Ambanc Holding Co., Inc. Announces
                 Postponement of Annual Meeting of Stockholders

AMSTERDAM,  N.Y.-May 15,  2001--Ambanc  Holding Co.,  Inc.  (NASDAQ:  AHCI) (the
Company), the parent company of Mohawk Community Bank (the Bank), Amsterdam, New
York,  today announced that it was postponing its Annual Meeting of Stockholders
scheduled to be held on May 18, 2001 at 10:00 a.m. at the Bank's headquarters.

The Annual Meeting will now be held on Friday, June 1, 2001, at 10:00 a.m. local
time, at the Bank's headquarters located at 11 Division Street,  Amsterdam,  New
York.  The Company  will  continue to solicit  proxies and count all proxies and
other votes received up until the time polls are closed for voting at the Annual
Meeting  once it is  convened.  There  will be no  changes in the agenda for the
Annual  Meeting  as  stated  in the  Company's  proxy  materials  mailed  to all
stockholders of the Company on April 18, 2001.

Ambanc  Holding Co.,  Inc. is a unitary  savings and loan holding  company.  The
Company's  primary  subsidiary,  Mohawk Community Bank, serves customers through
seventeen upstate New York offices, located in Fulton, Montgomery,  Schenectady,
Saratoga,  Albany, Otsego,  Chenango and Schoharie counties. The Bank's deposits
are insured up to the maximum  legal  amount by the  Federal  Deposit  Insurance
Corporation  (FDIC). The Company's common stock is traded on the NASDAQ National
Market, under the symbol "AHCI".



CONTACT: Ambanc Holding Co., Inc.
John M. Lisicki, 518/ 842-7200
jlisicki@mohawkcommunitybank.com