Category Archives: Banking / Asset Managment

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.”

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.

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.

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.

As the 2017 tax season gets underway, the Adirondack Trust Co. is urging all customers to take extra precaution when filing their returns to prevent exposure to tax fraud.

“Fraudsters are using very clever tactics to get a hold of your personal information and submit false tax notes,” said Charles V. Wait, Jr., bank  executive vice president. “Consumers must be suspicious of any communication from the IRS through email, text or social media that requests personal information, and should keep a watchful eye out for missing W-2s and mail containing sensitive financial information.”

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help consumers prevent tax ID fraud, the Adirondack Trust Co. offered the following tips:

• File early. File your tax return as soon as you’re able, giving criminals less time to use your information to file a false return.

• File on a protected Wi-Fi network. If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a Wi-Fi hotspot at a coffee shop.

CAP COM has opened its 10th branch office at 2439 Route 9 in Malta.

“Our members have been asking for a branch that is more convenient to northern Saratoga County and we delivered,” said President/CEO Paula Stopera. “Even while we continue to expand the mobile technology we offer, we know that many of our members still want the kind of in-person, one-on-one service that CAP COM is known for.”

Stopera said with more than $1 billion in assets, the credit union last year joined the CO-OP Shared Branch Network, expanding its footprint by offering transactional services in 5,000 locations throughout the nation. Through CAP COM’s mortgage subsidiary, Homeowners Advantage, its mortgage business has tripled over the past four years.

CAP COM partnered with BBL Construction and Woodward, Connor, Gillies & Seleman Architects to build the branch, similar to the credit union’s CAP COM Financial Center in Albany.