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Banking & Finance

Banks remain willing to lend, help small businesses grow

Despite the widely reported "credit crunch," banks have money to lend, especially banks that depend on their deposits to make loans. Actually, banks must lend money; that’s how they make money. Meanwhile, the demand for small-business loans is currently down ...

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ESL begins move to downtown

The move of ESL Federal Credit Union to new offices downtown has begun, with its operations department and information technology coming to Chestnut Street on Monday.

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A mix of factors influences the decision to restructure debt

When seeking to restructure corporate debt, firms must consider a variety of factors, experts and insiders say. Lower interest rates, credit quality improvement and other circumstances may converge and push companies toward refinancing, though embarking on a single major project ...

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Credit unions expect proposed bill to boost business lending

A bill making its way through the U.S. Senate is expected to boost the ability of credit unions to offer business loans. In December, New York Democrats Charles Schumer and Kirsten Gillibrand joined a bipartisan group of colleagues to introduce ...

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Demand for commercial loans weakens in tough climate

An unpredictable economy has weakened the demand for commercial loans. In the Rochester market, the total dollar volume of U.S. Small Business Administration loans dropped 20 percent in fiscal 2009. Some bankers, however, maintain that their commercial loan volumes in ...

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Where credit is due

M&T Bank Corp., filling a void created by the collapse of the financial markets, has become an investor in low-income housing tax credits in the Rochester market. M&T has partnered with Conifer Realty LLC to finance the $20 million rehabilitation ...

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County IDAs face tax hit as state tries to close gap

New York’s 114 industrial development agencies, including eight in the Rochester area, are being asked to pay taxes totaling $5 million by the end of the month as the state tries to close a multibillion-dollar budget shortfall. The greatest tax ...

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Book chronicles Rochester Savings Bank

James Duffus, who spent 34 years on the Rochester Savings Bank board of directors, chronicles the bank’s 152-year history in a new book, “The Old Bank: The Rochester Savings Bank and its Presidents and Trustees from 1831 to 1983.”  Published by RIT Press, “The Old Bank” is a story of survival, telling how a savings bank held its own and continued business as usual through the Civil War, World War I and II, stock market crashes on Wall Street and the Great Depression.

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HSBC losses narrow in 2009

HSBC Bank USA N.A., the Rochester market leader in local deposits, on Monday reported losses of $142 million in 2009, compared with losses of nearly $1.69 billion in 2008.

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Mulcahy to leave Citigroup board

Xerox Corp. chairman Anne Mulcahy is stepping down from Citigroup Inc.’s board of directors, the bank said Friday.

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First Niagara restructures leadership team

First Niagara Financial Group Inc. has restructured its executive committee and has launched a national search for a new president, the Buffalo-based financial institution said Thursday.

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Kodak makes debt moves

Eastman Kodak Co. said Wednesday it plans to issue $400 million in senior debt to repurchase debt it issued early last fall.

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Van Dusen ranks among state’s top advisers

Lori Van Dusen, executive director at the Pittsford office of Convergent Wealth Advisors LLC, ranks 46th among financial advisers in New York State on a list published this month by Barron’s magazine.

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Fairport bank starts mortgage subsidiary

Fairport Savings Bank has formed a wholly owned mortgage subsidiary to provide residential loan products, bank officials announced Tuesday.

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