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Banking & Finance

Lyons Bancorp eyes expansion to Seneca County

Lyons Bancorp Inc. is expanding into Seneca County, with a Lyons National Bank branch in Waterloo expected to open by the end of summer. The branch will be the 11th for the bank, whose main branch and headquarters are in ...

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Genesee Valley Trust appoints president, COO

Brian Costello was appointed president of Perinton money management firm Genesee Valley Trust Co. by its board of directors, and Joy Plotnik was appointed chief operating officer.

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Bankers credit plans to boost loans, press for other incentives

Though the details are in flux, local bankers say President Barack Obama’s proposal to lend community banks $30 billion to spur small-business lending may have merit. Small-business lending has seized up across the nation, yet Rochester-area bank leaders say they ...

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An unpredictable economy clouds IPO market outlook

Pictometry International Corp. has its finger on the pulse of the IPO market, waiting for the right moment to go public. "Probably not in 2010. My guess is in 2011 or 2012 the market might be ready again," says Richard ...

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Small banks weigh impact of looming regulatory reform

As Congress negotiates regulatory reforms in the financial services industry that are likely to consolidate oversight authorities and create a consumer financial protection agency, local community bankers are weighing the potential impact. Reforms affecting items such as interest rates on ...

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Fairport Savings net income down in Q4

FSB Community Bankshares Inc., the holding company for Fairport Savings Bank in the Rochester market, reported its fourth-quarter net income was down 80 percent. But its net income was up more than 170 percent for the year.

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On the move

The move of 350 employees of ESL Federal Credit Union to a new, multimillion-dollar downtown headquarters could be cleared by the end of the month, executives said this week. The company hopes to have its certificate of occupancy finalized by ...

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Fed committee’s view becomes slightly more optimistic

Fed watchers had a couple of items to choose from last week. The Open Market Committee statement released after the Jan. 26-27 meeting indicated no change in Fed policy on short-term interest rates. As usual, the statement was picked clean ...

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Canandaigua firm posts revenue growth

ClearMomentum Inc., a Canandaigua-based financial performance management software and services company, achieved record growth in 2009, with revenues up 55 percent from 2008, company officials said this week.

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Stocks outpaced bond funds in fourth quarter

Stock portfolios outperformed locally managed municipal bonds in the fourth quarter, with the Bryce Capital Growth Fund leading the way. Four locally managed mutual funds outpaced the Standard & Poor’s 500-stock index. The growth fund managed by Bryce Capital Management ...

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Portfolio: Bank of America Corp.

Portfolio is a weekly report compiled from the proxy statement and annual report of a publicly held company with local headquarters or a company with a major division in the area. View this week’s Portfolio.  

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Five Star parent posts profit for quarter, year

Financial Institutions Inc., parent of Five Star Bank branches in the Rochester market, on Thursday reported fourth-quarter net income of $5.4 million, or 42 cents a share, up from a loss of $3.1 million, or 33 cents per share, one year ago.

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M&T senior execs won’t get bonuses this year

Senior executives at M&T Bank Corp. will not receive bonuses this year as the Buffalo-based bank complies with restrictions imposed by its receiving $600 million from the U.S. Treasury Department as part of its capital purchase program.

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