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Category Archives: Banking / Asset Managment

Financial Advisors Urge People Not To Panic As Coronavirus Causes A Stock Market Stir

Posted onMarch 13, 2020March 16, 2020
Ryan Bouchey, CFP and vice president at Bouchey Financial Group.
Courtesy Bouchey Financial Group

By Jill Nagy
Some investors may be panicking, but at least two local brokers are keeping their cool, advising a wait-and-see approach to managing assets.
“Focus on the big picture and don’t react to every headline that comes up,” said Ryan Bouchey, CFP and a vice president at Bouchey Financial Group, on the first day of the market decline in response to news of the coronavirus, which has caused the stock market to plunge.
“It’s still a strong economy and most clients are fairly optimistic,” said Steve Kyne CFP and partner at Sterling Manor Financial. His independent financial planning company has been around since 2006. There have been ups and downs, he said, “We’ve weathered our share.”
Bouchey urged people “not to be too greedy” and to try to protect against unexpected risks.

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NBT Bank Implements Several Digital Initiatives Across Multiple Business Lines

Posted onMarch 13, 2020March 16, 2020

NBT Bancorp Inc. has executed on digital initiatives based on a technology road map with the objective of delivering features and functionality customers want and need, company officials said.
This road map includes the 2020 implementation of several digital initiatives across multiple business lines that will continue to transform the experience NBT delivers to its customers and employees.
“All of our customers expect ever-increasing flexibility, accessibility and speed to manage their finances,” said NBT President and CEO John H. Watt Jr. “Strong adoption of our mobile and online banking services and recognitions like our high ranking on the Forbes 2019 World’s Best Banks list and the 2019 Greenwich Awards in Small Business Banking and Middle Market Banking indicate our customer-first approach to NBT’s digital evolution is being well received.

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Homestead Funding Office In Glens Falls Is Growing At The Close Of Its Second Year

Posted onMarch 13, 2020March 16, 2020
In 2017, Maureen Ginter-Grabowski and John Homkey opened a Homestead branch.

By Andrea Harwood Palmer
The Glens Falls branch of Homestead Funding is finishing it’s second year in strong fashion and building its team of in-house loan officers.
Maureen Ginter-Grabowski is the branch manager and senior loan officer of the branch, located at 3 Warren Street, Suite #3A.
John Homkey is a licensed loan originator, and opened the Glens Falls branch with Ginter-Grabowski in 2017.

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Charles V. Wait Jr. Named President, CEO At Adirondack Trust Co. Succeeding von Schenk

Posted onMarch 13, 2020March 16, 2020
Charles V. Wait Jr. became the new president and CEO at Adirondack Trust Co.
©2020 Saratoga Photographer.com

Charles V. Wait, Adirondack Trust Co.’s chairman of the board of directors, announced a senior leadership appointment and an officer promotion within the bank’s management team.
Charles V. Wait Charles V. Wait Jr., has become the organization’s new president and CEO, an appointment that was approved by the board of directors, effective Feb. 12. Wait Jr. succeeds Stephan R. von Schenk, who acted as company president since 2014 and CEO since 2017.

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For Banks, Customer Service Means Keeping Up With The Latest Advances In Technology

Posted onMarch 14, 2019March 14, 2019
Marc Monahan, Glens Falls market executive with NBT Bank.
Courtesy NBT Bank

By Jill Nagy
Customer service is important to any business, including banks. So keeping up with the latest in technology is important, as banks compete to retain and draw customers.
Online apps that allow customers to make deposits, move money to other people’s accounts, as well as check their own accounts; ATM’s that accept cash deposits and return a photographic record of a check deposit; and branches smaller and more streamlined that offer a range of financial services, including insurance and investment services, are all services banks now offer.

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Despite Stock Market Fluctuation, Assets Can Be Managed; Economy Is Holding Steady

Posted onMarch 15, 2018March 15, 2018
Bob Schermerhorn of Saratoga Financial Services in Saratoga Springs.
©2018 Saratoga Photographer.com

By Jill Nagy

“The fundamentals of the economy are still very good and very strong,” said Saratoga Springs financial advisor Stephen Kyne, a partner in Sterling Manor Financial in Saratoga Springs.

Recent “corrections” in the prices of stocks are not cause for worry, he said. However, “there are more moving parts” than there used to be and it is important to work closely with an advisor.

Bob Schermerhorn, of Saratoga Financial Services in Saratoga Springs, advised putting recent stock market declines into perspective. A 10 percent decline—such as the early February decline in the Standard & Poor 500 stock index—is actually quite normal, as 19 years of the last 38 have had a 10 percent correction. In fact, the average intra-year correction since 1980 is 13.7 percent.”

“It’s different for everybody depending on their circumstances,” he said.

Kyne noted, “It used to be a lot more simple.”

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Business Report: Protecting A Business Upon Divorce

Posted onMarch 15, 2018March 15, 2018
Tammy Arquette is a matrimonial attorney at the Arquette Law Firm PLLC in Clifton Park. ©2018 Saratoga Photographer.com

By Tammy J. Arquette, Esq.

According to the American Psychological Association, approximately 40 to 50 percent of married couples in United States obtain a divorce. The divorce rate is even higher for subsequent marriages.

A divorce proceeding can have a significant impact on the financial and emotional well-being of the parties and their children, but if one or both of the parties are also a business owner, the business can be significantly impacted. The significant impact on the business can include financial disruption, discord amongst partners and employees, imposition of third party experts to review books and records and value the business, and the potential requirement for the sale of the business.

The Domestic Relations Law provides that assets that are acquired during the marriage, including businesses, be valued and equitably distributed. Further, marital asset may also include the appreciation in value of an otherwise separate business interest.

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NBT Insurance Group Transition Is Completed

Posted onMarch 15, 2018March 15, 2018

NBT Bank’s insurance division now conducts business as NBT Insurance Agency LLC. This change completes a multi-year transition plan developed following NBT Bancorp’s acquisition of Mang Insurance Agency LLC in 2008.

“Mang and later NBT-Mang forged a strong reputation for offering insurance expertise and excellent service across the Southern Tier of New York where both the agency and NBT Bank are headquartered,” said Timothy L. Brenner, NBT Bancorp Inc. executive vice president and president of wealth management. “NBT Bank’s footprint has grown over the years to include over 150 banking locations in six states, representing an important opportunity to expand the availability of the insurance services we offer.”

NBT Insurance Agency President Tucker H. Lounsbury Lounsbury said the change “creates clarity in the insurance marketplace, and the strong alignment between the insurance agency and bank brands will help customers across NBT’s established and new markets to understand the connection between our business units and the comprehensive array of financial solutions we deliver to assist them in achieving their goals.”

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Local Banks See Large Growth In Commercial And Small Business Administration Loans

Posted onMarch 9, 2017November 8, 2017
This is the Glens Falls National Bank branch office at 8446 Route 22 in Granville. Banks like Glens Falls National look for opportunities to expand their footprint into new areas.Courtesy Glens Falls National Bank

By Maureen Werther

Local and regional banks are reporting record growth and increased attention being paid to expansion–physically and technologically–as they continue to court the growing number of businesses that are expanding throughout upstate New York.

While some local banks, like Adirondack Trust Co. are building upon their already strong relationships with customers in the immediate area, other banks, like Ballston Spa National Bank and Saratoga National, have seen significant growth as a result of expanding into other regional markets.

Still other banks, like NBT, which has branch offices throughout the state, are continuing to be viable competitors by offering high-caliber services to meet the needs of a diverse customer base.

Stephan Von Schenk, president of Adirondack Trust, said last year saw record growth across all three of their lending portfolios, with residential and consumer lending up by 15 percent.

“Anything over 10 percent is very fast and is not sustainable without expansion and increasing infrastructure,” he said.

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Bank: Precautions Should Be Taken During Tax Season To Prevent Exposure To Fraud, Scams

Posted onMarch 9, 2017November 8, 2017
Charles V. Wait, Jr. is executive vice president at Adirondack Trust Co.Courtesy Adirondack Trust Co.

As the 2017 tax season gets underway, the Adirondack Trust Co. is urging all customers to take extra precaution when filing their returns to prevent exposure to tax fraud.

“Fraudsters are using very clever tactics to get ahold of your personal information and submit false tax notes,” said Charles V. Wait, Jr., bank executive vice president. “Consumers must be suspicious of any communication from the IRS through email, text or social media that requests personal information, and should keep a watchful eye out for missing W-2s and mail containing sensitive financial information.”

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help consumers prevent tax ID fraud, the Adirondack Trust Co. offered the following tips:

• File early. File your tax return as soon as you’re able, giving criminals less time to use your information to file a false return.

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