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Banking & Finance

Executive pleads guilty in tax case

Joseph Ryan, vice president and director of research at Brighton Securities Inc., has been suspended indefinitely from the firm after pleading guilty to a misdemeanor charge of failing to file a state tax return.

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Paetec pays down $10 million in debt

Paetec Holding Corp.’s $10 million paydown of its revolving debt—ahead of schedule--signals a more robust year ahead for the Perinton-based telecommunications firm, Chairman and CEO Arunas Chesonis said Thursday.

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Spotlight: N.Y. has fewer ‘underwater’ mortgages

Some 23 percent of all U.S. residential properties with mortgages were in negative equity as of September 2009, according to a report from First American CoreLogic. Borrowers with negative equity, also described as "underwater" or "upside down," owe more on ...

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Q4: John Koelmel, president and CEO, First Niagara Financial Group Inc.

Q: In announcing your decision to convert First Niagara Bank’s charter from a thrift to a commercial bank, you said it would give you more flexibility to serve a growing customer base. Can you elaborate? A: Converting First Niagara Bank’s ...

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J.P Morgan makes push for affluent clients here

Rochester and all of Upstate New York are fertile ground in the pursuit of affluent clients, the head of JPMorgan Chase & Co.’s private wealth management practice said. Joseph Kenney Jr., CEO of J.P. Morgan Private Wealth Management, and Northeast ...

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ESL to expand into Genesee County

ESL Federal Credit Union, which two months ago announced plans for its first branch in Wayne County, will enter Genesee County with a branch in Batavia to open in late 2010, officials announced Thursday.

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State tax officials charge six here

In a roundup of alleged tax cheats, state tax officials on Wednesday announced the arrest of six Rochester area professionals and businesspersons.

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Xerox closes on $2 billion debt offering

Xerox Corp. said Friday it has closed on a $2 billion offering of unsecured notes. Of the notes, $1 billion will mature in February 2015 and bear interest at a fixed-rate coupon of 4.25 percent; $650 million will mature in December 2019 at 5.625 percent; and $350 million will mature in December 2039 at 6.75 percent, the company said.

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Kodak selling OLED business

Eastman Kodak Co. company Friday said it has agreed to a deal to sell its OLED displays business. It will sell substantially all the assets associated with organic light-emitting diodes to a group of LG Corp. companies. Financial details of the deal were not disclosed.

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A driver in the car sales industry here

Bradley McAreavy has held jobs collecting debts and repossessing cars, selling securities and insurance, and running one of the area’s largest car dealerships. But his current undertaking is where he feels most comfortable. "Right now the toughest part of the ...

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Thinking ahead

Companies that outperform the competition in the expansions following recessions typically are the ones that could clearly see the better days ahead.

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Plosser sees economy recovering

The economy is recovering, and the recovery is sustainable even as fiscal and monetary stimulus programs begin to wind down, former Simon Graduate School of Business dean Charles Plosser said Tuesday. Plosser, now president and CEO of the Federal Reserve Bank of Philadelphia, was the featured speaker at the 31st annual economic seminar in Rochester.

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