KeyCorp, First Niagara CEOs discuss Key’s pending $4B acquisition

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SYRACUSE — It’s a deal that helps KeyBank grow in upstate New York and helps First Niagara become the “digitally progressive, full-fledged commercial bank” that it wants to be. Those are the views of Beth Mooney, chairman and CEO of KeyCorp, and Gary Crosby, president and CEO of First Niagara Financial Group. KeyCorp […]

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SYRACUSE — It’s a deal that helps KeyBank grow in upstate New York and helps First Niagara become the “digitally progressive, full-fledged commercial bank” that it wants to be.

Those are the views of Beth Mooney, chairman and CEO of KeyCorp, and Gary Crosby, president and CEO of First Niagara Financial Group.

KeyCorp (NYSE: KEY) on Oct. 30 agreed to acquire First Niagara Financial Group Inc. (NASDAQ: FNFG) in a cash and stock transaction valued at about $4.1 billion.

Both CEOs spoke with CNYBJ on Nov. 3 at the Sheraton Syracuse University Hotel & Conference Center. The banking-company leaders were addressing employee town hall meetings in the facility following the announced acquisition.

Cleveland, Ohio–based KeyCorp is the parent company of KeyBank, while Buffalo–based First Niagara Financial Group is the parent company of First Niagara Bank.

Each bank is ranked in the top 5 in deposit market share in the 16-county Central New York area.

The acquisition is subject to customary closing conditions, including regulatory approvals and approval by KeyCorp and First Niagara shareholders.

KeyCorp expects the transaction to close in the third quarter of 2016, the banking company said in a news release issued Oct. 30.

CEOs discuss deal

The board of directors at First Niagara Financial Group determined that selling the bank would be the best course of action in the current “interest-rate environment,” says Crosby.

He noted that First Niagara in January 2014 had chartered a course to become a “digitally progressive, full-fledged commercial bank” but also acknowledged “all the things that we still have left to do” to reach that goal.

“If First Niagara had been more of a full- fledged commercial bank than it is right now, it might have been able to weather this storm, but it appears that this storm is going to go on for a long time to come in terms of a difficult interest-rate environment … and Key is that digitally progressive, full-fledged commercial bank that we aspired to be,” says Crosby, who will leave the company once the acquisition closes.

Crosby explained the impact of interest rates this way, “It is a very difficult time for banks because banks make a lot of their revenue on spread, the difference between the short-term and the long-term rates and that’s been compressing … that spread’s been getting smaller and smaller and it’s impossible to make it up on volume.”

As a bank that already has a big presence in upstate New York, Mooney sees the acquisition as an investment to help KeyCorp “grow faster.”

“We’re already a strong bank. We’ve got strong teams here. And what we get is more branches, more customers, more employees. We get larger in upstate New York. We’ve got brand recognition … We have complementary business models,” says Mooney.

Consolidation

When asked about branch closings, Mooney said she would call it a “consolidation.”

“Odds are we will be looking at areas where we overlap and figure out which branch is the best of the breed and that we can consolidate a handful of customers into. That is part of it,” says Mooney.

Any plans for branch closings will happen “later in the process,” she added.

The KeyCorp CEO also notes that banks normally see “high turnover” in their branch networks.

“What we’ve found as a practical matter, because of branch networks and how they work, we typically have been able to make room for everybody,” says Mooney.

In its Oct. 30 news release, KeyCorp notes the acquisition diversifies Key’s loan portfolio, strengthens its core retail-deposit franchise, and provides “expanded scale.”

Upon completion of the transaction, the combined banking company will have about $99.8 billion in deposits, $83.6 billion in loans, and 1,366 branches across 15 states.

It will have about $135 billion of total assets providing “increased operating leverage to deliver improved financial performance.” The combined bank will be the 13th largest commercial bank headquartered in the U.S.

Regional bank

The acquisition will create a “leading” regional bank to serve 3 million clients across the Northeast, Mid-Atlantic, Midwest, and Pacific Northwest, KeyCorp contended.

It will make KeyCorp a leading bank in upstate New York, with a “strong” market presence in Syracuse, Buffalo, Albany, and Rochester, the company boasted.

KeyCorp had total assets of more than $95 billion as of Sept. 30, according to its news release.

First Niagara says it is a multi-state, community-oriented bank with about 394 branches, $39 billion in assets, $29 billion in deposits, and about 5,400 employees across New York, Pennsylvania, Connecticut, and Massachusetts.

KeyCorp will also expand its operations to markets throughout Pennsylvania, Massachusetts, and Connecticut, the company said.

The boards of directors of both banking companies “unanimously” approved the acquisition agreement, according to Key.

KeyCorp expects the acquisition to add to its earnings per share in 2017, excluding one-time charges, and anticipates the transaction to deliver an “attractive” internal rate of return of about 15 percent, according to its release.

Shareholders of both companies will benefit from annual cost savings in excess of $400 million from “maximizing efficiencies of technology infrastructure, [and] procurement savings across the combined organization,” Key said.

Under the terms of the agreement, First Niagara shareholders will receive 0.68 KeyCorp shares and $2.30 in cash for each First Niagara common share.

The per-share consideration is valued at $11.40 per share based on the closing price of KeyCorp common stock on Oct. 29.

In conjunction with the closing of the transaction, KeyCorp expects three members of the First Niagara board of directors to join the KeyCorp board, “which will be expanded accordingly.”

If it terminates the merger agreement, First Niagara has to pay KeyCorp a termination fee of $137.5 million, under certain circumstances, according to the Form 8-K that First Niagara filed with the U.S. Securities & Exchange Commission.

Utica Zoo continues updating facilities, adds new quarantine building

Construction, Design & Real Estate, Regional News, Sports, Entertainment & Tourism, Subscriber Only

UTICA — The 101-year-old Utica Zoo, located at 1 Utica Zoo Way in the city, has been updating parts of its facilities in recent months, and will continue to do so, as it seeks accreditation from the Association of Zoos and Aquariums (AZA). Projects completed include the construction of a new quarantine building, installation

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Projects completed include the construction of a new quarantine building, installation of a new natural gas-powered generator, the repaving of major parts of the zoo, and the conversion of all light bulbs and light fixtures to LEDs to improve energy efficiency, according to a zoo news release.

The quarantine building, which is situated behind the Wildlife Building, cost $260,000, and was funded in part by a $100,000 grant from the Community Foundation of Herkimer and Oneida Counties, Inc., according to the release. The rest was covered by zoo assets that had been set aside for the project, according to the zoo’s communications coordinator, Mike Beck.

The quarantine building is used for new animals upon their arrival at the zoo. Incoming animals are required to undergo a minimum of 30 days in the facility to ensure they aren’t infected with or carrying any sickness that could threaten the rest of the animals. It is also used for other animals that become ill, to prevent the sickness from spreading.

It is big enough to house large animals, and also has sections intended for smaller species. The floors of the building can be heated if necessary.

In repaving major areas in the zoo, it seeks to improve mobility for visitors with strollers or wheelchairs, two of which the zoo says it will purchase next spring.

The front of the Wildlife building is one area that was repaved, as well as the front of the Children’s Zoo. The total cost of the paving was about $100,000, and was funded in part through a $65,000 grant from the state, the release says. Assemblyman Anthony Brindisi, who represents the 119th Assembly District, in which Utica is located, helped secure the grant.

The paving was also funded with the help of a $25,000 grant from M&T Bank’s (NYSE: MTB) donor-advised fund at the Community Foundation of Herkimer and Oneida Counties, according to the release.

The new natural-gas powered generator, was installed to provide backup power for Reptile Hall, and the zoo’s walk-in freezer and refrigerator. In the past, when power was lost, the zoo was forced to rent a refrigeration truck to save its stores of animal food, which include fish, meat, fruits and vegetables, and at any given moment are worth thousands of dollars, the zoo says. The zoo spends about $21,000 annually on fish for its three California sea lions, alone.

The $10,000 generator was paid for with an anonymous donation.

The zoo also converted more than 300 light fixtures to more energy-efficient LED models, and swapped nearly 400 other light bulbs with LED bulbs. The LED variants are supposed to last about five times longer than the antiquated, high-wattage fluorescent lights it was previously using, which should save the zoo both time and money.

In addition to their lower energy consumption, LED lights are also friendlier to the environment because of the ease with which they can be recycled, and their lower emission of carbon dioxide, a greenhouse gas, the zoo says. The LED conversion should reduce the zoo’s carbon-dioxide emissions by more than 74,000 pounds annually.

Payment for the LED conversion will come out of the Utica Zoo’s energy bill savings. After that, the zoo says it will recoup about $7,000 annually in energy bill savings.

The LED conversion was conducted by Potentia Management Group, an energy management consulting firm based outside of Utica, in the town of Whitestown.

AZA accreditation

“Each project completed gets us one step closer to being accredited by the AZA,” Andria Heath, executive director of the Utica Zoo, said in the release. “We are very thankful for the strong partnerships with government leaders and philanthropic individuals within the Mohawk Valley.”

The zoo had been struggling financially in the 2000s, and lost its accreditation with the AZA in 2005, according to Beck. Earning that back will help it earn more respect in the zoo community, and improve its capability to bring in more types of animals, including endangered species, he explains.

One major project on the zoo’s docket is completing renovations to the primate building. The facility was built back in 1927, and still features the old-style cages with metal bars in many exhibits, which Beck acknowledges are not aesthetically appealing and contributed to the zoo losing its AZA accreditation 10 years ago.

The zoo had removed the bars and remodeled the interior of several of the exhibits in the early 2000s, but when the zoo fell on hard times, the work was never completed, says Beck. That half of the building is currently not visible to the public.

Fundraising efforts are expected to launch in December, as the zoo hopes to raise a total of $350,000 to cover the costs of the primate building renovations. It has already raised $55,000 from a handful of donors who were shown the static renovations that the zoo wants to complete. Glass protectors still need to be installed in those exhibits, and the HVAC systems need to be redone, Beck adds.

The annual deadline for accreditation submissions to the AZA is next March, Beck says. The Utica Zoo does not plan on making a submission in 2016 because it intends to wait until after the primate building renovations are complete, he explains.

China Towne Furniture and Mattress completes $600K renovation project

Subscriber Only

SOLVAY — China Towne Furniture and Mattress recently finished a renovation project that it started in late 2013. Company owner Jay Yennock says he initially figured the project might take four weeks but it ended up lasting a couple of years. “As the project … took on a life of its own and

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SOLVAY — China Towne Furniture and Mattress recently finished a renovation project that it started in late 2013.

Company owner Jay Yennock says he initially figured the project might take four weeks but it ended up lasting a couple of years.

“As the project … took on a life of its own and things needed to be done … .we were able to get every single thing done that we wanted to do,” says Yennock.

China Towne spent about $600,000 on the project, financing it with the company’s own assets and a loan from Solvay Bank. Yennock declined to disclose the amount of the loan.

China Towne hadn’t conducted a renovation since around 2000.

“Our product has changed. Our image has changed, and we wanted the entrance and the building to reflect the one big store in Solvay and the new furniture and the

changes we’ve been making here,” Yennock says.

The retailer operates in an 83,000-square-foot facility at 2320 Milton Ave. in Solvay. The company’s operations include a 55,000-square-foot retail store and a 28,000-square-foot warehouse space.

China Towne employs 30 workers, including two part-time employees, says Yennock. The company anticipates hiring three or four full-time workers in 2016.

China Towne generated a 10 percent increase in revenue in 2014 compared to the previous year. Yennock projects the business will produce about 5 percent more revenue in 2015, compared to last year, citing the construction work in the store throughout the year for the slower sales growth compared to the previous year.

The renovations

China Towne had been considering the renovation project for a few years, says Yennock.

Through its buying group, Yennock met Martin Roberts of Hawaii–based MartinRoberts Design, LLC. Roberts visited the Solvay store in 2013.

“He wanted to do a real overview of the property and the store and the layout … He knew I wanted to have a separate entrance for the mattress department but he didn’t like the current entrance we had,” he says.

Roberts surveyed the floor plan and the store’s exterior, and he identified the center of the store to construct a new entrance.

“From there, he started drawing traffic patterns … We put the furniture and mattresses where we wanted [them] to be, designated some new openings, like the big archway we opened up,” says Yennock.

In its advertising, Yennock refers to China Towne as, “The one big store in Solvay.” The problem was that when a customer entered the original entrance, “you would walk in and see one little room,” he says.

Part of the renovation project involved removing the old entry vestibule from the structure and building a new, 36-foot-high steel structure, says Yennock.

Now, when a customer enters through the new entrance, the person can see “all the way to the end of the store,” says Yennock, including the mattress and living-room departments.

“From that new entrance, you can literally see almost the whole store … and it looks bigger,” he says.

DeWitt–based Whelan & Curry Construction Services Inc. handled construction of the new entrance.

Yennock worked with David Evans of Camillus on the interior renovations. Evans gathered the materials and handled the construction, which included fixing floors and installing the floors — “working on every aspect of the job,” says Yennock.

Eric Evans, David’s brother, handled some masonry work on the project. Yennock described the Evans brothers as “family friends.”

The China Towne salespeople who previously worked near the entrance, have since moved to a different office in the center of the store, as has the store manager’s office.

In doing so, China Towne also built 3,000 square feet of office space upstairs for the store’s operations department. That area also includes a conference room.

Visitors to the China Towne showroom will see the exposed windows, which are all “original factory windows” from the Iroquois China factory, says Yennock.

The interior work also expanded a main archway from about 5 feet to 15 feet so customers can “see all the way through.”

The renovation removed “a lot” of sheet rock and uncovered the windows and the original factory doorway, says Yennock.

“We exposed a lot of the old factory to keep that industrial … original look of what it was,” he adds.

Subcontractors on the project included Anthis Painting of Syracuse, and Larben Corp. of Sullivan in Madison County, which handled the parking-lot paving.

Where is Upstate’s Share of State Infrastructure Dollars?

Business Mentors, Subscriber Only

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One of the biggest legislative challenges in Albany is to make sure we have parity in state spending between upstate and downstate New York. This is particularly challenging for transportation spending. Downstate New York relies on mass transit for its transportation needs, while in Upstate, we are much more dependent on our cars. Accordingly, the needs of each region tend to be very different. Downstate, to a great degree, relies on the Metropolitan Transportation Authority (MTA) to maintain its bus, subway, and train systems, and Upstate depends on the Department of Transportation (DOT) to maintain its roads and bridges.

Recently, Gov. Andrew Cuomo and New York City Mayor Bill DeBlasio announced that they had reached an agreement for the state to provide the MTA with an additional $8.3 billion to go toward the MTA’s five-year capital program (which was facing a nearly $11 billion funding gap). This may be a very necessary investment for the downstate transit system. However, as New York is committing to making this substantial investment downstate, the governor must recognize that upstate’s transportation system also needs substantial investment. It should be noted that from 2010-15, the MTA received $23.8 billion for its five-year capital plan, while the DOT during the same time received $18.6 billion to maintain its aging and crumbling infrastructure. This is a difference of $5.2 billion.

In a recent report, the American Society of Civil Engineers gave New York’s roads and bridges grades of D- and D+, respectively. TRIP, a national transportation advocacy group, estimates that poor road and bridge conditions in New York cost drivers $2,300 annually in lost time, fuel costs, vehicle repairs, and other expenses. Indeed, even our own DOT estimates that the state spends half of what we need on transportation each year.

Advocacy does make a difference on these issues. In 2013, due to the pressure put on by myself, several of my upstate legislative colleagues, and highway superintendents throughout the state, we were able to get a $75 million increase in base funding for the Consolidated Local Street and Highway Improvement Program (CHIPS). That’s the program that provides aid to our local highway departments. In addition, over the last two years, we were able to secure an additional $40 million and $50 million, respectively, in winter recovery funds, dispersed through the CHIPS formula to help our local municipalities maintain our roads in the harsh winters. This year, CHIPS received $438 million.

More needs to be done, however, and it should be done on par with downstate. If the governor is going to find $8.3 billion in this year’s state budget for the MTA, equal amounts should be also dedicated to upstate’s roads and bridges, which are also in desperate need of repair.

William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us, or (315) 598-5185.

Entrepreneurs: They Think Differently than We Do

Opinion, Subscriber Only

The Donald Trump phenomenon brings to mind many unpopular entrepreneurs. Maybe you like The Donald. Maybe you don’t like him but you like his proposals. Or, maybe you don’t like either. No matter. You have to admit that he rubs a lot of people the wrong way. And that is my point. To many

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The Donald Trump phenomenon brings to mind many unpopular entrepreneurs.

Maybe you like The Donald. Maybe you don’t like him but you like his proposals. Or, maybe you don’t like either. No matter. You have to admit that he rubs a lot of people the wrong way. And that is my point. To many folks, Trump is rude, brash, and coarse.

Welcome to Entrepreneur Land.

Do you know some genuine entrepreneurs? Maybe yours are different from those I know. Among mine are a bunch of pains-in-the-arses.

I love them — well, some of them. But with all of them, I love what they do. However, collectively they would not win popularity contests.

Why not? Because many entrepreneurs are brash, full of themselves, and in your face bold. They make others look and feel like quislings. Because they take risks when others tremble. They charge off on white steeds, while others wet their pants.

Entrepreneurs are stubborn. Their motto should be “I’m right. I’m right. I’m right.” They see rules as targets for breaking. And they damned well don’t care what others think of them.

Doesn’t that remind you of The Donald?

Also reminds me of Ted Turner — Mister in-your-face brashness itself.

Reminds me of Richard Branson — the guy who stamps his “Virgin” brand on everything from spacecraft to condoms.

Reminds me of Steve Jobs of Apple. And, Michael Dell of Dell Computers. Even Michael Bloomberg. Any number of inventors and innovators also fit this category.

Henry Ford was brilliant. He was the Bill Gates/Steve Jobs, etc., of his era. He was a crank. He was rude, nasty, impatient, and stubborn. That was on his good days. On his worst days, he proclaimed he knew how to run the entire world better than anybody alive.

There is a prime reason why entrepreneurs often annoy the rest of us. They think differently than we do. If there is a hall of fame for them, those six words should be chiseled above the entry: “They think differently than we do.”

When we walk a street, we admire the buildings, the trees. We sniff the roses. They tromp on the forbidden grass. And crane their necks to see what is around corners. They are addicted to figuring out a future we don’t conceive. We paddle our kayaks merrily down the stream. They whirl theirs about and battle against the current.

We obey rules and customs. We wear the right clothing and use the correct knives and forks. We obey social graces and protocol and seek the proper education. They plonk their elbows onto the table of life, pick their teeth, and wipe their mouth on their sleeve. They just don’t care what others think of their behavior.

Many entrepreneurs drop out of universities. They tend to be “C” students, rarely “A.” Many shun higher education altogether. They are bored, or figure they know more than their professors.

Consider Michael Bloomberg. Consider how utterly massive is the empire he created. He must have thought a thousand thoughts nobody else did.

One of my entrepreneur friends created a fortune of probably $400 million — from scratch. His conversations reveal one of his secrets. He never utters a cliché.

Never resorts to any of the hundred stock remarks most of us use. My guess is he does not speak like we do because he does not think like we do.

Like a lot of my entrepreneurial friends, he looks at what I do and sees things I don’t. I swear he sees colors that don’t exist in my spectrum.

He is actually a likeable guy. Sweet to be around. Good company. As for many of the other entrepreneurs, especially the most famous? Dining with them would be great. If I was in New York and they were in Los Angeles.

From Tom … as in Morgan.

Tom Morgan writes about political, financial, and other subjects from his home near Oneonta, in addition to his radio shows. Contact him at tomasinmorgan@yahoo.com

Veterans Need New York’s Attention

Opinion, Subscriber Only

New York state has more than 892,000 veterans as residents, according to federal-government figures from 2014. Our state is home to the second largest veteran population in the nation. From older-generation veterans to those who are returning home today, veterans have a number of needs. The biggest issue often faced by our returning veterans

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New York state has more than 892,000 veterans as residents, according to federal-government figures from 2014. Our state is home to the second largest veteran population in the nation.

From older-generation veterans to those who are returning home today, veterans have a number of needs. The biggest issue often faced by our returning veterans is the complex transition from life as enlisted military personnel to life as a civilian. This could include issues related to seeking employment, housing, and physical and mental health.

Our job as legislators is to help develop ways the state can assist the men and women, old and young, who have sacrificed so much to protect our freedoms and to keep us safe from harm. We’ve worked incredibly hard to pass measures that will help our veterans.

One bill recently signed into law allows local municipalities the option of adopting a new or increased level for the alternative veterans’ real property-tax exemption. This bill came in response to the growing need of some veterans whose exemption could not keep pace with growing real-estate property costs.

Unfortunately, other bills that could help veterans are awaiting the governor’s signature. One measure would allow veterans already receiving the veterans’ real property-tax exemption to receive a pro-rated portion of the exemption should they sell and buy a home in the county where they currently reside. The legislature also passed a bill that would expand the eligibility criteria for admission to a NYS Veterans Home to include service during conflicts over the past 20 years to better serve aging veterans. Additionally, we passed legislation that charges the Department of Veterans Affairs with annually reporting on veteran-owned and disabled-veteran-owned small businesses.

Lastly, I wanted to talk about the Veteran Buyback Bill (A.8174-A). Currently, the state has a program that allows veterans of certain conflict periods, who served in specific countries, or who received certain medal distinctions, to purchase up to three years of their service to count toward their New York State public-service retirement. Bill 8174-A, which passed with near unanimous bipartisan support, would have opened the program up to those who served in recent Middle East conflicts, Bosnia, Israel, and many other overseas missions and duties.

The governor, however, vetoed the bill, claiming there wasn’t a mechanism in place to pay for the program. He made this complaint last year as well, so the legislature fixed that issue in the 2015 version of the bill. This program is not a handout, as the governor is insinuating; each participating veteran purchases these credits. This program is one of the ways we can thank many veterans who are currently unfairly excluded from the program.

In response to the governor’s decision, some of my legislative colleagues and I are launching an effort to encourage the legislature to override the governor’s veto. We have set up a petition at http://bit.ly/OverrideCuomo. I encourage you to sign the petition in support of our many wonderful veterans.

Marc W. Butler (R,C,I–Newport) is a New York State Assemblyman for the 118th District, which encompasses parts of Oneida, Herkimer, and St. Lawrence counties, as well as all of Hamilton and Fulton counties. Contact him at butlerm@assembly.state.ny.us

HR Works moves its area office to another location in DeWitt

Construction, Design & Real Estate, Subscriber Only

DeWITT — HR Works, Inc. has relocated its Syracuse–area office to another site in DeWitt that is more than twice as large as its prior office in the town. The new 1,760-square-foot office at 6390 Fly Road will accommodate the company’s current and future growth, HR Works said in a news release issued Oct.

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WYNIT Distribution to move HQ and 68 jobs to South Carolina

Construction, Design & Real Estate, Small Business

CICERO, N.Y. — WYNIT Distribution LLC is moving its headquarters and 68 jobs to Greenville, South Carolina, beginning in early 2016. The company said 42

Failed Health Republic could owe hospitals more than $150 million, association says

Health Care, Law, Accounting & Taxes

Health Republic Insurance of New York, the failed nonprofit health-insurance co-op, owes New York hospitals more than $142 million at minimum and likely over $150

Solvay Bank third-quarter profit rises 4 percent

Banks & Credit Unions

SOLVAY, N.Y. — Solvay Bank Corp., holding company for Solvay Bank, announced that its net income for the third quarter rose 4.4 percent to $5.1

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