Business Services Industry
Glenville, N.Y., Banking Firm Says Objections from Rival Should Not Delay Deal.
Knight Ridder/Tribune Business News, February, 2002
By Kevin Harlin, Times Union, Albany, N.Y. Knight Ridder/Tribune Business News
Feb. 12--TrustCo Bank Corp NY told the Federal Reserve Bank of New York that its application to acquire up to 9.9 percent of Troy Financial Corp. should not be held up by objections from the cross-region rival.
In a letter sent Friday and made public Monday, TrustCo said Troy's challenge to its means and motives -- and to its pledge to remain a passive investor -- were ploys to thwart the investment.
"We believe that Troy's assertions and requests are, when viewed in totality, baseless, have only a tangential relation to the truth and are not worthy of serious consideration," wrote John K. Pruellage of the St. Louis law firm Lewis, Rice & Fingersh L.C., bc CQ ec...
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