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Article: Ballston Spa bank tells TrustCo to back off; Management of Saratoga County-based financial institution asks shareholders to reject hostile bid.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- December 8, 2005
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Byline: ERIC ANDERSON Deputy business editor
BALLSTON SPA - The management of Ballston Spa Bancorp Inc. on Wednesday urged the company's shareholders to reject TrustCo Bank Corp NY's $34 million takeover offer.
"TrustCo has a long history of interfering with Capital Region financial institutions, and we will not sit idly by while TrustCo tries to do the same to Ballston Spa Bancorp," Christopher R. Dowd, Ballston Spa's president and chief executive, said in a letter to shareholders.
Dowd may have been referring to earlier, unsuccessful takeover attempts by TrustCo of Troy Savings Bank, Hudson River Bank & Trust Co. and Cohoes Savings Bank. But ...