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Banking & Finance

Financial Institutions completes TARP redemption

Financial Institutions Inc., the Warsaw, Wyoming County-based parent of Five Star Bank branches in the Rochester market, has redeemed the remaining $25 million of stock issued to the U.S. Department of the Treasury, it announced this week in a filing with the U.S. Securities and Exchange Commission.

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First Niagara hires new CFO

First Niagara Financial Group Inc. has hired Gregory Norwood as its chief financial officer, with former CFO Michael Harrington to become treasurer and chief investment officer.

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Careful record keeping and planning can minimize taxes

It’s that time of the year again, and April 18 will be here before you know it. Yes, April 18. The tax deadline has been extended three days this year due to Emancipation Day-a holiday in Washington, D.C., to mark ...

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Refinancing climate stays favorable for the moment

Low interest rates, a friendly loan market and other conditions continue to provide a favorable climate for refinancing and restructuring commercial debt.   "The overall cost of debt today is at historic lows," says John Pitton, market president of Bank ...

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Leader gives steadying hand in turbulent times

After arriving from South Carolina to be director of the Central New York complex for Merrill Lynch & Co. Inc., Jeffrey Adams soon found he had acquired an added responsibility as staff psychologist.   Adams, who turned 43 on Feb. ...

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Former bank HQ next to go

  The former headquarters for RBS Citizens N.A. in Rochester will begin to come down next week as the demolition of the Midtown Plaza complex nears the halfway point.   Work at the four-story bank complex at 233-247 E. Main ...

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Van Dusen, Fisher rank among top financial advisers

Lori Van Dusen, executive director at Convergent Wealth Advisors LLC’s office in Pittsford, ranks 34th in New York on Barron’s magazine’s list of the nation’s top 1,000 financial advisors. Marc Fisher, at the Linden Oaks office of Morgan Stanley Smith Barney, ranks 94th statewide.

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Financial Institutions redeems some TARP shares

Financial Institutions Inc. has redeemed $12.5 million, or one-third of its total of $37.5 million, of its preferred stock issued to the U.S. Department of the Treasury as part of the Troubled Asset Relief Program.

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Humphrey appointed Federal Reserve advisory council

Peter Humphrey, president and CEO of Financial Institutions Inc., has been appointed to the Federal Reserve Board of Governors’ Community Depository Institutions Advisory Council for 2011, the company announced.

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Death tax alive and well, opens door to opportunities

After many months of haggling in Washington, on Dec. 17 President Barack Obama signed into law the much-anticipated estate and gift tax changes contained in the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010.   The legislation ...

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Closing the credit gap

Banks of all sizes should take a leading role in boosting credit activity in the small-business sector.

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Area business leaders are optimistic, survey finds

Business leaders in the Rochester area are more optimistic about revenues and profits than they have been in four years, and more optimistic than any metropolitan area in Upstate New York, a survey released Wednesday by First Niagara Financial Group Inc. shows.

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Fairport Savings net incomes soars

FSB Community Bancshares Inc., the midtier stock holding company of Fairport Savings Bank, reported its net income rose 150 percent in the fourth quarter.

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Mutual funds deliver mixed results in Q4

  The Bullfinch Fund Inc.’s Greater Western New York Series returned 15.4 percent in the fourth quarter and 23.2 percent in 2010, placing it among the top performers in both categories among locally managed mutual funds.   The Greater Western ...

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