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): November 10, 2000


                           TROY FINANCIAL CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)



            DELAWARE                  000-25439               16-1559508
--------------------------------------------------------------------------------
  (State or other jurisdiction       (Commission            (IRS Employer
        of incorporation)            File Number)         Identification No.)


                     32 SECOND STREET, TROY, NEW YORK 12180
          ------------------------------------------------------------
                    (Address of principal executive offices)


       Registrant's telephone number, including area code: (518) 270-3313
                                                          ----------------


                                 NOT APPLICABLE
       ------------------------------------------------------------------
          (Former name or former address, if changed since last report)

<PAGE>


ITEM 2.  ACQUISITION OR DISPOSITION OF ASSETS.

On  November  10,  2000,  Troy  Financial  Corporation,  a Delaware  corporation
("Troy") completed its acquisition of Catskill Financial Corporation, a Delaware
corporation ("Catskill") pursuant to an Agreement and Plan of Merger, dated June
7,  2000,  by and  among  Troy,  Charlie  Acquisition  Corporation,  a  Delaware
corporation  and a wholly owned  subsidiary of Troy ("Merger  Sub") and Catskill
(the "Merger Agreement"). The Merger Agreement provided for the merger of Merger
Sub with and into Catskill,  with Catskill being the surviving  corporation  and
becoming a wholly owned subsidiary of Troy and the immediate  subsequent  merger
of Catskill into Troy. Also, as part of the acquisition,  Catskill Savings Bank,
a wholly owned  subsidiary of Catskill was merged with and into The Troy Savings
Bank, a wholly owned subsidiary of Troy.

In accordance with the terms of the Merger Agreement, holders of Catskill common
stock are entitled to receive  $23.00 in cash for each share of Catskill  common
stock held at the close of  business on November  10,  2000.  The amount of such
consideration was determined based upon arm's-length  negotiations  between Troy
and  Catskill.  The  source  of the funds  that  will be used to pay the  merger
consideration  consists of Troy's  existing funds and special  dividends paid to
Troy by Troy Bank.

In connection with the acquisition, Troy acquired all of the equipment and other
physical  property of Catskill  and its  subsidiaries,  all of which was used in
Catskill's  banking  business.  Troy  intends to use the assets  acquired in the
Catskill Merger in the manner utilized by Catskill and its subsidiaries prior to
the acquisition.

The press release  related to the closing of the Catskill  Merger is attached as
Exhibit 99.1.


<PAGE>


ITEM 7.           FINANCIAL STATEMENTS AND EXHIBITS.

(a)      Financial Statements of Business Acquired.

                    (i)    Catskill   Financial   Corporation   and   subsidiary
                           consolidated financial statements as of September 30,
                           1999  and  1998  and  for  each of the  years  in the
                           three-year  period  ended  September  30,  1999 (with
                           independent  auditor's report thereon)  (incorporated
                           herein by reference to Catskill's Form 10-K, File No.
                           0-27650,  filed  with  the  Securities  and  Exchange
                           Commission on December 29, 1999).

                    (ii)   Catskill   Financial   Corporation   and   subsidiary
                           unaudited  consolidated  financial  statements  as of
                           June  30,  2000  and for the  three  and  nine  month
                           periods  ended June 30,  2000 and 1999  (incorporated
                           herein by reference to Catskill's Form 10-Q, File No.
                           0-27650,  filed  with  the  Securities  and  Exchange
                           Commission on August 14, 2000).

(b)      Pro Forma Financial Information.

         At this time, it is  impracticable  to provide the pro forma  financial
         information required by this section.  Troy will provide such pro forma
         financial  information  in an amended  filing  within 60 days after the
         date this Report is filed.

(c)      Exhibits.

          Exhibit
          No.              Description

          2.1              Agreement  and  Plan of  Merger,  dated as of June 7,
                           2000,  by  and  among  Troy  Financial   Corporation,
                           Charlie   Acquisition    Corporation   and   Catskill
                           Financial   Corporation   (incorporated   herein   by
                           reference to Exhibit 10 to Troy's Form 10-Q, File No.
                           000-25439,  filed with the  Securities  and  Exchange
                           Commission on August 11, 2000).

          99.1             Press Release dated November 13, 2000.

<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.

                                    TROY FINANCIAL CORPORATION
                                    (Registrant)


                                    /s/ Edward M. Maziejka, Jr.
                                    ------------------------------------------
                                    Edward M. Maziejka, Jr.
                                    Vice President and Chief Financial Officer




Date: November 27, 2000




<PAGE>


                                  EXHIBIT INDEX

          Exhibit
          No.              Description

          2.1              Agreement  and  Plan of  Merger,  dated as of June 7,
                           2000,  by  and  among  Troy  Financial   Corporation,
                           Charlie   Acquisition    Corporation   and   Catskill
                           Financial   Corporation   (incorporated   herein   by
                           reference to Exhibit 10 to Troy's Form 10-Q, File No.
                           000-25439,  filed with the  Securities  and  Exchange
                           Commission on August 11, 2000).

          99.1             Press Release dated November 13, 2000.
[{"type": "8-K", "sequence": "1", "filename": "0001.txt", "description": "FORM 8-K", "secsgml_size_bytes": 6990}]
{"company-data": {"conformed-name": "TROY FINANCIAL CORP", "cik": "0001075046", "assigned-sic": "6021", "irs-number": "161559508", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25439", "film-number": "777078"}, "business-address": {"street1": "32 SECOND ST", "city": "TROY", "state": "NY", "zip": "12180", "phone": "5182703274"}, "mail-address": {"street1": "32 SECOND ST", "city": "TROY", "state": "NY", "zip": "12180"}}
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): November 10, 2000

                           TROY FINANCIAL CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                  000-25439               16-1559508
--------------------------------------------------------------------------------
  (State or other jurisdiction       (Commission            (IRS Employer
        of incorporation)            File Number)         Identification No.)

                     32 SECOND STREET, TROY, NEW YORK 12180
          ------------------------------------------------------------
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (518) 270-3313
                                                          ----------------

                                 NOT APPLICABLE
       ------------------------------------------------------------------
          (Former name or former address, if changed since last report)
ITEM 2.  ACQUISITION OR DISPOSITION OF ASSETS.

On  November  10,  2000,  Troy  Financial  Corporation,  a Delaware  corporation
("Troy") completed its acquisition of Catskill Financial Corporation, a Delaware
corporation ("Catskill") pursuant to an Agreement and Plan of Merger, dated June
7,  2000,  by and  among  Troy,  Charlie  Acquisition  Corporation,  a  Delaware
corporation  and a wholly owned  subsidiary of Troy ("Merger  Sub") and Catskill
(the "Merger Agreement"). The Merger Agreement provided for the merger of Merger
Sub with and into Catskill,  with Catskill being the surviving  corporation  and
becoming a wholly owned subsidiary of Troy and the immediate  subsequent  merger
of Catskill into Troy. Also, as part of the acquisition,  Catskill Savings Bank,
a wholly owned  subsidiary of Catskill was merged with and into The Troy Savings
Bank, a wholly owned subsidiary of Troy.

In accordance with the terms of the Merger Agreement, holders of Catskill common
stock are entitled to receive  $23.00 in cash for each share of Catskill  common
stock held at the close of  business on November  10,  2000.  The amount of such
consideration was determined based upon arm's-length  negotiations  between Troy
and  Catskill.  The  source  of the funds  that  will be used to pay the  merger
consideration  consists of Troy's  existing funds and special  dividends paid to
Troy by Troy Bank.

In connection with the acquisition, Troy acquired all of the equipment and other
physical  property of Catskill  and its  subsidiaries,  all of which was used in
Catskill's  banking  business.  Troy  intends to use the assets  acquired in the
Catskill Merger in the manner utilized by Catskill and its subsidiaries prior to
the acquisition.

The press release  related to the closing of the Catskill  Merger is attached as
Exhibit 99.1.
ITEM 7.           FINANCIAL STATEMENTS AND EXHIBITS.

(a)      Financial Statements of Business Acquired.

                    (i)    Catskill   Financial   Corporation   and   subsidiary
                           consolidated financial statements as of September 30,
                           1999  and  1998  and  for  each of the  years  in the
                           three-year  period  ended  September  30,  1999 (with
                           independent  auditor's report thereon)  (incorporated
                           herein by reference to Catskill's Form 10-K, File No.
                           0-27650,  filed  with  the  Securities  and  Exchange
                           Commission on December 29, 1999).

                    (ii)   Catskill   Financial   Corporation   and   subsidiary
                           unaudited  consolidated  financial  statements  as of
                           June  30,  2000  and for the  three  and  nine  month
                           periods  ended June 30,  2000 and 1999  (incorporated
                           herein by reference to Catskill's Form 10-Q, File No.
                           0-27650,  filed  with  the  Securities  and  Exchange
                           Commission on August 14, 2000).

(b)      Pro Forma Financial Information.

         At this time, it is  impracticable  to provide the pro forma  financial
         information required by this section.  Troy will provide such pro forma
         financial  information  in an amended  filing  within 60 days after the
         date this Report is filed.

(c)      Exhibits.

          Exhibit
          No.              Description

          2.1              Agreement  and  Plan of  Merger,  dated as of June 7,
                           2000,  by  and  among  Troy  Financial   Corporation,
                           Charlie   Acquisition    Corporation   and   Catskill
                           Financial   Corporation   (incorporated   herein   by
                           reference to Exhibit 10 to Troy's Form 10-Q, File No.
                           000-25439,  filed with the  Securities  and  Exchange
                           Commission on August 11, 2000).

          99.1             Press Release dated November 13, 2000.
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.

                                    TROY FINANCIAL CORPORATION
                                    (Registrant)

                                    /s/ Edward M. Maziejka, Jr.
                                    ------------------------------------------
                                    Edward M. Maziejka, Jr.
                                    Vice President and Chief Financial Officer

Date: November 27, 2000
EXHIBIT INDEX

          Exhibit
          No.              Description

          2.1              Agreement  and  Plan of  Merger,  dated as of June 7,
                           2000,  by  and  among  Troy  Financial   Corporation,
                           Charlie   Acquisition    Corporation   and   Catskill
                           Financial   Corporation   (incorporated   herein   by
                           reference to Exhibit 10 to Troy's Form 10-Q, File No.
                           000-25439,  filed with the  Securities  and  Exchange
                           Commission on August 11, 2000).

          99.1             Press Release dated November 13, 2000.