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AmeriCU CEO says the credit union remains financially strong
ROME, N.Y. — Rome–based AmeriCU Credit Union “remains financially strong and well-capitalized.” That’s part of the message that Ronald Belle, president and CEO of AmeriCU, delivered to the credit union’s annual membership meeting held March 13. John Stevenson, chairman of the AmeriCU board of directors, also addressed the current membership on the credit union’s financial […]
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ROME, N.Y. — Rome–based AmeriCU Credit Union “remains financially strong and well-capitalized.”
That’s part of the message that Ronald Belle, president and CEO of AmeriCU, delivered to the credit union’s annual membership meeting held March 13. John Stevenson, chairman of the AmeriCU board of directors, also addressed the current membership on the credit union’s financial performance and successes during 2022, per a March 16 news release about the meeting.
As Belle looked ahead to 2023, he reviewed the organization’s growth and financial strength, highlighting what he called the “credit union difference.”
“Being a not-for-profit, credit unions have a different governance model, meaning AmeriCU exists to return value to their collective membership through competitive pricing and enhanced services vs. a small group of stakeholders. This places a higher importance on wisely managing and investing those funds,” Belle said in the release. “At AmeriCU our number one priority is always our members financial well-being and we have several checks and balances in place to ensure the credit union keeps our financial ratios and key performance indicators balanced. Our strategic team stays attune to market shifts and meets on a regular basis to make adjustments as needed.”
As for operational highlights in 2022, AmeriCU noted its new logo and brand, an updated modern financial-center design, interactive teller machines, online chat feature, redesigned credit cards, and rewards program. AmeriCU also was voted a “Best Company” to work for in New York State, the credit union added.
Berkshire Bank parent’s Q1 net income rises 37 percent
Berkshire Hills Bancorp (NYSE:BHLB) — the parent company of Berkshire Bank, which has a major presence in the Mohawk Valley — reported first-quarter net income of $27.6 million, or 63 cents a share, up nearly 37 percent from $20.2 million, or 42 cents, in the year-ago quarter. While the results matched those forecast by Zacks
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Berkshire Hills Bancorp (NYSE:BHLB) — the parent company of Berkshire Bank, which has a major presence in the Mohawk Valley — reported first-quarter net income of $27.6 million, or 63 cents a share, up nearly 37 percent from $20.2 million, or 42 cents, in the year-ago quarter.
While the results matched those forecast by Zacks Equity Research, Berkshire’s net revenue, at $114.14 million, fell 2.15 percent short of Zacks’ expectations. However, that figure is still up substantially from revenue of $89.74 million for the same quarter last year.
“Overall, we made steady progress despite the headwinds and turmoil in March, and remain on solid footing overall,” Berkshire CEO Nitin Mhatre said during an April 20 investor call. He was referencing the financial turbulence in global banking markets in March when three banks failed and raised concerns about a recession or a banking crisis.
Mhatre says he is optimistic about what he sees happening in Central New York.
“In markets like Syracuse, we’re excited about the investments being made through local government and private companies like Micron that are investing over $100 billion in creating one of the largest microchip plants in the nation,” he said on the call.
Berkshire Hills Bancorp remains focused on its Berkshire’s Exciting Strategic Transformation (BEST) plan to improve customer experience, deliver profitable growth, enhance stakeholder value, and strengthen the company’s community impact, Mhatre said. “We continued to make steady progress on our BEST plan while responding prudently to recent market turbulence in the quarter,” he noted. “Our teams continued to provide exceptional service to our clients, generating diversified loan growth and managing shifting deposit demand.”
Berkshire already reached its targeted loan growth for the year, but has no plans to revise that target, he said. Mhatre anticipates that deposits will trend lower, offsetting some of the loan gains.
During the quarter, Berkshire welcomed several new executives including David Rosato as chief financial officer, James Brown as head of commercial banking, and Philip Jurgeleit as chief credit officer.
“We are pleased with our financial performance in the first quarter,” Rosato said.
Berkshire Hills Bancorp’s net interest income for the quarter totaled $97.5 million, up from $69.1 million in the first quarter of 2022. Non-interest income was $16.6 million, down from $20.7 million a year ago.
Average loan balances were $8.7 million, up from $7.3 million a year ago, while deposits decreased slightly in that time period from $10.7 million to $10.1 million.
While Berkshire Hills Bancorp did not provide earnings guidance for the coming quarters, Zacks forecasts that Berkshire will produce earnings per share of 63 cents on $117 million in revenue for the second quarter with full-year earnings of $2.44 per share on $466.05 million in revenue.
Headquartered in Boston, Berkshire Hills Bancorp has about $12.3 billion in total assets and a community-based footprint of 100 financial centers in Massachusetts, New York, Vermont, Connecticut, and Rhode Island. Locally, Berkshire has branches in DeWitt, Rome, Whitesboro, New Hartford, North Utica, Ilion, and West Winfield.
Visions FCU opens newly rebuilt branch in Tioga County
NEWARK VALLEY, N.Y. — The newly reconstructed branch office of Visions Federal Credit Union (FCU) in Newark Valley in Tioga County is now open. The branch opening concludes a year-long project to tear down and rebuild the structure at 7198 State Route 38, Visions FCU said in its April 5 announcement. The new office includes
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NEWARK VALLEY, N.Y. — The newly reconstructed branch office of Visions Federal Credit Union (FCU) in Newark Valley in Tioga County is now open.
The branch opening concludes a year-long project to tear down and rebuild the structure at 7198 State Route 38, Visions FCU said in its April 5 announcement.
The new office includes all services that were available at the prior branch, including a full-service teller line, walk-up ATM, and office space to assist with lending, account services, and business services. Visions has also added a drive-up ATM at the location and is planning to install a free coin-counting machine for credit-union members.
The Newark Valley location has four employees, Visions tells CNYBJ in an email.
“We have strong roots in Newark Valley, and this construction project was our way of reinvesting in the community,” Jessica Blaha, branch manager, said. “Our new building has more space, updated equipment, and it’s at our familiar location on the corner of Routes 38 and 38B.”
Visions noted that it will formally celebrate the newly rebuilt office with a ribbon-cutting ceremony at the beginning of June.
Pacos joins Five Star Bank, parent company as chief risk officer
WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank, recently announced that it has added Gary Pacos as chief risk officer. In his role, Pacos is responsible for all aspects of the organization’s risk-management function including identifying, measuring, monitoring, and managing risk throughout the company. Pacos arrived at Five Star
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WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank, recently announced that it has added Gary Pacos as chief risk officer.
In his role, Pacos is responsible for all aspects of the organization’s risk-management function including identifying, measuring, monitoring, and managing risk throughout the company.
Pacos arrived at Five Star Bank with 34 years of progressive experience in banking, including spending the first 17 years of his career in compliance, consumer credit, audit and operations roles at HSBC Bank USA. In 2006, he took the role of deputy chief compliance officer at M&T Bank, and then joined First Niagara Bank, where he ascended to chief compliance officer, according to a Financial Institutions news release. After KeyBank’s acquisition of First Niagara, Pacos stayed on with KeyBank as the SVP, compliance executive for fair & responsible banking, risk evaluation & assurance, overseeing fair lending and compliance testing, until 2020.
For the last two and a half years, Pacos has been serving as the chief compliance officer of Bank OZK, a public bank based in Little Rock, Arkansas with more than $27 billion in assets. He made significant contributions to strengthen that bank’s compliance-management systems, worked closely with regulators and supervisors on behalf of the bank, and led and developed a team of professionals, per the release.
Pacos had a distinguished career serving the nation in the United States Army as a senior army aviator rising to the rank of major. He continued his service to the country for many years, remaining in the New York Army National Guard until he ultimately retired in 2008, according to Financial Institutions.
A native Western New Yorker, Pacos is based in Five Star Bank’s Buffalo–area regional office in Amherst. He is a graduate of SUNY Fredonia.
As chief risk officer, Pacos succeeds Randy Phillips who chose to transition to the newly created position of deputy chief credit officer for Five Star Bank.
Financial Institutions, based in Warsaw in Wyoming County, has about $5.8 billion in total assets, offering banking, insurance and wealth-management products and services through a network of subsidiaries. Its Five Star Bank unit provides consumer and commercial banking and lending services to individuals, municipalities, and businesses through its Western and Central New York branch network and has commercial loan-production offices in Syracuse and Baltimore, serving the Central New York and Mid-Atlantic regions, respectively. Five Star Bank’s CNY branches include offices in Auburn, Waterloo, Geneva, Ovid, Horseheads, and Elmira.
NBT Bancorp’s first-quarter earnings dip 14 percent
NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) reported net income of $33.7 million, or 78 cents per share, in the first quarter of 2023, down nearly 14 percent from $39.1 million, or 90 cents, in the year-ago quarter due to securities losses and acquisition expenses. “NBT’s first-quarter results reflect the strength of our balance
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NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) reported net income of $33.7 million, or 78 cents per share, in the first quarter of 2023, down nearly 14 percent from $39.1 million, or 90 cents, in the year-ago quarter due to securities losses and acquisition expenses.
“NBT’s first-quarter results reflect the strength of our balance sheet and our consistent and traditional banking franchise,” John H. Watt, Jr., NBT’s president and CEO, said in his company’s April 24 earnings report. “During a quarter characterized by heightened market volatility, we grew loans and deposits, maintained strong asset quality, increased our capital position, and continued to deliver high-quality and timely customer service.”
During the quarter, shareholders of Connecticut–based Salisbury Bancorp, Inc. (NASDAQ: SAL) approved NBT’s plan to acquire the banking company in an equity transaction valued at $204 million.
“The merger is expected to close late in the second quarter, subject to customary closing conditions, including receipt of required regulatory approvals,” Watt said. NBT incurred about $600,000 in acquisition expenses during the quarter.
NBT Bancorp recorded a $5 million securities loss on the write-off of a subordinated debt security of a failed bank in the first quarter. In March, both Signature Bank in New York and Silicon Valley Bank in California failed.
NBT also recorded a higher provision for loan losses at $3.9 million, up from $600,000 for the same quarter a year ago.
The Paycheck Protection Program, enacted during the COVID-19 pandemic, netted $2 million of income for NBT during the quarter, which also saw an 18 percent increase in net interest income to $95.1 million due to higher yields on earning assets.
NBT’s net interest income was $95.1 million in the first quarter, up 18.3 percent from $80.3 million for the same quarter a year ago. Noninterest income was $31.4 million, down from $42.7 million a year ago.
Total loans, at $8.26 billion, were up from $7.6 million a year ago, and total deposits were $9.68 billion, down from $10.5 billion a year prior, but up from $9.5 billion at the end of 2022.
Norwich–based NBT Bancorp is a financial holding company that operates NBT Bank, N.A., a full-service bank with 140 branches; as well as Rochester–based EPIC Retirement Plan Services, a benefits-administration firm; and NBT Insurance Agency, a full-service insurance agency. It has about total $11.8 billion in assets.
Oswego County FCU donating $25K to selected nonprofits
OSWEGO — Oswego County Federal Credit Union (FCU) says it’s donating a total of $25,000 to a variety of area nonprofit organizations. The effort started in April and will continue throughout May, per its April 11 announcement. Now in its second year, the credit union developed this initiative to increase “employee involvement and presence” within
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OSWEGO — Oswego County Federal Credit Union (FCU) says it’s donating a total of $25,000 to a variety of area nonprofit organizations.
The effort started in April and will continue throughout May, per its April 11 announcement.
Now in its second year, the credit union developed this initiative to increase “employee involvement and presence” within the communities the organization serves, Oswego County FCU said.
The selection of the recipient organizations involved employees at each of the credit union’s five branches suggesting nonprofits or charities, which were then voted upon within each branch to determine which organizations would receive a check personally delivered by Oswego County FCU employees.
This year, the credit union is delivering funding to the following organizations (listed as branch location with recipient[s] in parentheses): Oswego east branch (Human Concerns and Oswego County Hospice), Mexico (Mexico food pantry), Fulton (Oswego County Humane Society and Kristina’s House of Hope), Oswego west branch (Oswego County Historical Society and Peaceful Remedies), and Phoenix (Phoenix Public Library and Friends Forever Animal Rescue).
To be eligible to receive funds, an organization must be a 501(c)(3), the credit union noted.
In 2022, Oswego County FCU donated $20,000 to local nonprofits. The credit union increased the total dollar figure awarded this year, following the addition of its Phoenix branch in late 2022.
“At Oswego County Federal Credit Union, we take great pride in supporting the communities we serve. This initiative is just one way that we can support nonprofits that are doing incredible and much-needed work in our area,” Bill Carhart, CEO of Oswego County Federal Credit Union, said in a statement. “I would also like to thank our wonderful employees for taking the time to nominate causes that are near and dear to them.”
Founded in 1975, Oswego County FCU is a member-owned, nonprofit financial cooperative association, with about 12,600 current members throughout Oswego County.
AmeriCU investment team wins industry award
ROME, N.Y. — AmeriCU Credit Union’s investment team recently received the 2022 Perspective Program Award of Excellence from the Credit Union National Association (CUNA) Mutual Group. CUNA Mutual Group is a mutual-insurance company that provides financial services to cooperatives, credit unions, and their members. A selection committee used information from sales leaders, managers, and CUNA
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ROME, N.Y. — AmeriCU Credit Union’s investment team recently received the 2022 Perspective Program Award of Excellence from the Credit Union National Association (CUNA) Mutual Group.
CUNA Mutual Group is a mutual-insurance company that provides financial services to cooperatives, credit unions, and their members. A selection committee used information from sales leaders, managers, and CUNA Brokerage home-office leadership to review 275 financial-service programs across the country to select honorees.
AmeriCU’s program was honored for its high standard of ethics and professionalism, overcoming adversity to achieve goals, and being a true partner of CUNA Brokerage Services, Inc., the credit union said in a news release.
“Achieving this honor demonstrates the commitment and dedication of our team,” Cara White, AVP of insurance and wealth services at AmeriCU, said . “Our number one priority is always our members’ financial well-being. Our team works hard to get our members to plan and pursue their financial goals.”
The credit union’s investment team says it offers a full range of financial advisory services to people of all ages, income levels, and life stages.
AmeriCU serves more than 157,000 members in nine counties in Central New York and Northern New York through its 20 offices.
Citizens Business Conditions Index bounces back in Q1
The national Citizens Business Conditions Index (CBCI) rose to 53.9 in the first quarter, “reflecting continued strength in the labor market, more new business openings and positive corporate revenue trends.” The CBCI had dipped below 50 during the fourth quarter of last year and the bounce-back during the first quarter “signaled a return to positive
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The national Citizens Business Conditions Index (CBCI) rose to 53.9 in the first quarter, “reflecting continued strength in the labor market, more new business openings and positive corporate revenue trends.”
The CBCI had dipped below 50 during the fourth quarter of last year and the bounce-back during the first quarter “signaled a return to positive business conditions,” Citizens said in its April 26 report.
The labor market has remained resilient despite aggressive Federal Reserve interest- rate hikes aimed at slowing the economy to curb inflation, the banking company said.
Citizens’ proprietary data on client revenue grew across industries during the first quarter with consumer services and health care among the top sectors due to their ability to pass on rising costs to customers. The manufacturing sector slowed as higher borrowing costs impacted expansion by limiting capital expenditures.
“The U.S. economy bounced back during the first quarter and, despite the disruption in the financial sector, there are several positive signs going forward such as improving inflation measures and still-strong labor numbers,” Eric Merlis, managing director and co-head of global markets at Citizens, said. “Policy-makers are still trying to thread the needle amid heightened recession concern, but companies that have made it through the pandemic and recent headwinds continue to prove their resiliency.”
Relief from inflation surprises
The CBCI’s underlying components indicated “improving dynamics” in the business environment. Three of five components boosted the index level while one was neutral and one “weighed on the reading.”
The proprietary activity data of Citizens’ commercial-banking clients, a key component of the index, was “very strong” across regions, suggesting that the conditions at middle-market and mid-corporate businesses remained positive. The ISM non-manufacturing component grew as consumers spent more on services, and companies in these sectors were more able to pass on any increased costs. New business applications increased, helping to boost the index. Citzens said.
Employment trends, which are measured by initial jobless claims as an index component, were “flat” for the quarter, but nationally, the number of jobs gained overall was “surprisingly high” despite much-publicized corporate layoff announcements.
The ISM manufacturing index decreased as the sector is more “sensitive” to rising interest rates.
The mix of trends captures a quarter where demand for goods was lower while demand for services was steady amid broader employment stability, Citizens said.
The first-quarter CBCI revealed a business environment that “continues to adapt” to the year-long rate hike campaign from the Fed. The strong labor market continues to have a “stabilizing effect” as businesses search for a new “post-tightening normal.”
“The first-quarter CBCI showed a business environment where activity has adjusted as interest-rate hikes seem to be working to curb inflation,” Merlis said. “The still-strong job market continued to be a source of support during the quarter.”
Citizens Financial Group, Inc., parent company of Citizens Bank, describes itself as “one of the nation’s oldest and largest” financial institutions with $222.3 billion in assets as of March 31.
Headquartered in Providence, Rhode Island, Citizens Bank offers retail and commercial- banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. In consumer banking, Citizens provides mobile and online banking, a customer-contact center, and about 3,400 ATMs and more than 1,100 branches in 14 states and the District of Columbia.
Citizens Bank ranks No. 11 in deposit market share in the 16-county Central New York region, with $1.1 billion in deposits and a 2.85 percent share of total market deposits, according to the latest FDIC data, as published in the 2023 Book of Lists.
OPINION: Criminal-Justice Reform Must Fix N.Y.’s ‘Career Criminal’ Issue
New York state continues to lag the nation in job recovery but creating the new profession of “career criminal” is not the answer. Crime across the state, and particularly in New York City, has become completely entrenched in our daily lives. While the Assembly Minority Conference continues to push our counterparts and Gov. Kathy Hochul
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New York state continues to lag the nation in job recovery but creating the new profession of “career criminal” is not the answer. Crime across the state, and particularly in New York City, has become completely entrenched in our daily lives. While the Assembly Minority Conference continues to push our counterparts and Gov. Kathy Hochul to do something about it, there seems to be no real progress on the issue as we move through 2023.
A recent report in the New York Times indicates that last year nearly one-third of all shoplifting arrests in New York City featured the same 327 individuals. According to the report, those individuals accounted for a whopping 6,000 arrests. This is proof-positive this state’s criminal-justice policies are not working, and the victims of these thefts are clearly an afterthought to the legislators who have allowed this to go on.
In order to combat this unprecedented failure of public protection, Assemblyman Mike Reilly (R,C– Staten Island) has introduced legislation (A.5029) to increase penalties for persistent offenders. The bill would give district attorneys the power to consider the aggregate value of petit larcenies from up to 18 months after the first conviction in order to enforce stricter penalties. If that value is between $1,000 and $3,000, district attorneys would be allowed to charge an individual suspected of the thefts with “grand larceny in the fourth degree.”
Solving this problem seems straightforward and non-partisan. Individuals who feel emboldened and entitled to take other people’s property need to face real consequences. Eliminating those consequences, as Democrats have insisted upon, enables criminals to keep breaking the law. By returning our criminal-justice system to one of accountability, we will no longer be forced to endure the relentless assault on our communities brought by criminals acting with near immunity.
For a state that consistently ranks at or near the bottom for outmigration, the issues of crime and quality of life need to take a greater priority. Providing law-enforcement agencies with the tools they need to hold repeat offenders accountable is a reasonable first step. Judicial discretion and discovery reform are reportedly part of state-budget negotiations, and I hope those measures are addressed. However, more needs to be done, and I implore my counterparts to consider criminal-justice changes that go beyond the measures being discussed in the state spending plan.
William (Will) A. Barclay, 54, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
OPINION: Balance the Federal Budget? Sure, But It’s Tougher Than You Think
There is a lot of discussion in Washington, D.C. these days on what to do about the federal deficit. It continues to grow, and House Republicans in particular have made addressing it a key part of their agenda. Early on, the House Speaker, Kevin McCarthy, told his caucus that it would get a chance to
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There is a lot of discussion in Washington, D.C. these days on what to do about the federal deficit. It continues to grow, and House Republicans in particular have made addressing it a key part of their agenda.
Early on, the House Speaker, Kevin McCarthy, told his caucus that it would get a chance to vote on a 10-year pathway to a balanced budget at some point this year. More recently, though, GOP leaders have downplayed that expectation, instead arguing that they should focus on how to keep spending down as a short-term goal. And rank-and-file members are weighing in with their own plans, hoping to gain traction in the splintered GOP caucus. None of this, though, considers the rough sledding that Republican-favored proposals will face in the Democratic-led Senate, let alone negotiations with the White House.
While a balanced budget remains a potent talking point for many politicians, as well as for voters who worry about the impact of growing deficits, there’s a reason that coalescing around a plan to make significant budget cuts — let alone reach a balance between federal revenues and expenditures — has proven so difficult. That’s because it’s not just brutally hard to achieve but may be politically impossible. Especially if, as both Democrats and Republicans have declared, cuts to Social Security and Medicare and possibly defense are off the table.
To understand why this is, I found a New York Times article from the beginning of March quite helpful. In it, Alicia Parlapiano, Margot Sanger-Katz, and Josh Katz — reporters and graphics experts — lay out what it would take to reach a balanced budget in 10 years.
For starters, they point out, taking things off the table — tax increases, say, or cuts to Social Security, Medicare, or the military — makes things exponentially more difficult. If all of those were to be considered non-starters, then balancing the budget would require cutting everything else by 70 percent. That’s everything from food assistance to retirement benefits for the military to transportation and agriculture subsidies and spending on law enforcement and education. “Cuts of that magnitude,” the trio write, “would mean the firings of most federal workers in agencies like the FBI, the Parks Service, and the State Department, and huge reductions in food assistance and military retirement.” It’s hard to imagine something like that could get through Congress.
But that, of course, means that tax increases and changes to Social Security, Medicare, and military spending would need to be part of budget discussions. And every one of them is politically tricky.
This hasn’t stopped Republicans in Congress from making a stab at it. The Republican Study Committee, which gathers together most of the GOP caucus in the House, has a plan that relies on deep cuts to Medicaid and other non-defense spending, along with raising the Medicare eligibility age over time to 70, doing the same with Social Security, and reducing Social Security payments to higher-wage earners. The House Freedom Caucus, meanwhile, has its own plan, which involves capping spending at 2022 levels for the next decade, instituting new work requirements for welfare recipients, requiring a congressional okay on all major federal regulations, and other changes.
If you try to look at the issue in a non-partisan manner, it doesn’t appear any more palatable. The Times article notes that the Congressional Budget Office has a list of more than 100 steps that could make a meaningful dent in the deficit. These range from increasing payroll taxes or creating a new tax on consumption to eliminating itemized tax deductions altogether to deferring spending on military hardware and eliminating some agriculture programs. Each would spark a pitched congressional battle.
My point here is not to say that a balanced budget, or even significant steps to cut the deficit, is impossible. But as members of the House and Senate and President Biden stake out their positions and then get deep into negotiations, it will help to understand why those negotiations are likely to become tense and difficult. The budget, after all, is the blueprint for how the government affects life in the U.S. Everyone wants to balance it — but taking serious steps in that direction will require true sacrifice.
Lee Hamilton, 91, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.
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