SECURITIES AND EXCHANGE COMMISSION

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):     April 28, 2005

      First Albany Companies Inc.      

      New York      

      (518) 447-8500      

Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below)

o       Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o       Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o       Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o       Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Table of Contents

Item 1.01.    Entry into a Material Definitive Agreement.

Pursuant to the First Albany Companies Inc. (the “Company”) 2003 Directors’ Stock Plan, non-employee directors of the Company were awarded stock options to purchase 2,500 shares of Common Stock on April 28, 2005.

Item 9.01    Financial Statements and Exhibits.

(c)  Exhibits.

99.1  Form of Non-Employee Director Option Award Agreement under the First Albany Companies Inc. 2003 Directors’ Stock Plan.

SIGNATURES

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