FOR IMMEDIATE RELEASE

Contact:

Robert J. Brittain, President & C.E.O.
Telephone:(518) 842-7200
Fax:(518) 842-7500

Harold A. Baylor, Vice President & C.F.O.
Telephone:(518) 842-7200
Fax:(518) 842-1688



          AMBANC HOLDING CO., INC. ANNOUNCES STOCK REPURCHASE PROGRAM


Amsterdam,  N.Y., February 18, 1998 -- Robert J. Brittain,  President and C.E.O.
of Ambanc  Holding Co.,  Inc.  (NASDAQ:  AHCI),  today  announced  the Company's
intention to repurchase  up to 5% of its  outstanding  common stock,  or 215,320
shares. The shares to be reacquired will be used, in part, to partially fund the
1997  Incentive  Stock Option Plan,  which was ratified at the Annual Meeting of
Stockholders  held on May 23,  1997,  and for general  corporate  purposes.  Mr.
Brittain  indicated  that any shares  reacquired  will be purchased from time to
time in the open  market  subject  to the  availability  of  shares  and  market
conditions.

The Company recently reported  operating results for the three and twelve months
ended December 31, 1997. For the fourth quarter of 1997 the Company reported net
income of  $800,000,  or $0.21 per basic  share,  compared to a net loss of $4.6
million,  or $(1.01) per share,  in the 1996 period.  For the year 1997,  Ambanc
recorded net income of $2.8 million, or $0.70 per basic share, compared to a net
loss in 1996 of $3.8 million, or $(0.81) per share.

Over the past three months,  the Company's  shares  traded  between  $13.375 and
$19.75.  As of February 17, 1998,  there were  4,306,418  shares of common stock
outstanding.  At December  31,  1997,  the  Company had $510.4  million in total
assets and stockholders' equity of $61.2 million.


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