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Arrow Financial Corp. CEO David S. DeMarco Sees The Value Of Building Relationships

Posted onJune 17, 2023
David S. DeMarco is the new CEO and president at Arrow Financial Corp.

Editor’s Note: Arrow Financial Corp.—the parent company of Saratoga National Bank and Glens Falls National Bank—announced in May that David S. DeMarco is the new president and chief executive officer of the company.

DeMarco was chief banking officer and senior executive vice president at the company. He replaces Thomas J. Murphy who terminated his employment. The Glens Falls Business Journal recently caught up with DeMarco.

By Paul Post

The Digital Age has made communication faster and more far-reaching than ever with email and various social media platforms.

But it’s also led to a breakdown of face-to-face, interpersonal relations that a strong community bank needs to serve customers most effectively.

That’s one of the biggest challenges Dave DeMarco sees in his new role as president and CEO of Arrow Financial Corp., and its subsidiaries Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co.

“Technology has changed the banking industry dramatically,” he said. “We’re in the relationship building business. It’s hard to do that with someone who’s taking a picture of a check and banking on their cell phone or computer instead of coming to the bank. You couldn’t do that when I joined Glens Falls National 35 years ago.”

“We don’t see customers as much as we used to,” he said. “So we basically have to get out of the office to meet people and build relationships.”

DeMarco, 61, a Saratoga Springs resident, has been intimately involved with many facets of the evolving industry during his lengthy banking career.

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Business Report: Retirement Planing With SECURE Act 2.0

Posted onJune 17, 2023

By Mark Prian The original Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was designed to expand access to tax-advantaged retirement savings accounts, and it made changes to existing laws to ensure that older Americans are less likely to outlive their retirement assets. The intent of this act was also to...

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Business Report: How You Can Help Your Kids Financially

Posted onJune 17, 2023
Sherry Finkel Murphy

Sherry Finkel Murphy, CFP, RICP, ChFC

As a parent of adult children, there’s an ongoing tug of war between your values, your finances, and your time, with respect to your family. 

True story: Last week, my husband hopped into his truck, and drove three states west on zero notice, to provide grandpa coverage for 5-year-old grandchild number four, while our daughter and son-in-law juggled careers, pregnancy, selling a house, and relocating. Their careers are taking them where they need to go; and we are monitoring where they land to see how we can best provide support. 

We are feeling blessed to have the time and geographic flexibility that so many of our peers don’t have. It was a great case study in offering resources “besides” money, that are meaningful value-adds to the kids.

As your financial planner, I will always recommend that you “secure your own oxygen mask” (fund your own retirement) before you turn to the seat next to you and assist. That part certainly has not changed. What might be different for this generation is the notion of what “helping the kids” looks like. While once you were determined to fund a wedding or provide a down payment on a home, today you might be more creative—or even return to the intergenerational assistance of days gone by. 

Here are some ideas for helping your kids that can be as rewarding for you as for your adult children:

Combine an opportunity to see the grandkids with a destination family vacation and pay your own way. Take the grandkids in the evenings or at certain hours to give your children a break without increasing the cost of their travel childcare. I have clients who love to travel separately and converge on a destination with their children and grandkids. 

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AARP Report: Two-Thirds Of Adults In U.S. Believe Consumer Fraud Is At A Crisis Level

Posted onJune 17, 2023

Two-thirds of adults in the United States believe fraud has hit a crisis level, according to a new AARP Fraud Watch Network report.

The report also highlights the methods criminals use to steal money, such as cryptocurrency, gift cards and peer-to-peer payment apps. The findings suggest the need for Americans to share what they know about scams with their friends and family.  

“Financial predators use a playbook to get us into a heightened emotional state,” said Kathy Stokes, AARP director of fraud prevention programs. “They know it’s hard to access our logical thinking when we are panicked, excited or scared. But knowing about specific scams makes it far less likely that we will engage with them.”  

Criminals often turn to atypical payment options in their scams like gift cards, peer-to-peer payment apps and cryptocurrency, because these forms of payment are processed quickly and cannot be reversed.

The AARP report showed one third of adults do not know it is a scam when someone directs you to use a cryptocurrency ATM to address some financial concern. In 2022 alone, the FBI says reported losses from fraud involving cryptocurrency reached $2.57 billion, a 183 percent increase from the previous year.

Gift cards also continue to be a common tool for criminals. About 25 percent of adults reported being unaware that being asked to make a payment or send money by gift card is a scam. A separate AARP report looking at the victim experience with gift card-related fraud emphasizes the emotional cost of these crimes in addition to the financial cost. Focus group participants felt there is little empathy for a crime that stole a reported $228 million from consumers in 2022 (FTC).  

Peer-to-peer apps like Venmo, Zelle and CashApp are also used in scams. These apps do not offer consumers the same level of fraud protection as credit cards, but our research showed that 63 percent of adults are not aware of this distinction. These types of apps should be used as they are intended to provide payment to a known and trusted contact.  

Fraud is a severely under reported crime, even as nearly nine in 10 adults feel people should report incidents, the report said. Nearly 40 percent of Americans still don’t understand that victims do not lose money to scams because they are gullible. 

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Micro Brews, Nonprofits Among Those Who Can Apply In Latest Grant Funding Round

Posted onJune 17, 2023

New York state has opened the application period for Round XIII of the Regional Economic Development Council Initiative.

Round XIII includes core capital grant and tax-credit funding combined with a wide range of programs from 10 state agencies, including $150 million in grant funds from Empire State Development, available to projects on a continuous basis.

The councils are encouraged to support projects that advance or address strategic State priorities—including green buildings and sustainable development, child care, distressed communities, and innovative public-private partnerships; those projects, will be eligible for additional award funding.

The deadline for applications is Friday, July 28, at 4 p.m. Open enrollment programs are not subject to the July 28 deadline and will continue to accept applications on an ongoing basis until funds are exhausted.

Officials said new this year, two new micro programs will award capital grants to support New York state craft beverage manufacturers and non-profit organizations, and a new $30 million Challenge competition will award $10 million to up to three regions to implement creative solutions to tackle persistent barriers to economic growth.

Also, for the first time since 2015, the councils will be tasked with updating their strategic regional economic development plans.

“Our Regional Economic Development Council Initiative continues to transform communities across the state, creating jobs and driving private investment all over New York,” Gov. Kathy Hochul said. “The launch of this latest round builds on state efforts to address our most pressing economic priorities—from sustainable development to the growing demand for childcare—all while empowering communities to tap into their regional strengths. Thanks to the work of the REDCs, New York is continuing to make the catalytic investments that foster economic growth and continued success in every corner of our state.”

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Chamber Of Commerce Rejuvenated In South Glens Falls To Support Businesses, Activities

Posted onJune 17, 2023

By Ann Donnelly

Supporting the businesses of South Glens Falls and the town of Moreau, the South Glens Falls Chamber of Commerce started meeting again in February. 

Over the time of the pandemic, many of the existing board members retired and decided not to participate any longer. 

“While this slowed starting the Chamber back up, it has provided an opportunity to bring on board fresh faces,” said Cheryl Lawyer, director of marketing and outreach at the Moreau Community Center who is now president of the Chamber. 

“We were motivated to keep going by the amount of community interest in the concert series. The free Concert in the Park series will take place in the village’s historic Park Pavilion on Saturdays from 5-7 p.m., July 1, through Aug.  19. The concerts give people a reason to cross the bridge and see what South Glens Falls offers,” she said.

The local chamber is a way for businesses and other organizations to network and work together to benefit themselves and the community. 

Other officers are Patty Van Dyke, vice president, and Kathy Scherer, secretary.

The village of South Glens Falls is known for its high community support for charitable causes, like the annual South High Marathon Dance, which has raised over $10 million from the 46 dances held over the years. 

An event of this magnitude requires skilled organization and collaboration from all corners of the community: school and school district staff, students and their families, local government and local businesses. This type of collaboration has proved to be an asset for companies that start up in South Glens Falls.

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Pavilion Park In Lake Luzerne To Host ‘Food Trucks And Music Extravaganza’ Events

Posted onJune 17, 2023
This is the logo for the inaugural Food Trucks and Music Extravaganza series that will kickoff this summer at the Pavilion Park, 248 Lake Avenue in Lake Luzerne.
Courtesy Lake Luzerne Regional Chamber Of Commerce

The Lake Luzerne Regional Chamber Of Commerce and the town of Lake Luzerne announced the inaugural Food Trucks and Music Extravaganza series this summer.

The event will take place from 5-8 p.m. on six consecutive Wednesdays beginning July 12 and ending on Aug. 16 at the Pavilion Park located at 248 Lake Avenue in Lake Luzerne.

The events will bring together a diverse selection of food options from various food trucks offering items including tacos, fish and chicken sandwiches, gourmet mac and cheese, lemonade, doughnuts and more.

Organizers said the live music will feature local bands and regional artists, adding to the ambiance and creating a festive atmosphere.

In addition to offering food and music, the extravaganza will hold a 50-50 raffle to raise money for the Lake Luzerne food bank and local scholarships. All proceeds from the raffle will go directly to support these community organizations.

“We are thrilled to launch the inaugural lake luzerne food trucks and music extravaganza,” said Pam Petteys of the Lake Luzerne Regional Chamber Of Commerce.”

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A&W Restaurant in Lake George Continues Operation This Summer Under New Owners

Posted onJune 17, 2023
A restaurateur from Albany purchased the A&W restaurant in Lake George in May for $605,000. There are just seven A&Ws in New York state.
Courtesy Muroff Hospitality

By Christine Graf

A&W restaurant, a Lake George staple since 1959, will open for the season under new ownership.  

Hao Yang, a restaurateur from Albany, purchased the franchise from Wayne Pelak for $605,000 in May. Just one year earlier, Pelak purchased the restaurant from Dave Madden who owned it for 44 years. 

America’s first franchised restaurant chain, the first A&W was established in Sacramento in 1923. Today, there are more than 900 A&W restaurants operating throughout the world. Of the 550 that are located in the U.S., just seven are in New York state. New franchises continue to open throughout the U.S., Canada, and Southeast Asia.

A&W’s is known for its root beer, made fresh at each restaurant and served in frosty mugs. They also serve a variety of fast food items including their 1963 invention, the bacon cheeseburger.

“The A&W has been operating very successfully in Lake George for about 50 years. It’s an iconic restaurant. The location is outstanding, and they have a very loyal clientele,” said Mitch Muroff, owner of real estate brokerage firm Muroff Hospitality.

According to Muroff, Pelak was forced to sell due to health concerns.  

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Garage Sales In The Region Are Viewed As A Boost To Tourism And The Local Economy

Posted onJune 17, 2023
Warrensburg’s annual World’s Largest Garage Sale is set for Sept. 29 to Oct. 1 this year. Tourism officials say many who attend take time to check out local businesses and activities.
Paul Post

By Paul Post

One of America’s favorite summer pastimes has nothing to do with baseball or backyard barbecues. Coast to coast, an estimated 6.5 to 9 million garage sales are held throughout the U.S. each year.

 For some, it’s a fun way to earn an extra couple hundred dollars, but can provide an economic impact worth millions for communities that host town-wide events.

“It’s bringing people in to let them know what else we have to offer, like the Betar Byway (Hudson River walking trail) or the town Rec Park,” said Jean Gutheil, South Glens Falls-Town of Moreau garage sale coordinator. “Maybe they stopped in Stewart’s, Cumberland Farms, Common Roots brewery, The Pepper Mill Restaurant or Sorrentino’s market for a garage sale map. They might have bought a coffee, ice cream cone or stayed for lunch. It lets people know we’re back in business.”

 This year’s sale, which dates back several years, was the first since the pandemic. More than 75 homes and organizations took part.

 Similar town-wide events are held throughout the region, in addition to countless others hosted each weekend by individuals and neighborhood groups.

 In Saratoga County, Charlton held a garage sale weekend in May, Ballston Spa’s was held June 10-11, while Galway and Greenfield hold theirs in August and September, respectively.

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Common Roots Brewing To Expand With Acquisition Of CH Evans Brewing In Albany

Posted onMay 16, 2023
From left, Bert Weber, Neil Evans, Christian Weber and Rowland Evans at the Albany Pump Station. The Webers are owners of Common Roots in South Glens Falls.
Courtesy Common Roots Brewing

Common Roots Brewing Co. in South Glens Falls is under contract to acquire the assets of CH Evans Brewery at the Albany Pump Station. 

Common Roots will purchase the building and take over the full operations at the iconic downtown Albany location this November, the company said in a statement.

In announcing the acquisition, Christian and Bert Weber, owners of Common Roots, said, “We are both excited and humbled to be continuing the CH Evans legacy while bringing this historic building into the Common Roots family”. 

 CH Evans owner Neil Evans made the decision to sell the operations and was looking for a buyer who would continue the tradition and help elevate the business to the next level. A mutual acquaintance brought the brewery owners together and an agreement was reached in late March.

 “We are thrilled to be able to continue the historic operations at the Albany Pump Station while expanding the Common Roots brand there,” the Webers said.

Common Roots has agreed to continue to brew some CH Evans original recipes and will supplement this with Common Roots beers and a newly revised menu after the anticipated sale is finalized in November 2023. This will be Common Roots Brewing’s first expansion outside of its original South Glens Falls locations and satisfies the company’s established goal to open a Capital Region location.

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