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New owners aim for turnaround at Cortland Line Co.
CORTLAND — A group of private investors is hoping to spark a turnaround at Cortland Line Co. after acquiring the business from its employees. A group of seven investors bought the fishing-line manufacturer July 18 from the firm’s employee stock ownership plan. Financial terms were undisclosed. The new owners are all friends and fishermen, says […]
Smokers Choice tobacco retailer buys former Sleep City building for $350,000
DeWITT — Smokers Choice Cigarette & Tobacco Outlets, a tobacco and accessory retailer, recently purchased the 3,848-square-foot former Sleep City building located at 3188 Erie Blvd. East in the town of DeWitt. Robert Falcone sold the property for $350,000. Tom Lischak, and Alex Lischak of Pyramid Brokerage Company, in association with Keller Williams Realty, brokered
SUNY Oswego SBDC to offer small- business training course online
OSWEGO — The State University of New York (SUNY) Oswego Small Business Development Center (SBDC) will offer an online small-business training course starting Aug. 13. The first 10 people to sign up will receive a scholarship to cover the $200 cost of the class, according to the university. The course will help guide prospective entrepreneurs
New owners revamp ‘run down’ Days Inn near Oneida Lake
CICERO — SUN Development and Hospitality Management (SUNdhm) knew it had a major project on its hands when it purchased the Days Inn Brewerton/Syracuse/Airport hotel late last year. “It was run down pretty badly,” says Kayur Patel, vice president, COO, and co-owner of Cicero–based SUNdhm. “We couldn’t just throw wallpaper up and walk away.” The
Tompkins Financial completes Pennsylvania acquisition
ITHACA — Tompkins Financial Corp. (NYSE Amex: TMP) closed its acquisition of VIST Financial Corp. (NASDAQ: VIST) of Wyomissing, Pa. on Aug. 1 and Tompkins’ leader says the banking company’s top priority moving ahead is clear. “Our job one is to get this right,” Tompkins Financial President and CEO Stephen Romaine says. “We need to
Acquiring HSBC branches helps Community Bank build “density”
DeWITT — The addition of 16 HSBC branches across Western, Central, and Northern New York will help Community Bank System, Inc. (NYSE: CBU) grow in markets where it already has a strong foothold, the company’s CFO says. DeWitt–based Community Bank completed its acquisition of the locations in July. All the branches are in markets where
First Niagara absorbs loss on HSBC acquisition costs
After completing four acquisitions in three years and pushing into new geographies, First Niagara Financial Group, Inc. (NASDAQ: FNFG) plans to focus on running the business it has as well as possible. “We’re now equally excited to be in execution mode,” First Niagara President and CEO John Koelmel said during a July 27 conference call
M&T Q2 profit dips; bank expects no further merger expenses
M&T Bank Corp. (NYSE: MTB) earned $233 million in the second quarter, down 28 percent from the same period in 2011. Last year’s second-quarter results included $67 million in gains from investment sales as M&T repositioned its balance sheet after its May 2011 acquisition of Wilmington Trust Corp. The second quarter of 2011 also included
KeyBank plans to shutter up to 5 percent of its branches
SYRACUSE — KeyBank’s plan to close as much as 5 percent of its nationwide branch network over the next 18 months isn’t likely to hit Central New York too hard, the bank’s local leader says. The branch closings will probably have an “incremental” impact locally, says Stephen Fournier, president of KeyBank’s Central New York district.
Community Bank Q2 profit rises on loan growth
DeWITT — Loan growth helped push profit up more than 17 percent in the second quarter at DeWitt–based Community Bank System, Inc. (NYSE: CBU) Net income at the banking company totaled $21.1 million, or 53 cents a share, for the period, up from $18 million, or 49 cents a share, a year earlier. Total loans
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