NBT Bancorp Inc. has executed on digital initiatives based on a technology road map with the objective of delivering features and functionality customers want and need, company officials said.
This road map includes the 2020 implementation of several digital initiatives across multiple business lines that will continue to transform the experience NBT delivers to its customers and employees.
“All of our customers expect ever-increasing flexibility, accessibility and speed to manage their finances,” said NBT President and CEO John H. Watt Jr. “Strong adoption of our mobile and online banking services and recognitions like our high ranking on the Forbes 2019 World’s Best Banks list and the 2019 Greenwich Awards in Small Business Banking and Middle Market Banking indicate our customer-first approach to NBT’s digital evolution is being well received.
Charles V. Wait Jr. Named President, CEO At Adirondack Trust Co. Succeeding von Schenk

Charles V. Wait, Adirondack Trust Company’s Chairman of the Board of Directors announced a senior leadership appointment and an officer promotion within the bank’s management team.
Charles V. Wait, Jr., has become the organization’s new President and CEO, an appointment that was approved by the Board of Directors, effective February 12, 2020. Mr. Wait, Jr. succeeds Stephan R. von Schenk, who acted as the Adirondack Trust Company President since 2014 and CEO since 2017.
Financial Advisors Urge People Not To Panic As Coronavirus Causes A Stock Market Stir

By Jill Nagy
Some investors may be panicking, but at least two local brokers are keeping their cool, advising a wait-and-see approach to managing assets.
“Focus on the big picture and don’t react to every headline that comes up,” said Ryan Bouchey, CFP and a vice president at Bouchey Financial Group, on the first day of the market decline in response to news of the coronavirus, which has caused the stock market to plunge.
“It’s still a strong economy and most clients are fairly optimistic,” said Steve Kyne CFP and partner at Sterling Manor Financial. His independent financial planning company has been around since 2006. There have been ups and downs, he said, “We’ve weathered our share.”
Adirondack Trust To Build New Branch In Queensbury, Then Close Glens Falls Office

Courtesy Adirondack Trust Co.
By Jill Nagy
Adirondack Trust Co. is planning to construct a new branch office at 79 Main St. in Queensbury. It will replace the present branch on Maple Street in Glens Falls.
Construction will begin as soon as the weather allows, according to Charles Wait Jr., president and CEO.
“We are stymied by the weather. It’s not exactly the best weather to be digging,” he said. Once construction can begin, they are “targeting an eight-month schedule.”
The new branch will be a two-story building with a lot of glass and open space. It will include a drive-through teller window and a drive-up ATM, neither of which are available at the Glens Falls branch.
For Banks, Customer Service Means Keeping Up With The Latest Advances In Technology

Courtesy Adirondack Trust
By Jill Nagy
Customer service is important to any business, including banks. So keeping up with the latest in technology is important, as banks compete to retain and draw customers.
Online apps that allow customers to make deposits, move money to other people’s accounts, as well as check their own accounts; ATM’s that accept cash deposits and return a photographic record of a check deposit; and branches smaller and more streamlined that offer a range of financial services, including insurance and investment services, are all services banks now offer.
To eliminate telephone customers waiting “on hold,” Saratoga National Bank has made employees more available with direct lines and company-issued cellphones. Customers can reach them easily and anytime, said David DeMarco, the bank’s CEO.
Business Report: Roth IRA And Traditional IRA

By Kevin M. Hedley
2018 was a year that most people who watch the financial markets are likely going to want to forget. There were few positive numbers across the different asset classes and sectors. At the broadest level the U.S. bond market was the only market to see a positive return—all of one basis point.
It was an unusual year with few places to find a positive return. In fact of the eight major asset classes none of them provided a return above 2 percent – the first time since 1972. Even in 2008, at least one asset class saw a return around 5 percent
And another point on how extraordinary the end of the year was, December’s 9.2 percent drop was second worst December on record after 1931.
Despite Stock Market Fluctuation, Assets Can Be Managed; Economy Is Holding Steady

©2018 Saratoga Photographer.com
By Jill Nagy
“The fundamentals of the economy are still very good and very strong,” said Saratoga Springs financial advisor Stephen Kyne, a partner in Sterling Manor Financial in Saratoga Springs.
Recent “corrections” in the prices of stocks are not cause for worry, he said. However, “there are more moving parts” than there used to be and it is important to work closely with an advisor.
Bob Schermerhorn, of Saratoga Financial Services in Saratoga Springs, advised putting recent stock market declines into perspective. A 10 percent decline—such as the early February decline in the Standard & Poor 500 stock index—is actually quite normal, as 19 years of the last 38 have had a 10 percent correction. In fact, the average intra-year correction since 1980 is 13.7 percent.”
Social Media Study: Banking Convenience, Security, Customer Service Are Highly Valued
A report by consumer insights provider Crimson Hexagon, drawing on a repository of more than 1 trillion social media posts and online consumer conversations, found that consumers are angered by a perceived lack of transparency in fees, miscommunications and long wait times on the phone within the financial industry. Convenience, security and good customer service are most highly valued.
The report, “Consumer Trends Report: Financial Services Industry,” analyze commentary, preferences and opinions, according to Crimson Hexagon.
Questions the study sought to answer included “What fintech trends do consumers care about?” and “How do customers feel about banks and financial institutions?”
NBT Bank’s Insurance Division Transition Completed As ‘NBT Insurance Agency LLC’
NBT Bank’s insurance division now conducts business as NBT Insurance Agency LLC. This change completes a multi-year transition plan developed following NBT Bancorp’s acquisition of Mang Insurance Agency LLC in 2008.
“Mang and later NBT-Mang forged a strong reputation for offering insurance expertise and excellent service across the Southern Tier of New York where both the agency and NBT Bank are headquartered,” said Timothy L. Brenner, NBT Bancorp Inc. executive vice president and president of wealth management. “NBT Bank’s footprint has grown over the years to include over 150 banking locations in six states, representing an important opportunity to expand the availability of the insurance services we offer.”
NBT Insurance Agency President Tucker H. Lounsbury Lounsbury said the change “creates clarity in the insurance marketplace, and the strong alignment between the insurance agency and bank brands will help customers across NBT’s established and new markets to understand the connection between our business units and the comprehensive array of financial solutions we deliver to assist them in achieving their goals.”
Local Banks See Large Growth In Commercial And Small Business Administration Loans

Courtesy Saratoga National Bank
By Maureen Werther
Local and regional banks are reporting record growth and increased attention being paid to expansion—physically and technologically—as they continue to court the growing number of businesses that are expanding throughout upstate New York.
While some local banks, like Adirondack Trust Co. are building upon their already strong relationships with customers in the immediate area, other banks, like Ballston Spa National Bank and Saratoga National, have seen significant growth as a result of expanding into other regional markets.
Still other banks, like NBT, which has branch offices throughout the state, are continuing to be viable competitors by offering high-caliber of services to meet the needs of a diverse customer base.
Stephan Von Schenk, president of Adirondack Trust, said last year saw record growth across all three of their lending portfolios, with residential and consumer lending up by 15 percent.
“Anything over 10 percent is very fast and is not sustainable without expansion and increasing infrastructure,” he said.