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Banking & Finance

Q4: Michael Vadala, president and CEO, Summit Federal Credit Union

Q: You announced last week the acquisition of the Syracuse Federal Credit Union. Why did you decide to expand into the Syracuse market? A: The Summit really does not have a plan to expand into other geographic markets per se. ...

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Financial education is consumer protection

The new credit card law and the proposed Consumer Financial Protection Agency will affect the use of certain financial products but will not fully address the underlying issue that many believe led to the financial crisis: our nation’s failing grade ...

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Bank of America reports Q3 loss

Bank of America Corp., ranked seventh in the Rochester market in local deposits, on Friday reported a third-quarter loss of $2.2 billion, or 26 cents a share. That compared with earnings of $704 million, or 15 cents a share, a year ago.

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SBA Lenders

SBA Lenders that approved 7(a) loans to businesses in Monroe, Livingston, Ontario, Seneca, Wayne and Yates counties; ranked by dollar volume of 7(a) loans approved locally during the SBA's last completed fiscal year

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JP Morgan posts surge in profits

JPMorgan Chase & Co., the largest financial employer in the Rochester market, on Wednesday reported third-quarter net income of $3.6 billion, or 82 cents a share, beating analyst estimates by 30 cents.

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His business has grown by building on its roots

Despite remarkable growth and success, Thomas Bonadio never forgets to put family and community first. Born in Rochester, the son of an auto mechanic and a receptionist, Bonadio recalls a childhood on Bay Street in a house directly in front ...

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M&T Bank expands its SBA dominance

M&T Bank Corp. has dominated the U.S. Small Business Administration’s loan program in the Rochester market for years, but perhaps never more so than for the SBA fiscal year ending Sept. 30. The Buffalo-based bank issued 112 SBA-backed 7(a) loans ...

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Transition puts him on the first line

Daniel Loughran knew early on that he wanted a career in finance. He did not think it would be in Rochester. His interest in playing hockey-and his wife-steered him to Western New York. Loughran, 45, is senior vice president, senior ...

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New M&T branch gives look at future for banks

M&T Bank Corp. plans to open a new branch this month near Rochester Institute of Technology, targeting students and faculty with an interactive tabletop computer that could be a blueprint for some 800 M&T branches.

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Local stocks continue gains in third quarter

Local stocks traded on the New York Stock Exchange posted their second straight double-digit quarterly gain in the third quarter, rising by an average of 19 percent. The stocks as a group had a 15 percent gain in the second ...

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Seeing opportunities in a difficult economy

Philip Pecora has his finger on the pulse of Rochester’s small-business community. As Genesee Regional Bank president and CEO and current president of the Small Business Council, he works directly with a broad range of small companies throughout the area. ...

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Davitt believes in the value and reward of teamwork

ConServe president Mark Davitt maintains a long-standing admiration for work that is the result of people joining for a common purpose. His belief in the value and reward of teamwork is reflected in the company’s name-a nod to his alma ...

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ESL starts work on first branch in Wayne County

Building renovations are to begin Monday on an ESL Federal Credit Union branch in Newark, the credit union’s first in Wayne County, officials with the Rochester-based firm announced Thursday.

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