FOR IMMEDIATE RELEASE

CONTACT:

Robert J. Brittain, President & Chief Executive Officer
Telephone: (518) 842-7200
          Fax:  (518) 842-7500

Harold A. Baylor, Jr., Vice President & Treasurer
Telephone: (518) 842-1445
          Fax: (518) 843-5501

    AMBANC HOLDING CO., INC. ANNOUNCES COMPLETION OF 10% STOCK REPURCHASE


Amsterdam,  N.Y.,  January 13, 1997 -- Robert J.  Brittain,  President and Chief
Executive  Officer of Ambanc Holding Co., Inc. (NASDAQ:  AHCI),  today announced
that the Company  completed on December 27, 1996,  the  repurchase of 10% of the
Company's  outstanding  common stock, or 488,002 shares.  With the completion of
this buy-back,  the total number of shares  outstanding as of December 31, 1996,
was reduced to  4,392,023  shares.  The average  price paid in the  buy-back was
$11.75 per share.

The  recently  completed  buy-back  was the second  repurchase  completed by the
Company,  which has now  repurchased  1,032,227  shares for its  treasury  stock
account.  The average price paid by the Company for the treasury  shares,  which
will be used for general corporate purposes, was $10.86.




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