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Blue Ocean’s Sarenski discusses how things have changed since recession, market downturn
SYRACUSE — Theodore (Ted) J. Sarenski, president and CEO of Blue Ocean Strategic Capital, LLC in Syracuse, says the 2007-2009 financial-market downturn, when stocks fell by more than 50 percent, caused substantial changes that still ring true today, including clients’ behavior. But other things, such as his firm’s approach to making investment decisions, have stayed […]
First Niagara generates strong loan growth in second quarter
BUFFALO — First Niagara Financial Group, Inc. (NASDAQ: FNFG) generated substantial loan growth in the second quarter across its various product lines and markets, the banking company reported on July 25. The Buffalo–based parent company of First Niagara Bank N.A. said average total loans increased 7 percent annualized in the second quarter from the first
Tompkins Financial Q2 profit rises almost 19 percent
ITHACA — Tompkins Financial Corp. (NYSE: TMP) reported net income of $13.1 million in the second quarter, up nearly 19 percent from $11 million in the year-ago period. Diluted earnings per share totaled 87 cents in this year’s second quarter, up 16 percent from 75 cents in the second quarter of 2013. This represents the
Elmira Savings Bank names Carr CEO, succeeding Hosey
ELMIRA — The board of directors of Elmira Savings Bank (NASDAQ: ESBK) has appointed Thomas M. Carr as CEO. He has been serving as president and chief operating officer since April, 2013. Carr first joined the bank in June, 2000 as senior vice president and chief financial officer. Carr succeeds Michael P. Hosey, formerly vice chairman
Eastern Shore Associates acquires Cronk Agency of Central Square
FULTON — Eastern Shore Associates Insurance (ESA) has announced its acquisition of the Cronk Agency, Inc., which operates at 647 S. Main St. in Central Square. ESA’s acquisition included Cronk’s property and casualty book of business, the agency said in a news release. Fulton–based ESA didn’t release any terms of its acquisition agreement with the
How to manage a financial windfall
People come into money in various ways, from happy winnings to uncomfortable settlements. Regardless, whether your windfall comes from a legal settlement, insurance claim, inheritance, or lottery prize, the burden of an unexpected lump sum of cash will likely be heavier than you realize. The reason: most people treat windfalls different than money they earned
The Wealth of Nations is Their Freedom
In 1776, Adam Smith in, “The Wealth of Nations,” theorized that “When institutions protect the liberty of individuals, greater prosperity results for all.” Institutions are significant national practices, rules, or organizations that frame the environment in which goods are produced. Institutions help determine acceptable behavior and establish the incentives that stimulate or prevent economic growth.
Oneida Wealth Management becomes independent broker dealer
CLAY — Oneida Wealth Management, Inc. is in the home stretch of a nearly two-year process to reorganize the business and become its own registered broker/dealer and investment advisory firm. That means that by the end of this year, the company, which is now registered as a broker/dealer, will no longer use the services of
Community bankers group takes on regulatory burden
Like its fellow community banks, Tioga State Bank is a locally owned and operated financial institution that reinvests, within the communities it serves, the dollars
Small Business Lags Behind in Weak Economic Recovery
While GDP growth rebounded slightly in the second quarter, it is quite clear that 2014 will likely be just another sub-par year of growth and low small-business optimism. Consumer spending has been weak, spending on plant and equipment modest, and government purchases have been restrained. Payroll employment has finally recovered its peak level reached in
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