Exhibit 99.3
Marketing Materials
COHOES BANCORP, INC.
Community Investor Meeting
November xx, 1998
The shares of common stock being offered are not savings accounts or deposits
and are not insured by the Federal Deposit Insurance Corporation, the Bank
Insurance Fund or any other government agency. This is not an offer to sell or a
solicitation of an offer to buy stock. The offer is made only by the Prospectus.
MANGEMENT OF THE BANK
o Harry L. Robinson, President and Chief Executive Officer
o Richard A. Ahl, Executive Vice President and Chief Financial Officer
o Albert J. Picchi, Vice President and Senior Loan Officer
TOTAL ASSETS
[GRAPHIC OMITTED]
ASSET MIX
Other
3.4%
Cash and
cash
equivalents
2.7%
As of June 30, 1998
LOANS RECEIVABLE, NET
[GRAPHIC OMITTED]
LOAN PORTFOLIO MIX
Other real estate
22.4%
One- to four-family
62.1%
Commercial
3.6%
Consumer
11.9%
As of June 30, 1998
TOTAL DEPOSITS
[GRAPHIC OMITTED]
TOTAL RETAINED EARNINGS
[GRAPHIC OMITTED]
CAPITAL REQUIREMENTS
[GRAPHIC OMITTED]
AVERAGE RETAINED EARNINGS TO AVERAGE ASSETS
[GRAPHIC OMITTED]
NET INCOME
[GRAPHIC OMITTED]
RETURN ON AVERAGE ASSETS
[GRAPHIC OMITTED]
RETURN ON AVERAGE RETAINED EARNINGS
[GRAPHIC OMITTED]
NET INTEREST RATE SPREAD
[GRAPHIC OMITTED]
NET INTEREST MARGIN
[GRAPHIC OMITTED]
BRANCH MAP
[GRAPHIC OMITTED]
DEPOSIT MARKET SHARE
Albany County
HC 6/97
Branches Deposits
Holding Company in List ($000s) % of List
- --------------- ------- ------- ---------
1 Fleet Financial Group ........ 16 2,256,635 37.50
2 Keycorp ...................... 28 862,526 14.33
3 Charter One Financial ........ 14 817,837 13.59
4 Trustco Bank Corp of NY ...... 16 752,815 12.51
5 Cohoes Savings Bank .......... 8 320,268 5.32
6 Hsbc Holdings Plc ............ 9 256,572 4.26
7 Pioneer Savings Bank ......... 2 205,135 3.41
8 M&T Corporation .............. 6 201,135 3.35
9 Troy Savings Bank ............ 4 111,189 1.85
10 Banknorth Group Inc .......... 3 53,850 0.89
11 6 Others ..................... 8 178,998 2.96
--------- --------- ------
Total ......................... 114 6,017,550 100.00
========= ========= ======
DEPOSIT MARKET SHARE
Rensselaer County
HC 6/97
Branches Deposits
Holding Company in List ($000s) % of List
- --------------- ------- ------- ---------
1 Troy Savings Bank .............. 3 326,501 21.80
2 Keycorp ........................ 9 208,637 13.93
3 M&T Corporation ................ 5 184,595 12.33
4 Hsbc Holdings Plc .............. 5 173,848 11.61
5 Trustco Bank Corp of NY ........ 4 128,731 8.60
6 Charter One Financial .......... 3 117,216 7.83
7 Pioneer Savings Bank ........... 1 111,342 7.44
8 Fleet Financial Group .......... 8 105,515 7.05
9 Cohoes Savings Bank ............ 2 54,658 3.65
10 Hudson City Savings Inst ....... 2 47,222 3.15
11 Banknorth Group Inc. ........... 1 39,191 2.62
------- --------- ------
Total ......................... 43 1,497,456 100.00
======= ========= ======
DEPOSIT MARKET SHARE
Saratoga County
HC 6/97
Branches Deposits
Holding Company in List ($000s) % of List
- --------------- ------- ------- ---------
1 473 Broadway Holding ............ 5 301,502 19.20
2 Fleet Financial Group ........... 5 241,444 15.37
3 Trustco Bank Corp of NY ......... 10 178,264 11.35
4 Keycorp ......................... 6 143,364 9.13
5 Arrow Financial Corp. ........... 4 129,291 8.23
6 Ballston Spa Bancorp Inc. ....... 6 118,620 7.55
7 Hsbc Holdings Plc ............... 3 96,909 6.17
8 Charter One Financial ........... 4 96,122 6.12
9 Banknorth Group Inc. ............ 3 76,278 4.86
10 Troy Savings Bank ............... 2 57,774 3.68
11 Ambanc Holding Co. .............. 4 48,703 3.10
12 Cohoes Savings Bank ............. 3 46,150 2.94
13 Gloversville Fs & La ............ 1 16,017 1.02
14 Pioneer Savings Bank ............ 2 14,013 0.89
15 First National Bank Scotia ...... 1 5,958 0.38
------ --------- ------
Total ......................... 59 1,570,409 100.00
====== ========= ======
DEPOSIT MAARKET SHARE
Schenectady County
HC 6/97
Branches Deposits
Holding Company in List ($000s) % of List
- --------------- ------- ------- ---------
1 Trustco Bank Corp of NY ........ 12 716,554 34.15
2 Fleet Financial Group .......... 8 639,480 30.48
3 Keycorp ........................ 4 169,561 8.08
4 SFS Bancorp, Inc. .............. 4 147,934 7.05
5 First National Bank Scotia ..... 6 112,709 5.37
6 Pioneer Savings Bank ........... 1 86,447 4.12
7 Charter One Financial .......... 2 60,000 2.86
8 Cnb Financial Corp. ............ 3 36,911 1.76
9 Troy Savings Bank .............. 1 31,192 1.49
10 Ballston Spa Bancorp Inc. ...... 1 24,247 1.16
11 Hsbc Holdings Plc .............. 1 18,187 0.87
12 Cohoes Savings Bank ............ 3 418,138 0.86
13 4 Others ....................... 4 36,612 1.75
--------- --------- ------
Total ....................... 50 2,097,972 100.00
========= ========= ======
PRO FORMA DATA
15% above
Minimum Midpoint Maximum Maximum
------- -------- ------- -------
Gross Proceeds(000s) ..... $ 59,500 $ 70,000 $ 80,500 $ 92,575
Stockholders' Equity(000s) $104,547 $113,759 $122,972 $133,567
Book Value Per Share ..... $ 17.06 $ 15.78 $ 14.84 $ 14.01
Net Income (000s) ........ $ 5,226 $ 5,432 $ 5,638 $ 5,875
Earnings Per Share ....... $ 0.93 $ 0.82 $ 0.74 $ 0.67
Price to Book ............ 58.62% 63.37% 67.39% 71.38%
Price to Earnings ........ 10.75x 12.20x 13.51x 14.93x
PREFERENCE CATEGORIES
(1) Eligible Account Holders
(2) Employee Stock Ownership Plan (ESOP)
(3) Supplemental Eligible Account Holders
(4) Residents of Local Community
(5) General Public
We thank you for your interest in
COHOES BANCORP, INC.
NASDAQ National Market: "XXXX"
[LOGO]
KEEFE, BRUYETTE & WOODS, INC.
November xx, 1998
To Members and Friends of Cohoes Savings Bank
- --------------------------------------------------------------------------------
Keefe, Bruyette & Woods, Inc., a member of the National Association of
Securities Dealers, Inc. ("NASD"), is assisting Cohoes Savings Bank ("Cohoes
Savings" or the "Bank") in its conversion from a state-chartered mutual savings
bank to a state-chartered stock savings bank (the "Conversion") and the
concurrent offering of common shares by Cohoes Bancorp, Inc.. (the "Holding
Company"), the newly formed corporation that will become the holding company of
Cohoes Savings following the Conversion.
At the request of the Holding Company, we are enclosing materials explaining
this process and your options, including an opportunity to invest in the Holding
Company's common shares being offered to the customers of Cohoes Savings Bank.
Please read the enclosed offering materials carefully. The Holding Company has
asked us to forward these documents to you in view of certain requirements of
the securities laws in your state.
If you have any questions, please visit our Stock Sales Center located at 244 N.
Mohawk Street, Cohoes, New York or feel free to call the Stock Sales Center at
(518) 235-4000.
Very truly yours,
Keefe, Bruyette & Woods, Inc.
THE COMMON SHARES BEING OFFERED ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND,
THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. THIS IS
NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SHARES. THE OFFER IS
MADE ONLY BY THE PROSPECTUS.
November xx, 1998
Dear Friend:
We are pleased to announce that Cohoes Savings Bank ("Cohoes Savings") is
converting from a state-chartered mutual savings bank to a state-chartered stock
savings bank (the "Conversion"). In conjunction with the Conversion, Cohoes
Bancorp, Inc., the newly-formed corporation that will become the holding company
for Cohoes Savings, is offering common shares in a subscription offering (the
"Offering") to certain depositors and our Employee Stock Ownership Plan,
pursuant to a Plan of Conversion.
Because we believe you may be interested in learning more about the merits of
the common shares of Cohoes Bancorp, Inc. as an investment, we are sending you
the following materials which describe the Offering.
PROSPECTUS: This document provides detailed information about operations at
Cohoes Savings and the Offering.
QUESTIONS AND ANSWERS: Key questions and answers about the Offering are
found in this pamphlet.
STOCK ORDER FORM & CERTIFICATION FORM: This form is used to purchase stock
by returning it with your payment in the enclosed business reply envelope.
The deadline for ordering stock is 12:00 noon, Eastern Time, on December
xx, 1998.
As a friend of Cohoes Savings, you will have the opportunity to buy common
shares directly from Cohoes Bancorp, Inc. in the Conversion without paying a
commission or a fee. If you have additional questions regarding the Conversion
and the Offering, please call us at (518-) 235-4000 Monday through Friday from
9:00 a.m. to 5:00 p.m., or stop by the Stock Sales Center at 244 N. Mohawk
Street, Cohoes, New York.
We are pleased to offer you this opportunity to become a shareholder of Cohoes
Bancorp, Inc.
Best regards,
Harry L. Robinson
President and Chief Executive Officer
THE COMMON SHARES BEING OFFERED ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND,
THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. THIS IS
NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SHARES. THE OFFER IS
MADE ONLY BY THE PROSPECTUS.
November xx, 1998
Dear Member:
We are pleased to announce that Cohoes Savings Bank ("Cohoes Savings") is
converting from a state-chartered mutual savings bank to a state-chartered stock
savings bank (the "Conversion"). In conjunction with the Conversion, Cohoes
Bancorp, Inc., the newly-formed corporation that will become the holding company
for Cohoes Savings, is offering common shares in a subscription offering (the
"Offering") to certain of our depositors and our Employee Stock Ownership Plan,
pursuant to a Plan of Conversion.
To accomplish this Conversion, we need your participation in an important vote.
Enclosed is a proxy statement describing the Plan of Conversion and your voting
and subscription rights. Cohoes Savings' Plan of Conversion has been approved by
the Superintendent of Banks of the State of New York and now must be approved by
you. YOUR VOTE IS VERY IMPORTANT.
Enclosed, as part of the proxy materials, is your proxy card, located behind the
window of your mailing envelope. This proxy card should be signed and returned
to us prior to the Special Meeting to be held on December xx, 1998. Please take
a moment now to sign the enclosed proxy card and return it to us in the
postage-paid envelope provided. FAILURE TO VOTE HAS THE SAME EFFECT AS VOTING
AGAINST THE CONVERSION.
The Board of Directors of Cohoes Savings feels that the Conversion will offer a
number of advantages, such as an opportunity for depositors of Cohoes Savings to
become shareholders. Please remember:
o Your accounts at Cohoes Savings will continue to be insured up to the
maximum legal limit by the Federal Deposit Insurance Corporation
("FDIC").
o There will be no change in the balance, interest rate, or maturity of
any deposit accounts because of the Conversion, unless you choose to
purchase shares using your account balances.
o Members have a right, but no obligation, to subscribe for common
shares before they are offered to the public. Voting for the
Conversion does not obligate you to purchase stock.
o Like all stock, the common shares issued in the Offering WILL NOT BE
INSURED BY THE FDIC.
Enclosed are materials describing the Offering. We urge you to read these
materials carefully. If you are interested in purchasing the common shares of
Cohoes Bancorp, Inc., your Stock Order Form and Certification Form and payment
must be received by Cohoes Savings prior to 12:00 Noon, Eastern Time, on
December xx, 1998.
If you have additional questions regarding the Offering, please call us at (518)
235-4000, Monday through Friday from 9:00 a.m. to 5:00 p.m., or stop by the
Stock Sales Center at 244 N. Mohawk Street, Cohoes, New York.
Best regards,
Harry L. Robinson
President and Chief Executive Officer
THE COMMON SHARES BEING OFFERED IN THIS OFFERING ARE NOT SAVINGS ACCOUNTS OR
DEPOSITS AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE
BANK INSURANCE FUND OR THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER
GOVERNMENT AGENCY. THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO
BUY SHARES. THE OFFER WILL BE MADE ONLY BY THE PROSPECTUS.
November xx, 1998
Dear Member:
We are pleased to announce that Cohoes Savings Bank ("Cohoes Savings") is
converting from a state-chartered mutual savings bank to a state-chartered stock
savings bank (the "Conversion"). In conjunction with the Conversion, Cohoes
Bancorp, Inc., the newly-formed corporation that will become the holding company
for Cohoes Savings, is offering common shares in a subscription offering.
Unfortunately, Cohoes Bancorp, Inc. is unable to either offer or sell its common
shares to you because the small number of eligible subscribers in your
jurisdiction makes registration or qualification of the common shares under the
securities laws of your jurisdiction impractical, for reasons of cost or
otherwise. Accordingly, this letter should not be considered an offer to sell or
a solicitation of an offer to buy the common shares of Cohoes Bancorp, Inc.
However, as a member of Cohoes Savings, you have the right to vote on the Plan
of Conversion at the Special Meeting of Members to be held on December xx, 1998.
Enclosed is a proxy card, a Proxy Statement (which includes the Notice of the
Special Meeting), a Prospectus (which contains information incorporated into the
Proxy Statement) and a return envelope for your proxy card.
I invite you to attend the Special Meeting on December xx, 1998. However,
whether or not you are able to attend, please complete the enclosed proxy card
and return it in the enclosed envelope.
Best Regards,
Harry L. Robinson
President and Chief Executive Officer
November xx, 1998
Dear Prospective Investor:
We are pleased to announce that Cohoes Savings Bank ("Cohoes Savings") is
converting from a state-chartered mutual savings bank to a state-chartered stock
savings bank (the "Conversion"). In conjunction with the Conversion, Cohoes
Bancorp, Inc., the newly-formed corporation that will become the holding company
for Cohoes Savings, is offering common shares in a subscription offering and
community offering (collectively, the "Offering").
We have enclosed the following materials which will help you learn more about
the merits of Cohoes Bancorp, Inc. as an investment. Please read and review the
materials carefully.
PROSPECTUS: This document provides detailed information about
operations at Cohoes Savings and the Offering.
QUESTIONS AND ANSWERS: Key questions and answers about the Offering
are found in this pamphlet.
STOCK ORDER FORM & CERTIFICATION FORM: This form is used to purchase
common shares by returning it with your payment in the enclosed
business reply envelope. The deadline for ordering common shares is
12:00 noon, Eastern Time, on December xx, 1998.
We invite our loyal customers and local community members to become shareholders
of Cohoes Bancorp, Inc.. Through the Offering you have the opportunity to buy
common shares directly from Cohoes Bancorp, Inc., without paying a commission or
a fee.
If you have additional questions regarding the Conversion and the Offering,
please call us at (518) 235-4000, Monday through Friday from 9:00 a.m. to 5:00
p.m., or stop by the Stock Sales Center at 244 N. Mohawk Street, Cohoes, New
York.
Best regards,
Harry L. Robinson
President and Chief Executive Officer
THE COMMON SHARES BEING OFFERED ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND,
THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. THIS IS
NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SHARES. THE OFFER IS
MADE ONLY BY THE PROSPECTUS.
FACTS ABOUT CONVERSION
The Board of Directors of Cohoes Savings Bank ("Cohoes Savings") unanimously
adopted a Plan of Conversion to convert from a state-chartered mutual savings
bank to a state-chartered stock savings bank (the "Conversion").
This brochure answers some of the most frequently asked questions about the
Conversion and about your opportunity to invest in common shares of Cohoes
Bancorp, Inc. (the "Holding Company"), the newly-formed corporation that will
become the holding company for Cohoes Savings following the Conversion.
Investment in the common shares of Cohoes Bancorp, Inc. involves certain risks.
For a discussion of these risks and other factors, including a complete
description of the offering, investors are urged to read the accompanying
Prospectus, especially the discussion under the heading "Risk Factors" on page
xx.
WHY IS COHOES SAVINGS CONVERTING TO STOCK FORM?
- -----------------------------------------------
The stock form of ownership is used by most business corporations and an
increasing number of savings institutions:
o The stock form of organization offers many competitive advantages,
including growth opportunities and increased capital levels.
o The Conversion will permit the Bank's customers and members of the local
community to become equity owners and to share in the future of the Company
and the Bank.
WILL THE CONVERSION AFFECT ANY OF MY DEPOSIT ACCOUNTS OR LOANS?
- ---------------------------------------------------------------
No. The Conversion and Merger will have no effect on the balance or terms of any
savings account or loan, and your deposits will continue to be federally insured
by the Federal Deposit Insurance Corporation ("FDIC") to the maximum legal
limit. Your savings account is not being converted into stock.
WHO IS ELIGIBLE TO PURCHASE COMMON SHARES IN THE SUBSCRIPTION OFFERING AND THE
COMMUNITY OFFERING?
- --------------------------------------------------------------------------------
Certain past and present depositors of Cohoes Savings and the Holding Company's
Employee Stock Ownership Plan are eligible to purchase common shares in the
subscription offering.
HOW MANY COMMON SHARES ARE BEING OFFERED AND AT WHAT PRICE?
- -----------------------------------------------------------
Cohoes Bancorp, Inc. is offering up to 9,257,500 common shares, subject to
adjustment as described in the Prospectus, at a price of $10.00 per share
through the Prospectus.
HOW MANY SHARES MAY I BUY?
- --------------------------
The minimum order is 25 common shares. The maximum amount of shares that a
person may purchase in any particular priority category in the Offering is
generally limited to 25,000 shares. No person, together with associates and
persons acting in concert with such person, may purchase more than 1.0% of the
common shares sold in the Offering.
WILL THE COMMON SHARES BE INSURED?
- ----------------------------------
No. Like any other common shares, the Holding Company's common shares will not
be insured.
DO MEMBERS HAVE TO BUY COMMON SHARES?
- -------------------------------------
No. However, the Conversion will allow depositors of Cohoes Savings an
opportunity to buy common shares and become shareholders of the holding company
for the local financial institution with which they do business.
HOW DO I ORDER COMMON SHARES?
- -----------------------------
You must complete the enclosed Stock Order Form and Certification Form.
Instructions for completing your Stock Order Form and Certification Form are
contained in this packet. Your order must be received by 12:00 Noon, Eastern
Time on December xx, 1998.
HOW MAY I PAY FOR MY COMMON SHARES?
- -----------------------------------
First, you may pay for common shares by check, cash or money order. Interest
will be paid by Cohoes Savings on these funds at the passbook rate, which is
currently 3.0%, from the day the funds are received until the completion or
termination of the Conversion. Second, you may authorize us to withdraw funds
from your deposit account or certificate of deposit at Cohoes Savings for the
amount of funds you specify for payment. You will not have access to these funds
from the day we receive your order until completion or termination of the
Conversion.
CAN I PURCHASE SHARES USING FUNDS IN MY COHOES SAVINGS IRA ACCOUNT?
- -------------------------------------------------------------------
Federal regulations do not permit the purchase of common shares in connection
with the Conversion from your existing Cohoes Savings IRA account. To
accommodate our depositors, we have made arrangements with an outside trustee to
allow such purchases. Please call our Stock Sales Center for additional
information.
WILL DIVIDENDS BE PAID ON THE COMMON SHARES?
- --------------------------------------------
The Board of Directors of the Holding Company will consider whether to pay a
cash dividend in the future, subject to regulatory limits and requirements. No
decision has been made as to the amount or timing of such dividends, if any.
HOW WILL THE COMMON SHARES BE TRADED?
- -------------------------------------
The Holding Company's stock is expected to trade on The Nasdaq National Market
under the symbol "XXXX." However, no assurance can be given that an active and
liquid market will develop.
ARE OFFICERS AND DIRECTORS OF COHOES SAVINGS PLANNING TO PURCHASE SHARES?
- -------------------------------------------------------------------------
Yes! The officers and directors of Cohoes Savings plan to purchase, in the
aggregate, $3,100,000 worth of shares or approximately 3.8% of the common shares
offered at the maximum of the offering range.
MUST I PAY A COMMISSION?
- ------------------------
No. You will not be charged a commission or fee on the purchase of common shares
in the Conversion.
SHOULD I VOTE TO APPROVE THE PLAN OF CONVERSION?
- ------------------------------------------------
Yes. Your "YES" vote is very important!
PLEASE VOTE, SIGN AND RETURN ALL PROXY CARDS!
WHY DID I GET SEVERAL PROXY CARDS?
- ----------------------------------
If you have more than one account, you could receive more than one proxy card,
depending on the ownership structure of your accounts.
HOW MANY VOTES DO I HAVE?
- -------------------------
Your proxy card(s) show(s) the number of votes you have. Every depositor is
entitled to cast one vote for each $100, and a proportionate fractional vote for
an amount of less than $100, on deposit as of the voting record date, up to
1,000 votes.
MAY I VOTE IN PERSON AT THE SPECIAL MEETING?
- --------------------------------------------
Yes, but we would still like you to sign and mail your proxy today. If you
decide to revoke your proxy you may do so at any time before such proxy is
exercised by executing and delivering a later dated proxy or by giving written
notice of revocation or in person at the special meeting. Attendance at the
special meeting will not, of itself, revoke a proxy.
For Additional Information You May Call Our Stock Sales Center Monday through
Friday 9:00 a.m. to 5:00 p.m.
STOCK SALES CENTER (518) 235-4000
Cohoes Bancorp, Inc.
244 N. Mohawk Street
Cohoes, New York 12047
- --------------------------------------------------------------------------------
QUESTIONS
AND
ANSWERS
- --------------------------------------------------------------------------------
Cohoes Bancorp, Inc.
[LOGO]
THE COMMON SHARES BEING OFFERED ARE NOT SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND,
THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. THIS IS
NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SHARES. THE OFFER IS
MADE ONLY BY THE PROSPECTUS.
PROXY GRAM
We recently forwarded to you a proxy statement and related materials regarding a
proposal to convert Cohoes Savings Bank from a state-chartered mutual savings
bank to a state -chartered stock savings bank (the "Conversion").
Your vote on our Plan of Conversion has not yet been received. Failure to vote
has the Same Effect as Voting Against the Conversion.
Voting for the Conversion does not obligate you to purchase stock or affect the
terms of insurance on your accounts.
The Board of Directors unanimously recommends that you vote "FOR" the
Conversion.
Cohoes Savings Bank
Cohoes, New York
Harry L. Robinson
chairman and Chief Executive Officer
If you mailed the proxy, please accept our thanks and disregard this request.
For further information call (518) 235-4000.