Exhibit 99.1

       FIRST NIAGARA FINANCIAL GROUP, INC. AND TROY FINANCIAL CORPORATION
                        ANNOUNCE CLOSE OF ELECTION PERIOD

Lockport, N.Y. and Troy, N.Y. - December 10, 2003 - First Niagara Financial
Group, Inc. (NASDAQ: FNFG) and Troy Financial Corporation (NASDAQ: TRYF)
disclosed today that the election period for holders of Troy Financial
Corporation common stock in connection with the proposed acquisition of Troy by
First Niagara ended effective 5:00 p.m. EST today. Troy shareholders were given
the option to elect cash, shares of First Niagara common stock or a combination
of cash and shares of First Niagara common stock. Outstanding shares of Troy
common stock for which no election has been received by this deadline will
receive cash, shares of First Niagara common stock or a combination of cash and
shares of First Niagara common stock as determined by First Niagara in
accordance with the terms of the merger agreement dated August 10, 2003 and
proxy statement/prospectus dated November 7, 2003. Another mailing will occur
requesting Troy shareholders who did not make an election to present their stock
certificates in order to receive merger consideration, if the merger becomes
effective. The transaction is still subject to Troy shareholder and regulatory
approval by the Office of Thrift Supervision and is expected to be completed in
January 2004.

First Niagara Financial Group, Inc., through its wholly owned subsidiary First
Niagara Bank, has assets of $3.5 billion and deposits of $2.3 billion. First
Niagara Bank is a full-service, community-oriented bank that provides financial
services to individuals, families and businesses through 47 banking centers, a
loan production office, several financial services subsidiaries, and 70 ATMs
throughout upstate New York. On August 11, 2003 the Company announced its
intentions to acquire Troy Financial Corporation a $1.4 billion asset bank.

Troy Financial Corporation, headquartered in Troy, New York, is the holding
company for The Troy Savings Bank and The Troy Commercial Bank. Founded in 1823,
The Troy Savings Bank is the oldest state chartered savings bank in New York
State. Troy Financial is a full-service financial services company and The Troy
Savings Bank is one of the leading community banks in New York's Capital Region
with twenty-one branch offices.

Forward-Looking Statements - This press release contains forward-looking
statements with respect to the financial condition and results of operations of
First Niagara Financial Group, Inc. including, without limitations, statements
relating to the earnings outlook of the Company. These forward-looking
statements involve certain risks and uncertainties. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements, include among others, the following possibilities:
(1) changes in the interest rate environment; (2) competitive pressure among
financial services companies; (3) general economic conditions including an
increase in non-performing loans that could result from an economic downturn;
(4) changes in legislation or regulatory requirements; (5) difficulties in
continuing to improve operating efficiencies; (6) difficulties in the
integration of acquired businesses; and (7) increased risk associated with an
increase in commercial real-estate and business loans and non-performing loans.

First Niagara Financial Group, Inc.

Paul J. Kolkmeyer..................    President and Chief Executive Officer

Christopher J. Thome...............    Reporting and Investor Relations Manager
                                       (716) 625-7645
                                       chris.thome@fnfg.com

Leslie G. Garrity..................    Public Relations and Corporate
                                       Communications Manager
                                       (716) 625-7528
                                       leslie.garrity@fnfg.com

Troy Financial Corporation

David J. DeLuca....................    Senior Vice President and Chief Financial
                                       Officer
                                       (518) 270-3206
                                       ddeluca@troysavingsbank.com