SCHEDULE 14A
                                 (Rule 14a-101)

                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION
           Proxy Statement Pursuant to Section 14(a) of the Securities
                      Exchange Act of 1934 (Amendment No. )

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                                         Only (as permitted by Rule 14a-6(e)(2))
[ ]  Definitive Proxy Statement
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                              Cohoes Bancorp, Inc.
                         ------------------------------
                (Name of Registrant as Specified in Its Charter)

                            Ambanc Holding Co., Inc.
    (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

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                          Ambanc Commences Tender Offer
                for Cohoes Bancorp for $16.50 Per Share, All Cash

AMSTERDAM,   N.Y.-August  9,  2000--Ambanc  Holding  Co.,  Inc.  (NASDAQ:  AHCI)
("Ambanc")  announced  today the  commencement  of its  tender  offer for Cohoes
Bancorp, Inc. ("Cohoes") in which it will seek to acquire all outstanding shares
of Cohoes directly from the stockholders at a price of $16.50 per share in cash.

In addition,  Ambanc  continued to urge the Cohoes  stockholders to vote against
the proposed sale to Hudson River which is scheduled to be voted on at a special
meeting of  shareholders  on August 17, 2000.  Ambanc  previously  announced its
intention  to solicit  proxies  against  the  proposed  sale of Cohoes to Hudson
River.  Ambanc filed preliminary proxy material with the Securities and Exchange
Commission  (the "SEC") on July 31, 2000 and intends to mail its proxy materials
as soon as possible following completion of SEC review of the materials.

Ambanc's  tender  offer is  subject  to  certain  contingencies,  including  the
satisfaction  of  a  minimum  tender  condition,  the  Cohoes  stockholders  not
approving the proposed  Hudson River merger,  valid  termination  of the lock-up
option granted to Hudson River,  customary bank  regulatory  approvals,  and the
execution of a definitive  merger  agreement to provide for the merger of Cohoes
with and into  Ambanc.  The  complete  details of Ambanc's  tender offer are set
forth in the tender offer materials filed today with the SEC.

WE URGE  INVESTORS TO CAREFULLY  READ THE PROXY  MATERIALS  AND THE TENDER OFFER
MATERIALS  BECAUSE THEY CONTAIN  IMPORTANT  INFORMATION.  Investors may obtain a
free copy of the  preliminary  proxy materials and the tender offer materials at
the  SEC's  web  site  at  www.sec.gov.  The  tender  offer  materials,  and the
definitive proxy materials as soon as those are available,  may also be obtained
for free from Ambanc by directing a written request to Ambanc Holding Co., Inc.,
11 Division Street, Amsterdam, New York 12010, Attention: Secretary.

Ambanc  and  its  directors   and  executive   officers  may  be  deemed  to  be
"participants"  in  Ambanc's  solicitation  of proxies to be voted  against  the
proposed sale to Hudson River.  INFORMATION  ABOUT THE  PARTICIPANTS,  INCLUDING
THEIR  HOLDINGS OF COHOES  STOCK,  MAY BE OBTAINED  THROUGH THE SEC'S WEBSITE IN
AMBANC'S OFFER TO PURCHASE FILED WITH THE SEC TODAY UNDER SCHEDULE "TO."

The foregoing material may contain forward-looking  statements.  We caution that
such statements may be subject to a number of  uncertainties  and actual results
could differ materially and, therefore,  readers should not place undue reliance
on any forward-looking  statements.  Ambanc does not undertake, and specifically
disclaims,  any obligation to publicly release the results of any revisions that
may be made to any  forward-looking  statements  to reflect  the  occurrence  of
anticipated  or  unanticipated  events or  circumstances  after the date of such
statements.

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CONTACT: Ambanc Holding Co., Inc.
John M. Lisicki, President & CEO (518) 842-7200
Email:  jlisicki@mohawkcommunitybank.com

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