Northwood University recently recognized Charles V. Wait, President, Chairman and CEO of The Adirondack Trust Company as one of six nationally known business men and women at its 30th Annual Outstanding Business Leader (OBL) Awards Ceremony at The Breakers, Palm Beach, Florida.
Founded in 1901 in Saratoga Springs, New York, The Adirondack Trust Company is the largest bank in Saratoga County. With assets of more than $857 million, the bank continues to invest in and work with countless community organizations, businesses and individuals. For more than 100 years the bank has played a critically important role in the development of all aspects of the Saratoga community. The Adirondack Trust Company has been a leading promoter of industrial development, commercial enterprise, education, the arts and sports events.
A graduate of Cornell University, Wait began his banking career with The Adirondack Trust Company in 1974. Starting as a bookkeeping clerk in 1974, Mr. Wait was elected Assistant Vice President in 1977, Treasurer in 1978, a Director in 1982, President in 1984, and Chairman of the Board and CEO in 1989. He was the youngest bank President in New York when first elected to that position and is now one of the longest serving President’s in the state.
Wait currently serves as a Director of the Federal Reserve Bank of New York, a Director of the New York Bankers Association and a member of the Saratoga County Water Authority. He is a past chairman of the Saratoga Performing Arts Center and the New York Bankers Association.
Recognized continually for his management expertise and philanthropic efforts, Wait, holds an Honorary Doctorate of Humane Letters from SUNY Empire State College, and is a Paul Harris Fellow of Rotary International. He has been bestowed a number of honors, including the Private Sector Initiative Award from President Ronald Reagan, the Outstanding New Yorker Award from the New York State Jaycees, the 1997 Sam Walton Business Leader Award from Walmart, and two awards from Skidmore College, the Denis B. Kemball Cook Award and the Lucy Skidmore Scribner Award.
An avid outdoorsman, Wait is an accomplished sailor having completed the Newport to Bermuda Race and participated as a crew member aboard the Pride of Baltimore, II, on her 2005 Transatlantic Crossing. In addition, he enjoys climbing and running, having climbed Cotopaxi in Ecuador and Mount Rainier, and completed two New York City Marathons. Other hobbies include, water skiing, tennis, biking and skiing.
Sunday, February 7, 2010
Northwood University honors Charles V. Wait
Adirondack Trust Begins Construction of New Queensbury Branch
The new branch will be approximately 2,600 square feet and will have two drive-up lanes, a drive-up ATM and safe deposit boxes along with teller and customer services areas. The office will offer the full array of financial services including retail and commercial banking as well as trust and investment services. The bank also provides personal and business insurance through its affiliate, Adirondack Trust Insurance.
Commenting on the new location, Kathie Duncan President of the North Country Region, “As a locally owned and managed bank we are excited to begin construction of our new branch. We look forward to bringing our brand of banking to Queensbury and to supporting the businesses and non-profit organizations throughout the community. This new branch will help strengthen our presence in the North County Region and will complement the services we offer at our existing branch located at 24 Maple St. in the City of Glens Falls. This expansion is evidence of our continued commitment to, and confidence in, this region.”
The Queensbury Branch will be managed by Patricia Hudson, Assistant Treasurer at The Adirondack Trust Company who has extensive banking experience in the Glens Falls area; three or four additional staff will be hired. The new facility will include offices for Mrs. Duncan as well as Michael Murray, Assistant Vice President and Commercial Loan Officer of The Adirondack Trust Company.
Founded in 1901 in Saratoga Springs, The Adirondack Trust Company is an independent, employee and locally owned and operated, community bank offering a wide variety of business and personal services. The bank has $870 million in assets and ten branches. The Adirondack Trust Company is rated by Bauer Financial as a 5-Star bank for the period ending December 31, 2009. The bank offers trust, insurance and investment services and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its market area. The bank's website is http://www.adirondacktrust.com/
Tuesday, January 26, 2010
Six Flags Great Escape Lodge Welcomes New GM
LAKE GEORGE, N.Y., (January 19, 2010) -- Six Flags Inc. is pleased to announce the appointment of Matthew Bryant as General Manager of the Six Flags Great Escape Lodge & Indoor Water Park in Queensbury, NY. In his new role, Bryant will be responsible for overseeing all aspects of operations, including sales, marketing, revenue, and personnel at the Six Flags Great Escape Lodge and White Water Bay, the 38,000 square foot indoor water park.
“I am very excited to join the Six Flags Great Escape team here in Lake George,” said Bryant. “I look forward to leading the hotel and indoor water park as we take the next steps in becoming a truly great family destination.”
Bryant is a long time veteran of the hospitality industry, with over 24 years experience including properties with indoor water parks. He has 12 years experience as General Manager at select service to full service hotels and nine years with Corporate Marriott. Bryant most recently led the efforts at Crowne Plaza Cincinnati North CoCo Key in Cleveland, OH prior to serving for two years at Zehnder’s Splash Village and Waterpark in Frankenmuth, Michigan.
Bryant is a graduate of Eastern Michigan University and is a Certified Meeting Planner and Certified Pool Operator. He and his wife, Tamra, have two children, daughter, Alexa and son, Luke. Bryant and his family are currently in the process of relocating to the Adirondack region.
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About Six Flags, IncSix Flags, Inc., is a publicly-traded corporation headquartered in New York City and is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada.
Hudson River Community Credit Union Announces Scholarship Program
GLENS FALLS, NY (January 20, 2010): Hudson River Community Credit Union (HRCCU) is currently accepting applications for their annual college scholarship contests. The credit union will award four $1,000 college scholarships and one $1,000 Making Life Better scholarship in Spring 2010.
To be eligible to participate in both scholarship contests, students must be high school seniors who are HRCCU members in good standing, planning to attend an accredited school of higher education for the first time in Fall 2010. For the Annual College Scholarship contest, applicants will be judged on their academic performance, extracurricular and community activities, employment experience and an essay question. Scoring of the applicants for the Making Life Better scholarship will focus on community service involvement and an essay question.
Applications can be obtained, beginning Monday, January 18, 2010, via the credit union’s website www.hrccu.org, from area high school guidance offices or at any HRCCU branch offi ce (160 Broad Street, Glens Falls; 312 Palmer Ave., Corinth; 3762 Burgoyne Ave.,
Hudson Falls, 98 Niver Street, Cohoes and 1444 Massachusetts Ave., Suite 101, Troy.) The deadline for applications is Friday, April 2, 2010.
The HRCCU College Scholarship Program began in 1994 to promote and foster the educational endeavors of the credit union’s youth members. To date, 45 student members have benefi ted from HRCCU’s College Scholarship program with awards totalling $32,500.
Hudson River Community Credit Union is a not-for-profi t, member-owned and operated fi nancial cooperative serving 20,000 members in Warren, Washington, Saratoga, Rensselaer Counties and the Towns of Cohoes, Watervliet and Green Island, New York. The credit union’s mission is to provide quality services to improve the financial well-being of members and their families.
For more information or membership eligibility, contact HRCCU at 518-654-9028 or 1-800-824-0700 or visit HRCCU online at www.hrccu.org.
Arrow Reports Record Earnings and Growth
Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three and twelve-month periods ended December 31, 2009. Net income for the 2009 fourth quarter was $5.1 million, representing diluted earnings per share (EPS) of $.47, an increase of $.01, or 2.2%, from the diluted earnings per share of $.46 in the fourth quarter of 2008, when net income was $5.0 million. For the 2009 year, net income of $21.8 million represented a new record high for the Company in its 158 year history of providing banking services in the northeastern region of New York State. Diluted EPS for 2009 of $1.99 was 6.4% higher than the diluted per share amount of $1.87 earned in the prior year, when net income was $20.4 million. The comparative results for the three and twelve-month periods were affected by certain significant transactions, discussed further in this release. Cash dividends paid to shareholders in 2009 equaled $.98 per share, or 3.2% higher than the $.95 dividend paid in 2008. All per share amounts have been adjusted to reflect the effect of the 3% stock dividend distributed on September 29, 2009.
Thomas L. Hoy, Chairman, President and CEO stated, “In light of the challenging environment confronted by the financial services industry throughout 2009, we are pleased to report record earnings and continued growth of the franchise. Our concentration on the fundamentals has allowed the Company to achieve double-digit growth rates in several key balance sheet categories, resulting in record levels in period-end amounts for assets, deposits and capital levels. Furthermore, our asset quality remained strong at year-end, as measured by low levels of nonperforming assets and very low charge-off levels in spite of the difficulties currently experienced in the banking and financial markets.”
Total assets at December 31, 2009 reached a record high of $1.842 billion, up $176.5 million, or 10.6%, over the December 31, 2008 balance of $1.665 billion. Deposit balances at December 31, 2009 were $1.444 billion, representing an increase of $168.5 million, or 13.2%, from the December 31, 2008 level of $1.275 billion. Capital balances at December 31, 2009 were $140.8 million, representing an increase of $15.0 million, or 11.9%, from the December 31, 2008 level of $125.8 million. The capital ratios of the Company and each subsidiary bank were substantially above the “well capitalized” regulatory standard.
Average assets rose to $1.761 billion in 2009 versus $1.644 billion for the prior year, an increase of 7.1%. The growth in average assets reflected an increase of $30.4 million in average loan balances, an increase of $56.0 million in average investment securities balances and an increase of $33.5 million in the average balance of short-term funds. However, loan balances outstanding at December 31, 2009 were $1.112 billion, only modestly above the balance of $1.110 billion at December 31, 2008.
Although we experienced a continuing weakness for consumer loan demand, primarily indirect automobile loans, and the demand for business loans has softened in recent periods due to the economic environment, we continue to lend to credit qualified individuals and businesses within our market area. Demand for mortgage loans (including both new purchase money and refinancings), however, has been favorable during 2009, due to prevailing low interest rates, more affordable home prices and tax incentive programs. We closed $91.9 million of residential mortgages, an increase of $33.8 million, or 51%, from the origination volumes experienced during 2008. However, for interest rate risk management purposes, many of these low fixed rate residential mortgage loans originated during 2009, were sold in the secondary market and, as a result, were not reflected in outstanding loan balances at year-end.
Net interest income for the twelve-month period was favorably impacted by an increase in average earning assets, which increased $119.8 million, or 7.6%, to $1.688 billion for 2009 as compared with $1.569 billion for 2008. Net interest margin for 2009 was 3.76%, slightly below the 3.84% for 2008. During 2008, the targeted federal funds rate fell from 4.25% to a range of 0% to .25%, where it stayed for all of 2009. Our decision to emphasize a very conservative liquidity profile in 2009 did come at a cost of very low yields on the related earning assets, which in turn, contributed to the narrowing net interest margin.
As previously reported, certain significant transactions in the first two quarters of 2009 and in 2008 had a significant impact on earnings for both years. Some of these transactions negatively affected earnings; others had a positive effect. In the second quarter of 2009, the Company’s subsidiary banks, like all FDIC insured financial institutions, were subjected to an FDIC special assessment to support the FDIC’s insurance fund. We expensed $475 thousand, net of tax, in the second quarter of 2009 for this assessment. Also during the second quarter of 2009, we received unexpected income in the form of a court-ordered restitution payment of $272 thousand, net of tax, from a former customer of our now-dissolved Vermont subsidiary bank. In the first quarter of 2009, we transferred our merchant bank card processing to TransFirst LLC. The transfer generated an after-tax net gain of $1.79 million which was recognized in the first and second quarters of 2009. Taken together, these three significant transactions had a positive impact on EPS of $.14 for 2009.
In the first quarter of 2008, as we previously reported, after Visa completed an initial public offering (IPO) of its Class A common shares, Visa redeemed a portion of our holdings of Visa’s Class B common shares. This transaction increased net income by $637 thousand after-tax and increased diluted EPS by $.06 in 2008.
The failure rate for financial institutions in 2009 rose to levels last seen more than 15 years ago, primarily as a result of their holdings of subprime or poor-quality mortgage loans, as well as investment securities backed by pools of such loans. We have never engaged in the origination of subprime or other non-traditional mortgage loans as a business line, nor do we hold mortgage-backed securities backed by such mortgages in our investment portfolio. Mortgage-backed securities held by the Company are comprised of pass-through securities backed by conventional residential mortgages and guaranteed by government agencies or government sponsored entities. The Company does not invest in any private-label mortgage-backed securities or securities backed by subprime, or other high risk non-traditional mortgage loans. Our commercial, residential real estate and indirect consumer loan portfolios experienced no significant deterioration during 2009, even though the communities we serve, like all areas of the U.S., have been negatively impacted by the recession. However, if the economic downturn continues or worsens, we may be negatively impacted by the recession to a greater degree in the future.
Our nonperforming loans were $4.7 million at December 31, 2009, which represented .42% of period-end loans, up 7 basis points from the .35% ratio at December 31, 2008. Nonperforming assets were $4.8 million at December 31, 2009, representing .26% of period-end assets, down 4 basis points from the .30% ratio at December 31, 2008. Net loan losses for 2009, expressed as an annualized percentage of average loans outstanding, were .09%, still low by industry averages but up slightly from .07% for 2008. Arrow’s allowance for loan losses amounted to $14.0 million at December 31, 2009, which represented 1.26% of loans outstanding, an increase of 6 basis points from our year-end 2008 ratio.
Following a recovery in the capital markets, assets under trust administration and investment management at December 31, 2009 rose to $867.2 million, an increase of 14.8% from the prior year-end balance of $755.4 million. Despite this very favorable and substantial move in the year-over-year market value of such assets, the market value, which is the primary factor that impacts our income from fiduciary activities, was on average higher in 2008 than in 2009 and led to a $454 thousand decrease in the related fee income for 2009 as compared to 2008. Included in assets under trust administration and investment management are our proprietary mutual funds, the North Country Funds, advised exclusively by our subsidiary, North Country Investment Advisers, Inc., with total assets of $213.5 million at December 31, 2009, an increase of 18.6% from the balance a year ago.
In recent periods, many of our operating ratios have compared very favorably to our peer group, consisting of all U.S. bank holding companies having $1.0 to $3.0 billion in assets as identified in the Federal Reserve Bank’s “Bank Holding Company Performance Report” (FRB Report). The most current peer data available in the FRB Report is for September 30, 2009 in which our annualized year-to-date return on average equity (ROE) was 16.73%, as compared to a loss of 4.05% for our peer group. Our annualized ratio of nonperforming loans to total loans was .42% as of September 30, 2009, compared to 3.52% for our peer group while our net loan losses of .09% for the nine-month period were well below the peer result of 1.18%. At September 30, 2009, we also maintained a higher total risk-based capital ratio than the average for our peer group. Although year-end peer group reports are not yet available, we believe the superiority of our operating ratios in comparison to our peer group continued through the fourth quarter of 2009.
Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, NY serving the financial needs of northeastern New York. Arrow is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc. and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.
The information contained in this News Release may contain statements that are not historical in nature but rather are based on management’s beliefs, assumptions, expectations, estimates and projections about the future. These statements may be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company’s public reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and the Company’s Quarterly Reports on Form 10-Q.
Monday, January 25, 2010
ARCC welcomes public role as advocate
© 2010 The Chronicle. All rights reserved.
ARCC’s Shimkus led fight against sales tax hike; welcomes public role as advocate
By Gordon Woodworth
Chronicle News Editor
Todd Shimkus said that when he was hired in 2003 as president and CEO of the Adirondack Regional Chamber of Commerce, the ARCC board wanted him to speak out on behalf of the local business community.
Mr. Shimkus has embraced that role, most recently opposing a sales tax increase in Warren County that was ultimately rejected, and pestering a Rochester-area Assemblyman with daily letters urging consumer-friendly changes to health insurance.
His advocacy, impassioned and direct, has ruffled the feathers of some elected officials. But in a lengthy interview with The Chronicle last week, Mr. Shimkus said he is proud of the work he does on behalf of the 1,000-plus members of the Chamber, and he has no plans of stepping out of the public eye.
“I have been outspoken since I got here,” Mr. Shimkus said. “I was outspoken in my prior chamber job, and I think that is part of the reason they brought me here. I’ve been doing advocacy for a long time on behalf of the business community, and that is what this board was looking for.”
Ferone: That’s why we hired him
George Ferone of Tribune Media, who was on the search committee when Mr. Shimkus was hired, said advocacy “was definitely something we wanted to see us get stronger with. Todd is dynamic and very focused, and he brought a very strong political science background with him. In fact, I believe he held elected office in Massachusetts. Those skill sets help him with his Chamber role here.”
Mr. Shimkus, in his native Massachusetts, served on a school board, then town board and ran for state assembly.
As president of the ARCC, he says he has two mandates.
“Number one, you have to run a chamber well. You’ve got to run chamber services that members want. And probably the most important thing that our members want is the networking opportunities, the chance to grow their business, to figure out how to build relationships and partnerships that make some sense.
“The other piece of it, and I often call it the secret, or the indirect, benefit, that they get, is the advocacy. Government is doing something to business every day, whether it’s at the federal, state or local level. Sometimes what they are doing is helpful, sometimes it’s not helpful.
Saying what specific businesses can’t “…Businesses, especially small business owners, can’t risk losing customers by showing up at a public hearing or speaking out on an issue. Those folks that do, I give them a ton of credit. But it’s my job to do what they can’t do. I’m not putting anything, other than memberships, at risk. They are putting their livelihood, their business, at risk, if they tick off a customer because of something they said at a public meeting.
“They shouldn’t be in that position, and our willingness to advocate for them means they don’t have to.”
Mr. Shimkus said he depends on his 27-person board of directors to direct the Chamber’s positions.
“It’s not about a single project or a single issue. It’s about what our board, in its diversity and through its debate and our research, what do they think is best for the economy. And there may be times where some members get hurt by a position we take, but if we think it’s the right thing for the economy, we’re going to take that position and it’s my job to fall on the sword and take the slings and arrows and the name-calling and deal with that.”
NBT Bank’s Dan Burke, an ARCC board member, said Mr. Shimkus never takes a public position without first getting the backing of the board.
“He’s pretty astute about that,” Mr. Burke said. “We need a voice for the business community, and Todd is the guy that makes it happen. If he’s publicly advocating a position, you can be sure he’s got his board behind him.”
Sokol, Kenny: It made a difference
After the Warren County Board of Supervisors narrowly voted to consider a 1% sales tax increase and set a public hearing, Mr. Shimkus e-mailed chamber members with the headline, “The world is run by those who show up.”
“That is one of my favorite sayings,” he said. “We told them, here’s what we know about this, here’s the date of the public hearing, and here’s the time. And I think we did say, here’s our position.
“But it wasn’t a call to action to come out in droves. And as I told [Queensbury at-large supervisor] Matt Sokol and a couple of other supervisors, we didn’t send out a similar e-mail asking our members to contact the supervisors. I did send out an e-mail to people that I thought could offer some informed judgment on the impact. I wanted whatever input the supervisors got from our members to be good data and information, and rational arguments. I wanted quality, not quantity.”
Mr. Shimkus, it appears, got both.
“For me, personally, Todd made a difference in the way I voted on the sales tax increase issue,” said Mr. Sokol, one of several supervisors who changed his vote, first for considering the sales tax increase, then opposing it.
“That Saturday [after the Friday Board of Supervisors meeting when supervisors voted to consider the sales tax increase], I was blanketed with e-mails from members of the ARCC opposing the increase. And that was just Saturday.”
Bill Kenny, Glens Falls’s Ward 5 county supervisor, said, “I absolutely think that the chamber’s involvement in the sales tax debate was instrumental in its defeat. There were a number of forces at work — political parties, business people and everyday citizens, and all of them had a say in the outcome.
“…Todd is very vocal about issues that impact the local citizenry. I believe we need to have more people like him stand up and be counted. I think some elected officials tend to discount his views unfairly as they do not take into consideration that he represents hundreds of local businesses.”
O’Keefe: ‘He didn’t have all the facts’
Queensbury at-large supervisor David Strainer said, “I don’t think as far as I was concerned that he made any difference in the sales tax debate. I was already a no…and I think most supervisors had already made up their minds.”
County Treasurer Frank O’Keefe, who supported a sales tax increase, said, “Good constructive criticism is good for any government or business, but when you come in and oppose something and don’t have all the facts and figures, I have a problem with that. I don’t think Todd had the crucial facts based on reality.”
Mr. O’Keefe added, “I believe he made the statement that he would encourage people to do business in other communities if the sales tax increase was implemented, and I don’t think he should go down that road.”
Mr. Shimkus replies, “I never made that statement because I couldn’t back it up. I never said it, but other folks did…What I did say was that we would take $14-million out of cash registers and put it in county coffers, because that I can document.”
Mr. Shimkus said, “I understand Frank’s points. He needs to look out for the finances of the county. This probably didn’t make his job very easy, losing this access to $14-million. But that is exactly the point we’ve been trying to make.
“The only way to reduce government spending, to make sure that they aren’t funding something they shouldn’t be funding, is to reduce the amount of revenue they have.”
Monroe, Goodspeed, Geraghty qualms
Fred Monroe, the Town of Chester supervisor who chairs the county board and who supported a sales tax increase, said, of Mr. Shimkus, “I don’t have a problem with his advocacy. I believe very much in a free exchange of ideas and opinions and always hope that the outcome will be a wise decision. He was effectively representing his membership.
“…That said, I think he was a bit too strident in the sales tax debate, and did not have all the relevant facts known to the supervisors.”
Another up-county supervisor, Johnsburg’s Sterling Goodspeed, said, “I welcome his and any participation in discussion of important county issues. All participation is good.
“The one caution that I would add here is that participation should not be one-dimensional. It is great that Mr. Shimkus became involved in the discussion over sales tax, but to move to the next level he needs to likewise develop an understanding of the complexities that our county and its residents face and not just lobby for the business community.”
Warrensburg Supervisor Kevin Geraghty said, “I think [Todd] was a little heavy-handed at times, but it did not affect my vote as much as the other comments by the people…The only thing I wish is that he would recognize that some of us have business experience and we are changing how things are done at the County, but it takes time.”
Asked if he ever defers to elected officials, Mr. Shimkus said he did.
“At the Dec. 18 public hearing, Frank O’Keefe got up there and made some comments that were clearly directed my way, but I didn’t speak. Everybody knew where the Chamber stood. I didn’t need to continue to beat that drum. And I think I showed that at some point, I defer. I don’t have a vote.”
But he adds, “Whether it’s at the Common Council level or in Albany or in Washington, I’m going to give them the best advice, the best information we have. On the sales tax, that was what we were trying to do. We were trying to give them evidence of what this would do to a local business, and the impact it would have.”
Thursday, January 21, 2010
Stewart's Shops Make a Difference
Stewart's Shop Donates $5,000 to Museum's Capital Campaign
Glens Falls, January 17, 2010 -- Dave Caruso, Vice-President of Stewart’s Shops, recently delivered a $5000 check to the Museum for its ongoing capital campaign to renovate a building on Warren Street. According to Caruso, Stewart’s distributed $2,250,000 in gifts in 2009 to charitable organizations throughout the region. Last November the museum reached its first capital campaign goal of $1.4 million, which renovated the building structure and facade, constructed a two-story addition, installed an elevator, replaced the roof, windows, and doors, and provided all new mechanicals, electric, and plumbing on the second floor. This latest $5,000 donation from Stewart's matches their previous gift two years ago, and will be applied to the Museum’s second goal of $300,000 to complete the first floor mechanicals, electrical, and plumbing systems along with interior finishes for the exhibition areas. The Museum hopes to open sometime in 2010.
