Exhibit 99

                [MOUNTAINBANK FINANCIAL CORPORATION LETTERHEAD]


                                  News Release

Date:             Tuesday, July 23, 2002

Contact:          J. W. Davis, President and CEO
                  MountainBank Financial Corporation  (828) 693-7376

                  Andrew M. Crane, Sr., President and CEO
                  TrustCo Holding, Inc.  (864) 232-2255

Release Date:     For Immediate Release

          MOUNTAINBANK FINANCIAL CORPORATION AND TRUSTCO HOLDING, INC.
                      ANNOUNCE SIGNING OF MERGER AGREEMENT

GREENVILLE S.C. and HENDERSONVILLE, N.C., July 23 / PR Newswire / -- The Boards
of Directors of TrustCo Holding, Inc., Greenville, South Carolina (parent
company of Trust Company of the South and Asset Management of the South) and
MountainBank Financial Corporation (OTC Bulletin Board: MBFC; parent company of
MountainBank), Hendersonville, North Carolina, announced today that final terms
for the merger of the two companies had been reached and that a merger agreement
has been completed and executed by the two companies. The merger will be
effected via a stock transaction valued at approximately $1.8 million. The
merger transaction is subject to the approval of the shareholders of TrustCo
Holding, Inc. and to receipt of required state and federal bank regulatory
approvals. Subject to those contingencies, it is expected that the transaction
will be consummated during the fourth quarter of 2002.

J.W. Davis, President of MountainBank Financial Corporation commented on the
merger by stating, "We are extremely gratified to find a strategic partner that
will facilitate full service banking powers for MountainBank into the very
dynamic and progressive upstate of South Carolina. Nearly one-half of
MountainBank Financial Corporation's corporate board is either a resident or
native of South Carolina, so this is both a natural alignment for us and extends
the southern boundary of our MountainBank franchise."

Andrew M. Crane, Sr., President and CEO of TrustCo Holding, Inc. stated, "Our
Board of Directors and associates feel strongly that our combination with the
MountainBank community culture, one to one personal service, and profitable
growth strategy will enable Trust Company of the South to expand our commitment
of delivering the best available services throughout South Carolina. The
addition of traditional banking products affords our firm needed programs to
round out our delivery system. Given the success and strength of the
MountainBank franchise, the addition of our financial planning, Private Banking,
trust and investment management services can and will add new quality products
to serve their existing client and prospect base in North Carolina and soon
Virginia."

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This joint press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 regarding MountainBank
Financial Corporation ("MFC"), TrustCo Holding Inc. ("TrustCo") and their
proposed merger. Those statements include, but are not limited to: (1)
statements about the benefits of the proposed merger (including future financial
and operating results,

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cost savings, and enhanced revenues), (2) statements regarding MFC's and
TrustCo's plans, objectives, expectations and intentions and other statements
that are not historical facts; and (3) other statements identified by words such
as "believes," "expects," "anticipates," "estimates," "intends," "plans,"
"targets," "projects," "would be," and similar expressions. These statements are
based upon the current beliefs and expectations of MFC's and TrustCo's
management and they are subject to significant risks and uncertainties. Actual
or future results or events may differ from those set forth in the forward-
looking statements.

The following risks and other factors, among others, could cause actual results
or events to differ materially from the anticipated results, events or other
expectations expressed in the forward-looking statements: (1) that the
businesses of MFC and TrustCo will not be integrated successfully or that the
process of integrating their businesses may be more difficult, time-consuming or
costly than expected; (2) that expected revenue synergies and cost savings from
the merger may not be fully realized or may not be realized within the expected
time frame; (3) that revenues following the merger may be lower than expected;
(4) that operating costs, customer loss and business disruption following the
merger, including without limitation difficulties in maintaining relationships
with employees, may be greater than expected; (5) that required governmental
approvals of the merger will not be obtained on its proposed terms and schedule;
(6) that TrustCo's stockholders will not approve the merger; (7) that
competitive pressures among depository and other financial institutions may
increase significantly and have an effect on pricing, spending, third-party
relationships and revenues; (8) that the strength of the United States economy
in general, and of the local economies in which the combined company will
operate, may be different than expected, which could result in, among other
things, a reduced demand for the combined company's products and services; (9)
that there will be changes in the U.S. legal and regulatory framework; and (10)
that there will be adverse conditions in the stock market, the public debt
market and other capital markets (including changes in interest rate conditions)
which would negatively affect the combined company's business and operating
results.

Additional factors that could cause MFC's and TrustCo's results to differ
materially from those described in the forward-looking statements can be found
in reports (such as Annual Reports on Form 10-K or 10-KSB, Quarterly Reports on
Form 10-Q or 10-QSB and Current Reports on Form 8-K) filed by MFC with the
Securities and Exchange Commission and which are available, without charge, at
the SEC's Internet site (http://www.sec.gov). All subsequent written and oral
forward-looking statements concerning the proposed merger or other matters
attributable to MFC and TrustCo or any person acting on their behalf are
expressly qualified in their entirety by the cautionary statements above. MFC
and TrustCo do not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the date the
forward-looking statements are made.


   This press release does not constitute an offer of any securities for sale.


      SOURCE: TrustCo Holding, Inc. and MountainBank Financial Corporation


                              +++End of Release+++


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