  and Plan of Merger,  dated as of July 31,
          1998,  by and among Cohoes  Savings Bank and SFS  Bancorp,  Inc.  (the
          "Merger  Agreement"),  pursuant to which SFS Bancorp,  Inc. will merge
          with and into Cohoes Bancorp, Inc.

          [ ]  FOR                [ ]  AGAINST                [ ]  ABSTAIN

          In their  discretion,  the proxies are authorized to vote with respect
     to  approval of the minutes of the last  meeting of  stockholders,  matters
     incident to the conduct of the meeting,  and upon such other matters as may
     properly come before the meeting.


                                        Dated: ___________________________, 1998


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                                        Signature(s)

                                        Please sign exactly as your name appears
                                        hereon.  Joint owners  should each sign.
                                        If  signing   as   attorney,   executor,
                                        administrator,   trustee  or   guardian,
                                        please   include   your    full   title.
                                        Corporate or  partnership proxies should
                                        be signed by an authorized officer.


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