Section: BUSINESS,  Page: E1

Date: Tuesday, June 16, 1998

1820 - Albany Savings Bank founded as second savings bank in New York. Move required a special act of state Legislature. Last Patroon Stephen Van Rensselaer is first president. First day's deposits: $527. Offices: within New York State Bank, State Street.1949 - ASB opens its first branch at Western Avenue and West Lawrence Street, Albany. Now Pine Hills branch. 1950 - ASB reports $100 million in assets. 1951 - ASB begins paying interest on a quarterly basis, expanding from previous semi-annual payments. 1970 - ASB merges with Glens Falls Savings & Loan and Johnstown Savings & Loan. Assets $356.4 million. Four branches. 1984 - Herbert G. Chorbajian of Loudonville joins ASB as executive vice president from Norstar Bank. Becomes president one year later, chairman in 1990. 1991 - Forms holding company Albank Financial Corp. and goes public the next year on Nasdaq stock market for $10 a share, raising $150 million. 1994 - Buys nine branches in Massachusetts from Ludlow Savings Bank, first out-of-state deal. 1995 - Name changed to Albank. 1996 - Buys 12 branches in Vermont from two banks. 1997 - Buys 35 branches from KeyBank. Assets reach $4 billion. June 15, 1998 - Is acquired by Charter One Financial Corp. of Cleveland Source: Albank, Times Union research