SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                               -----------------


                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE

                         SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported):JANUARY 23, 1999

                   ADIRONDACK FINANCIAL SERVICES BANCORP, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)




    DELAWARE                   0-29666                   14-1801565
--------------------------------------------------------------------------------
(State or other         (Commission File Number)       (IRS Employer
jurisdiction of                                        Identification
incorporation)                                               No.)




52 NORTH MAIN STREET     GLOVERSVILLE, NEW YORK              12078
--------------------------------------------------------------------------------
(Address of principal executive offices)                   (Zip Code)


Registrant's telephone number, including area code (518) 725-6331


                                    N/A
--------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)



<PAGE>



Item 5.   Other Events.

     On  January  23,  1999,   Adirondack  Financial  Services  Bancorp,   Inc.,
("Adirondack"),   CNB  Acquisition  Corp.   ("Acquisition")   and  CNB  Bancorp,
Inc.("CNB"),  entered  into an  Agreement  of Merger  (the  "Merger  Agreement")
pursuant to which CNB will acquire  Adirondack (the "Merger").  Under the Merger
Agreement,  the  shares of the  common  stock,  par  value  $.01 per  share,  of
Adirondack  outstanding  immediately  prior to the effective  time of the Merger
(except for dissenting  shares and shares owned by CNB or  Acquisition)  will be
converted  into the right to receive  $15 million in the  aggregate,  subject to
certain  adjustments as set forth in the Merger Agreement in Sections 1.1(f) and
4.18(b).

     A copy of the  Merger  Agreement  is  attached  as  Exhibit  2  hereto  and
incorporated by reference herein.

     A copy  of  the  press  release  announcing  the  execution  of the  Merger
Agreement is attached as Exhibit 99 hereto and incorporated by reference herein.

Item 7.   Financial Statements and Exhibits

     (c)  Exhibits

     2    Agreement  of  Merger,  dated as of  January  23,  1999,  by and among
          Adirondack Financial Services Bancorp, Inc., CNB Acquisition Corp. and
          CNB Bancorp, Inc.

     99   Press Release













                                        2


<PAGE>



                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                              ADIRONDACK FINANCIAL SERVICES
                                              BANCORP, INC.

Date:  January 28, 1999                       By: /s/ Menzo D. Case
                                                  ------------------------------
                                                  Menzo D. Case
                                                  Chief Financial Officer and
                                                    Secretary

                                        3


<PAGE>



                                  EXHIBIT INDEX

EXHIBIT
NUMBER                              DESCRIPTION
------                              -----------

2       Agreement  of  Merger,  dated  as of  January  23,  1999,  by and  among
        Adirondack  Financial  Services  Bancorp,  CNB Acquisition Corp. and CNB
        Bancorp, Inc.

99      Press Release






                                        4
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4087}]
{"company-data": {"conformed-name": "ADIRONDACK FINANCIAL SERVICES BANCORP INC", "cik": "0001052119", "assigned-sic": "6035", "irs-number": "141801465", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-29666", "film-number": "99515059"}, "business-address": {"street1": "52 NORTH MAIN STREET", "city": "GLOVERSVILLE", "state": "NY", "zip": "12078", "phone": "5187256331"}, "mail-address": {"street1": "52 NORTH MAINE STREET", "city": "GLOVERSVILLE", "state": "NY", "zip": "12078"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                               -----------------

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE

                         SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported):JANUARY 23, 1999

                   ADIRONDACK FINANCIAL SERVICES BANCORP, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

    DELAWARE                   0-29666                   14-1801565
--------------------------------------------------------------------------------
(State or other         (Commission File Number)       (IRS Employer
jurisdiction of                                        Identification
incorporation)                                               No.)

52 NORTH MAIN STREET     GLOVERSVILLE, NEW YORK              12078
--------------------------------------------------------------------------------
(Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code (518) 725-6331

                                    N/A
--------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)
Item 5.   Other Events.

     On  January  23,  1999,   Adirondack  Financial  Services  Bancorp,   Inc.,
("Adirondack"),   CNB  Acquisition  Corp.   ("Acquisition")   and  CNB  Bancorp,
Inc.("CNB"),  entered  into an  Agreement  of Merger  (the  "Merger  Agreement")
pursuant to which CNB will acquire  Adirondack (the "Merger").  Under the Merger
Agreement,  the  shares of the  common  stock,  par  value  $.01 per  share,  of
Adirondack  outstanding  immediately  prior to the effective  time of the Merger
(except for dissenting  shares and shares owned by CNB or  Acquisition)  will be
converted  into the right to receive  $15 million in the  aggregate,  subject to
certain  adjustments as set forth in the Merger Agreement in Sections 1.1(f) and
4.18(b).

     A copy of the  Merger  Agreement  is  attached  as  Exhibit  2  hereto  and
incorporated by reference herein.

     A copy  of  the  press  release  announcing  the  execution  of the  Merger
Agreement is attached as Exhibit 99 hereto and incorporated by reference herein.

Item 7.   Financial Statements and Exhibits

     (c)  Exhibits

     2    Agreement  of  Merger,  dated as of  January  23,  1999,  by and among
          Adirondack Financial Services Bancorp, Inc., CNB Acquisition Corp. and
          CNB Bancorp, Inc.

     99   Press Release

                                        2
SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                              ADIRONDACK FINANCIAL SERVICES
                                              BANCORP, INC.

Date:  January 28, 1999                       By: /s/ Menzo D. Case
                                                  ------------------------------
                                                  Menzo D. Case
                                                  Chief Financial Officer and
                                                    Secretary

                                        3
EXHIBIT INDEX

EXHIBIT
NUMBER                              DESCRIPTION
------                              -----------

2       Agreement  of  Merger,  dated  as of  January  23,  1999,  by and  among
        Adirondack  Financial  Services  Bancorp,  CNB Acquisition Corp. and CNB
        Bancorp, Inc.

99      Press Release

                                        4