Arrow reports record high net income of $24.7 million for 2015

•       Net income for 2015 reached a record high of $24.7 million.

•       Diluted EPS was a record $1.91 for the full year and increased to $0.51 in the fourth quarter.
•       Fourth-quarter net interest income rose 8.2% year over year on a tax-equivalent basis.
•       Period-end loan portfolio balances hit a record high; increased 11.4% since prior year-end.
•       Total deposit balances increased 6.7% to $2.03 billion at year-end.

GLENS FALLS - Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and twelve-month periods ended December 31, 2015. Net income for the fourth quarter of 2015 was $6.6 million, an increase of $200 thousand, or 3.1%, from net income of $6.4 million for the fourth quarter of 2014. Diluted earnings per share (EPS) for the quarter was $0.51, an increase of 4.1% from the comparable 2014 quarter, when diluted EPS was $0.49. For the year ended December 31, 2015, net income was a record $24.7 million, up 5.6% over net income of $23.4 million for 2014, while diluted EPS was a record $1.91, up 5.4% over $1.81 in 2014. Return on average equity (ROE) and return on average assets (ROA) were 11.86% and 1.05%, respectively, for the year, as compared to 11.79% and 1.07%, respectively, for 2014.

Arrow President and CEO Tom Murphy stated, "Arrow delivered excellent results in 2015, thanks to the combined efforts of our dedicated team. A major highlight for the year was the double-digit growth of our loan portfolio, which reached a new record high at year-end, while maintaining our commitment to strong asset quality. We also set new records for net income and total equity at year-end, and our profitability measurements remained strong."

The following list expands on our fourth-quarter and year-to-date results:

Net Interest Income: Our net interest income, on a tax-equivalent basis, increased $1.4 million, or 8.2%, in the fourth quarter of 2015, as compared to the fourth quarter of 2014, due primarily to an increase in the average level of interest-earning assets between the periods and a decrease in our cost of funds. Our tax-equivalent net interest margin was 3.15% for the fourth quarter of 2015, down from 3.17% in the fourth quarter of 2014, and up slightly from 3.14% in the third quarter of 2015. While the yield on earning assets decreased slightly compared to the prior-year period, the cost of our interest-bearing liabilities decreased even more as these liabilities have continued to reprice downward in this historically low interest rate environment. Our average cost of funds in the fourth quarter of 2015, as compared to the prior-year period, fell six basis points from 0.32% to 0.26%; while our average yield on earning assets decreased by three basis points.

Loan Growth: At December 31, 2015, our loan portfolio reached a record high of $1.574 billion, up $160.7 million, or 11.4%, from the prior-year level, due to growth in all three of our major segments: commercial, consumer and residential real estate.

The outstanding balance of our residential real estate loan portfolio at December 31, 2015, was 15.9% higher than at year-end 2014. During 2015, we originated $144.2 million of residential real estate loans, up 9.9% from approximately $131.2 million in 2014. We retained a higher percentage of our residential real estate loan originations in 2015 than in 2014 as yields began to rise. Our gain on the sale of residential

real estate loan originations in 2015 was less than our gain on the sale of originations in 2014 due both to a decrease in the amount of loans sold and a narrowing of the premium received on these sales.

Deposit Growth: At December 31, 2015, our deposit balances reached $2.03 billion, up $127.5 million, or 6.7%, from the prior-year level. Noninterest-bearing deposits grew $58.0 million or 19.3% from the prior- year level, which has positively impacted net interest margin. Noninterest-bearing demand deposits represent 17.7% of total deposits at year-end, up from 15.8% as of the prior-year level.

Assets Under Management and Related Noninterest Income: Assets under trust administration and investment management at December 31, 2015, rose to $1.233 billion, a slight increase of $6 million, or 0.5%, from the December 31, 2014, balance of $1.227 billion. The growth in balances was generally attributable to a net gain in market value of accounts, which has since declined in 2016, as well as the addition of new accounts. For the 2015 fourth quarter, income from fiduciary activities of $1.9 million was up 1.5% from the same period in 2014.

Insurance Agency Operations: Insurance income for the fourth quarter of 2015 declined $149 thousand, or 6.6%, to $2.12 million from $2.27 million in 2014. This decrease was primarily attributable to the October 2015 sale of our wholly-owned subsidiary specializing in offering insurance services to out-of-market amateur sports management associations.

Asset Quality: Asset quality remained strong, as measured by our low level of nonperforming assets and charge-offs. Nonperforming assets of $8.9 million at December 31, 2015, represented only 0.36% of period-end assets, a ratio that is below industry averages and below 0.37% from the prior year-end. Our net loan losses for the full year were 0.06% of average loans outstanding for 2015 and 0.05% for 2014. Net loan losses for the fourth quarter of 2015, expressed as an annualized percentage of average loans outstanding, were 0.05%. These asset quality ratios continue to be significantly lower than our peer group and industry averages.

Our allowance for loan losses was $16.0 million at December 31, 2015, which represented 1.02% of loans outstanding, a decrease of eight basis points from our ratio of 1.10% at year-end 2014.

Cash and Stock Dividends: A cash dividend of $0.25 per share was paid to our shareholders in the fourth quarter of 2015, 2% higher than the cash dividend paid in the 2014 quarter. This represents the 22nd consecutive year of an increased cash dividend. In September 2015, we distributed a 2% stock dividend. All prior-period and per share data have been adjusted accordingly.

Capital: Total shareholders’ equity grew to a record $214.0 million at period-end, an increase of $13.0 million, or 6.5%, above the year-end 2014 balance. Arrow's capital ratios remained strong in 2015. At December 31, 2015, the Company's CET1 ratio was 9.59% and total risk-based capital ratio was 15.54%. The capital ratios of the Company and both its subsidiary banks continue to significantly exceed the “well capitalized” regulatory standards, which places us in the highest current regulatory category.

Peer Group: Many of our key operating ratios have consistently compared favorably to our peer group, which we define as all U.S. bank holding companies having $1.0 to $3.0 billion in total assets, as identified in the Federal Reserve Bank’s "Bank Holding Company Performance Report" (FRB Report). The most current peer data available in the FRB Report is for the nine-month period ended September 30, 2015, in which our return on average equity (ROE) was 11.70%, as compared to 8.61% for our peer group.

As of September 30, 2015, our ratio of loans 90 days past due and accruing, plus nonaccrual loans to total loans was 0.57%, as compared to 0.87% for our peer group, while our annualized net loan losses of 0.06% for the year-to-date period ending September 30, 2015, were below the peer result of 0.08%.

Industry Recognition: In the fourth quarter, Arrow was named to Bank Director Magazine’s annual “Bank Performance Scorecard” list of the top-performing banks in the country. This follows other recognitions in 2015, including being named one of “America’s 50 Most Trustworthy Companies” by Forbes; appearing on the American Banker Magazine top-performer list; and receiving the Raymond James Community Bankers Cup for our 2014 financial performance.

In addition, the Company's two banking subsidiaries were each recognized as a 5-Star Superior Bank by BauerFinancial, Inc., a nationwide bank rating and research firm, based on September 30, 2015, financial data. Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company have each earned this designation for the past 35 and 27 quarters, respectively.

Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc.; two property and casualty insurance agencies: Upstate Agency, LLC and McPhillips Insurance Agency, a division of Glens Falls National Insurance Agencies, LLC; and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.


New Spa City craft cocktail bar to open next week

Craft Cocktail Bar in Saratoga Springs to open Tuesday, Jan. 26 at 24 Caroline Street

Saratoga Springs) -- When craft cocktail bar Hamlet & Ghost opens to the public on Tuesday, January 26 at 5 p.m., it will offer specialty cocktails such as the Spice Hound (Ancho Reyes chili liqueur with Tequila Ocho Anejo) and a Milk Punch (tea-infused Battenkill Valley Creamery milk, rum and nutmeg), adding new variety to the bar scene in Saratoga Springs. To celebrate the opening of its 24 Caroline Street location, on February 3 the bar will host a ribbon cutting at 4:15 p.m. followed by a grand opening party at 5:30 p.m.
Many of the cocktails at Hamlet & Ghost will feature fresh-pressed juices and homemade bitters and tinctures. The seasonal craft cocktail menu of approximately 9 to 14 specialty drinks will be complemented by a carefully chosen selection of beer, wine, and champagne. From the kitchen, Hamlet and Ghost will offer a New American menu of small plates, including dishes such as a Wagyu Beef Steak with hand-cut “steak frites” served with turmeric aioli and a Cognac-Soaked Pear Tartine.
“After many months of planning and extensive renovations to this historical building, we’re excited to share our interpretation of speakeasy hospitality with a contemporary flair,” notes owner and expert bartender Brendan Dillon. “Unlike most bars, every server here will be fully trained to tend bar, so they will have exceptional knowledge of how the drinks are made. They will offer personal attention to help our guests find just the right cocktail to suit their mood and palate, from sweet espresso mocktails to bolder, more potent cocktails, like a smoky Old Fashioned variation called “The Don Lockwood” made with peaty Laphroaig Scotch Whisky and Four Roses Bourbon.
Of particular note at this new establishment, with the one-night exception of the grand opening party on February 3, all guests in the bar will be seated so they can enjoy a relaxing experience. The bar’s host will manage a text/call wait list and the bar will only accommodate 50 guests at a time.
“On Wednesday, February 3, after a ribbon cutting and reception in the late afternoon, we will transition by 5:30 into a high-energy, standing-room grand opening celebration,” comments Dillon. “We’ll offer a special punch service to keep our service fast, and create a festive atmosphere with some merchandise giveaways and other surprises. Everyone’s invited.”
The bar’s interior features an eclectic blend of historic exposed brick, reclaimed wood from a local mushroom farm, a poured concrete bar flanked by white subway-style wall tile, and industrial-style seating and lighting. New, modern elements blend with old and rustic features. Bar guests will be seated in three different areas: a European-style banquette along the front windows, a classic bar counter in the middle, and an intimate area with small tables and a 16-foot curved banquette in the back.
Located in the heart of downtown Saratoga Springs at 24 Caroline Street by the corner of Putnam Street, Hamlet & Ghost’s building was once a flour, feed and grain shop in the 1870s. During Prohibition, a hardware store provided an alleged facade to a hidden gambling spot.
Before developing Hamlet & Ghost, owner Brendan Dillon, a native Saratogian, was a central figure behind the bar for five years at Max London’s Restaurant & Bar. A bartending course he took with “cocktail godfather” Gary Regan in 2006 set him in pursuit of craft cocktails. His previous hospitality experience includes Verde Restaurant at Stratton Mountain in Vermont as well as several other Saratoga establishments.
Dillon’s business partner, Dennis Kiingati, is a Saratoga import and entrepreneur.
Colin Murphy, Chef at Hamlet & Ghost, worked in New York City, San Francisco and Georgia, fine-tuning his craft.
Brady Dillon, Sous Chef at Hamlet and Ghost, cut his teeth in the kitchen at Siro’s in Saratoga Springs and then attended the Culinary Institute of America, before returning to the area as chef at The Merry Monk and Lake Local.
In addition, the bar’s owners have benefited from the experience of Chall Gray, best known for his Top of the Monk bar in Asheville, North Carolina, and Alex Straus, a Saratoga native and hospitality veteran of more than 17 years who has opened numerous bars on the West Coast, including EP/LP in Los Angeles and the internationally renowned Tao Beach in Las Vegas.
Hamlet & Ghost will be open Monday through Thursday from 5 p.m. until midnight and Friday and Saturday from 5 p.m. until 2 a.m. The bar will be closed on Sundays. Additional information and photos are available atwww.hamletandghost.com and on Facebook, Instagram, and Twitter.

Read the Saratogian's original story here.


Saratoga National partners with Tech Valley Center of Gravity

SARATOGA SPRINGS -- Saratoga National Bank and Trust Company recently partnered with the Tech Valley Center of Gravity as a service provider for its business incubator program.

Saratoga National Bank is one of many partners for the center’s SPECTRVM business incubator, which entails mentoring, guidance, financial assistance and other help for participants. The Tech Valley Center of Gravity in Troy is a membership organization offering space, equipment, education and support to existing businesses, inventors and start-ups.

For more information on the Tech Valley Center of Gravity, visit tvcog.net.

Headquartered in Saratoga Springs, Saratoga National Bank provides banking, investment, insurance and other financial services through nine locations. For more information, visit saratoganational.com.

Macari joins architecture+

architecture+, a design and service oriented architecture and planning firm in Troy, New York, has announced that Ryan A. Macari has joined the firm as an Intern Architect. Macari, of Troy, New York, holds a Bachelor of Science from University of New York at Buffalo. Previously, he worked as a Field Engineer for a construction company in San Francisco. His prior experience also includes a study abroad program in Tokyo. architecture+ has been serving clients in government, healthcare, education and other cultural and community organizations in the Capital District since 1984.Displaying Ryan_Macari.jpg

Fingerpaint taps former McCann Torre Lazur President Bill McEllen to lead Saratoga office

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SARATOGA SPRINGS  – Fingerpaint, a full-service marketing agency with headquarters based in Saratoga Springs, New York, has announced the hire of seasoned executive, Bill McEllen, to lead its ever-expanding New York office.

The news is a major win for the full service creative agency. McEllen brings over 20 years’ experience in client-side sales, marketing and advertising, as well as an innate ability to combine corporate objectives with creative strategies to produce impactful campaigns.

McEllen joins Fingerpaint after thirteen years with McCann where he served as President of both the Torre Lazur and Echo Torre Lazur Groups. Prior to McCann, McEllen spent over a decade on the client-side in sales and marketing.  In the last ten years, agencies under his leadership were nominated as an “Agency of the Year” seven times through various industry publications.
In his new role at the holocratic, employee-owned and driven agency, McEllen will oversee global expansion, drive organic and new client growth, and manage the day-to-day operations of the New York office. He will report to Fingerpaint’s founder Ed Mitzen.
“We are thrilled to have Bill join our team. With his impressive resume and leadership skills, he will be a vital instrument in Fingerpaint’s continued growth and unwavering ability to produce the highest quality of work for our clients,” said Mitzen.
Said McEllen, “I am excited to be part of the Fingerpaint team. The independent spirit, and culture of uncommon collaboration, make it a truly unique offering for our clients and employees."
Fingerpaint serves both national and global accounts across a broad spectrum of industries including pharmaceuticals, education, entertainment, financial services, healthcare, real estate and travel and tourism.  The firm specializes in brand development, strategic planning, digital and multichannel marketing, audio and video production and public relations.Displaying McEllen_Bill_CMYK_4x5.jpg

About Fingerpaint
Fingerpaint is a full-service marketing agency committed to original thinking and uncommon collaboration. Based in Saratoga Springs, NY, and with offices in Albany, NY, Scottsdale, AZ and Villanova, PA. the firm specializes in brand development, strategic planning, digital and multichannel marketing, audio and video production and public relations. fingerpaintmarketing.com

Mohawk celebrates 70th anniversary of Superfine

Cohoes -  In 1946, the world was changing, and in Cohoes, New York, the innovative papermakers at Mohawk were creating a new product called Mohawk Superfine.  For seven decades since, Superfine has endured - inspiring graphic designers, printers and craftspeople - with its superb formation, lush tactility and timeless appeal.

Mohawk will honor the iconic grade and recognize its history through a series of special events held throughout 2016, beginning with a campaign called #DearSuperfine.  Artists, designers, printers and others who have worked with Superfine over the years are encouraged to submit their thoughts about the grade and samples of their work. Mohawk will feature memories, images and testimonials via social media as the company celebrates 70 years of Superfine.

In addition, Superfine has been named the exclusive paper of the 70th Annual National Stationery Show, held May 15-18 in New York, New York. Fine stationery lines designed and printed on Mohawk Superfine will be featured and celebrated at the trade show and most of the show’s collateral materials will be printed on the paper.

The Story of Superfine
1946 was a momentous year. Barriers were broken, innovations were fueled and optimism reigned. A time of rapid change in society, politics and design in the United States and across the globe, the year 1946 saw many historic firsts.
·         Jackie Robinson, a shortstop for the Montreal Royals, made history on April 18, 1946, by breaking the color barrier in organized baseball. Robinson hit a home run during the historic game against the Jersey City Giants and went on to become the first black player ever signed to a professional league contract.                                                                                               
·         The first Eames chair, designed by husband and wife team Charles and Ray Eames, was produced in 1946, creating a classic for the Herman Miller furniture company.
·         A futuristic, two-piece swimsuit called the bikini debuted in Paris during the summer of 1946.
·         The Kaufmann House one of the nation’s most iconic examples of classic mid-century modern architecture was built in Palm Springs, California in 1946 for Edgar Kaufmann, a Pittsburg department store tycoon.
·         American culture underwent a major transformation in 1946 as families began moving from farms and cities into newly constructed suburbs, resulting in a highway and housing construction boom.Developers such as William Levitt (the developer of Levittown) became symbols of mid-century suburban life as families were lured to the outskirts of cities to purchase modest, inexpensive tract homes.
And in 1946, a team of innovative papermakers redefined quality for an industry with the creation of Mohawk Superfine. Since then, Superfine has been manufactured with great care and pride at Mohawk’s upstate New York paper mills. Long celebrated for its quality, consistency, uniformity and perfect printing surface, the flagship grade has become known as the finest uncoated text and cover paper for offset printing, and as the benchmark in fine paper for digital printing.  
According to Thomas D. O’Connor, Jr., Chairman and CEO of Mohawk, “Superfine got its name back in the 1940’s when my Great Uncle, George Morrison, brought the original samples from the trials on the paper machine to a customer in Boston. Their response was ‘this is a superfine sheet of paper,’ and the name stuck.”

“Yale University was instrumental in the history of Superfine. Yale came to Mohawk in the 1960’s because they wanted to print The Papers of Benjamin Franklin and they were looking for an archival sheet of paper. They challenged us and we developed a new chemistry on the paper machine to make an archival sheet of Superfine,” continued O’Connor.

Mohawk Superfine has endured as the fine paper of choice for the world’s leading brands, graphic designers and fashion houses. World-renowned companies select Superfine for luxury packaging, high-end communications, premium envelopes and fine stationery.

Superfine has set the standard for uncoated fine paper, with perfect formation, impeccable hand and a lush, tactile surface. Superfine has inspired designers for decades and is engaging an entirely new generation of makers because of its beauty, and its incredible capabilities on digital printing presses,” says Chris Harrold, Vice President Business Development and Creative Director.

No other premium paper works so well on today’s leading digital printing presses, which makes Mohawk Superfine ideal for social stationery, wedding invitations, greeting cards, business cards, annual reports, real estate collateral, beautiful coffee table books and other high quality photo products, or digital print projects in which luxurious results are essential.

For more information about the 70th anniversary of Superfine and #DearSuperfine, visit www.MohawkConnects.com/Dearsuperfine.


Mohawk is North America’s largest privately-owned manufacturer of fine papers and envelopes which are preferred for commercial and digital printing, photo specialties and high-end direct mail.  Mohawk fine papers and envelopes include the signature brands Mohawk Superfine® and Strathmore®, as well as proprietary treatments Inxwell® and i-Tone®. With a culture of innovation, Mohawk’s business model now extends beyond paper manufacturing into new areas of growth, including digital substrates, which connect designers and printers to new markets. 

As a leader in environmentally and socially responsible business practices, Mohawk was the first U.S. manufacturer of commercial printing papers to match 100% of its electricity with wind power renewable energy credits and the first U.S. premium paper mill to shift toward carbon neutral production. Mohawk’s portfolio of recycled papers is certified by Green Seal and the Forest Stewardship Council (FSC).

Mohawk is a fourth-generation, family-owned and operated business based in Cohoes, New York, with global sales and operations located throughout North America, Europe and Asia. For more information, please visit www.mohawkconnects.com.

Mazzone to open Cornerstone at the Plaza event space in Albany

ALBANY>> Office of General Services Commissioner RoAnn Destito recently announced that Cornerstone at the Plaza, a new event venue and restaurant will open in the former Sign of the Tree Restaurant on the Empire State Plaza.  The venue will operate under the stewardship and management of Capital Region restaurateur and catering company Mazzone Hospitality and will include on the menu foods and beverages produced in New York State. Cornerstone at the Plaza willhost social, corporate, and legislative functions beginning in January 2016.

“The overwhelming success of Governor Cuomo’s Taste NY initiative has shined a light on the amazing food and beverages produced here in our state,” Commissioner Destito said. “So it makes perfect sense for those who dine or attend a function at Cornerstone at the Plaza, which will be located in the heart of state government, to be able to enjoy some of our New York State products.”

Cornerstone at the Plaza will be available immediately for private functions, including weddings, and will also be the site of a Mazzone Hospitality restaurant, which is slated to open in late 2016. The restaurant, which features large glass walls overlooking the Empire State Plaza, will be open to the public for dining exclusively during the legislative session.

Located under the shadow of The Egg, Cornerstone at the Plaza offers panoramic views of the City of Albany and the Empire State Plaza, including the ice rink in the winter and fountains in summer. The space will host events for up to 250 guests and allow for outdoor wedding ceremonies and cocktail receptions on the Empire State Plaza. The site was last operated as a restaurant in 2006 and continued to be used as a catering venue through 2013. 

“Mazzone Hospitality is honored to join the New York State Office of General Services in the re-opening of this iconic dining and entertainment spot, which is a treasured piece of New York State and Capital Region history,” said Mazzone Hospitality Owner Angelo Mazzone. “We’re thrilled to contribute to the redevelopment of downtown Albany, which is witnessing a rebirth through the ongoing upgrades to the Empire State Plaza and the construction of the Albany Capital Center.”

Mazzone Hospitality currently operates a cafeteria and kiosk on the north end of the concourse, pbd kitchen in the center concourse and is a caterer servicing the Empire State Plaza Convention Center and Corning Tower observation deck.

New York State produces some of the best food and beverages in the world. Governor Cuomo’s Taste NY initiative encourages New Yorkers and tourists alike to try our state’s homegrown products and help us continue to grow the state’s thriving agricultural industry. Displaying PHOTO.JPG
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architecture+ names new associate

architecture+, a design and service oriented architecture and planning firm in Troy, New York has named Emily Kohout, AIA, LEED AP, of Scotia, New York, as an Associate. Kohout, a graduate of Roger Williams University, joined architecture+ in 2004. She has worked on a variety of projects including several community and college libraries and laboratories at SUNY Cobleskill and at The Sage Colleges. She is currently working on renovations of Milne Library at SUNY Oneonta and the Lecture Hall Student Wing, at Binghamton University. architecture+, located in Troy, New York, has been serving clients in healthcare, government, education, and other cultural and community organizations in the Capital District for over thirty years.Displaying Kohout.jpgDisplaying Kohout.jpgDisplaying Kohout.jpg


Former Town of Colonie Police Chief, Steve Heider to be honored at the Colonie Chamber of Commerce 2016 Annual Dinner

Colonie –The Colonie Chamber of Commerce announced plans to honor Former Town of Colonie Police Chief, Steve Heider with their Spirit of the Community Award at the Chamber’s Annual Dinner. The dinner will be held at the Century House on January 28th, 2016 starting at 6:00 PM
Created by the Colonie Chamber of Commerce to honor community members who have continually made Colonie a better place to live and work, the Spirit of the Community Award will be presented to Heider, who retired earlier this year after over 42 years on the job.
“This award is in recognition of a job well done and a way to thank Chief Heider for his dedication and service to our community.” noted Tom Nolte, Chamber President.
Last year’s first ever Spirit of the Community Award was presented to David and Ruth Hoffman of Hoffman’s Playland.
The Chamber’s Volunteer of the Year Award will be presented to Frank Paladino of Time Warner Cable Business Class for his contributions to the organization as a Chamber Ambassador.
Check presentations will also be made to WERC, the Capital District Women's Employment & Resource Center on behalf of the Chamber’s Women for Women Committee (W4W) as well as to the American Cancer Society for the Chamber’s recent No Shave November fundraiser.
In addition the Chamber will also announce the recipients of the Town of Colonie Beautification Achievement Awards at the Annual Dinner. The Beautification Achievement Awards were created to award businesses who strive to enhance the quality of life in the Town of Colonie and contribute to the community’s physical environment. 
Awarded by the Chamber’s Government Relations, Economics, and Transportation (G*R*E*A*T) Committee, three recipients will be announced under the categories of New Construction, Redevelopment, and Interior Remodel, the awards are designed to recognize three distinct improvements. 
The three finalists for each category are:
·         New Construction:
o    Cole’s Collision - completed in 2015 and located at 1517 Central Avenue, this 18,000 sq. ft. facility features some of the world’s most advanced auto repair equipment and has revitalized a property that was deemed “unsafe” with an attractive, state-of-the-art building. 
o    Kinderhook Bank - located at 782 Troy Schenectady Road, the Latham branch compliments the surrounding area with great visibility as well as a clean, modern look that adds to the existing aesthetics of the Route 7 corridor. 
o    Staybridge Suites - completed in December 2014 this energy efficient hotel features 112 spacious suites with a beautiful outdoor courtyard. The property offers guests amenities including a beautiful, heated indoor pool and Jacuzzi as well as an expansive fitness center all within walking distance to entertainment, dining & shopping.
·         Redevelopment:
o    Mabey’s Moving & Storage - included the construction of two climate controlled storage buildings on the corner of New Loudon and Sparrowbush Roads featuring attractive landscaping, fencing and signage.
o    Panda Express – built on property that previously housed a bank the first Panda Express in our area completed construction earlier this year. Known for its clean lines and inviting signage the restaurant is located at 545 Troy Schenectady Road.
o    Plaza 7 Commons - renovations to the 1210 Troy Schenectady Road location have breathed new life to what was formally known to most locals as the “Old Bowlers Club”. Now home to Innovo Kitchen, Ayelada Frozen Yogurt & NexGen Indoor Golf Center among others the property will soon boast a new open marketplace.
·         Interior Remodel
o    Colonie Center - upgrades were completed throughout the Center including center court, the food court, restrooms and family lounge areas. The renovations include iPad stations, lighting, large screen digital TV’s, private nursing stations and new furniture and carpeting; all to upgrade the shopping experience. 
o    Reel Seafood Company – three weeks of renovations were completed in January 2014 and the $500,000 project was inspired by the Aegean-style of clean lines with tints of blues and whites featuring modern trim and lighting, an expanded bar and raw bar area as well as 24 feet of adjoining fish tanks.
o    Swifty’s Restaurant & Pub -  nominated for upgrades to their 95 Everett Road location which included a complete remodel of the bar area from floor to ceiling to provide a more open concept with new televisions, booths andtables. The kitchen was completely gutted and remodeled with new equipment, flooring and walls.

The Colonie Chamber of Commerce is a business service organization formed to promote the interests of the commercial, industrial, and professional entities in and around Colonie, N.Y. We provide our business community with opportunities to develop strong, local networks, encourage business-to-business exchange, and work with local government officials to create a more business-friendly environment.

Capital Region Chamber elects new chairman

ALBANY>> The Capital Region Chamber has elected its new chairman for the new year: Kevin McCoy, Managing Director of Marvin and Company.

McCoy, who succeeds president of Northeastern Fine Jewelry Raymond Bleser, has more than 40 years of experience in public accounting with Marvin and Company. A graduate of Siena College with a bachelor of business administration degree in accounting and completed his master of science degree in accounting from the University at Albany. He was also a member of the adjunct faculty at the University at Albany, lecturing in tax, accounting and auditing for more than 10 years.

Additionally, Denise Gonick, president and CEO of MVP Health Care was voted chair-elect.
Gonick began her tenure with MVP Health Care in 1995, Prior to being named CEO in 2012, she served as President of Operations and previously served as executive vice president of administrative services and chief legal officer. She is a graduate of Hofstra University with a bachelor's degree in Creative Studies and earned her juris doctor degree from Albany Law School.
The Capital Region Chamber represents 2,800 businesses and organizations from throughout the Capital Region - Albany, Schenectady, Rensselaer and Saratoga Counties and beyond - that employ more than 150,000 area residents. Its mission is to be a unifying force to provide greater influence and opportunities for our members and our Capital Region communities.

The Inn at Saratoga closed for renovations

The Inn at Saratoga Hotel & Restaurant, located on Broadway in downtown Saratoga Springs, is closed from renovations until Monday, Jan. 11.


Saratoga National Bank earns five-star rating

Description: new logoblue no starSARATOGA SPRINGS) – Saratoga National Bank and Trust Company was recognized in December as a 5-Star Superior bank by BauerFinancial, Inc., the nation’s leading bank rating and research firm. Saratoga National has earned this designation for the past 27 consecutive quarters.

The 5-Star rating indicates Saratoga National Bank and Trust Company is one of the strongest banks in the nation. To earn 5 Stars, banks must excel in areas of capital quality, asset quality and profitability, according to Karen Dorway, President of BauerFinancial.

Based in Coral Gables, Florida, BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution pays BauerFinancial to rate it, nor can any choose to be excluded. Consumers may learn more at bauerfinancial.com.

Saratoga National Bank provides banking, investment, insurance and other financial services through nine locations in the Capital Region. More information is available online at saratoganational.com.

January news from the Troy BID

Downtown Happenings 
January 2016


We hope everyone enjoyed their holidays and our unseasonably warm weather. 

As we head into 2016, and the bicentennial celebration of Troy's incorporation, we are looking at some downtown Troy projects that are beyond exciting. Stay in touch with us so that you don't miss out!

It is with heavy hearts that we say goodbye to Troy's Director of Operations, Bill Chamberlain, who tragically left us all too soon in December. We will do all that we can to honor Bill's memory and work ethic as we continue to program the city he loved so much. 

We are so grateful for all of the support that we receive on Troy's behalf every day. Here is to charging forward, into what we feel will be a record year for downtown!


Your Downtown Troy BID team
Troy BID Events 
Sage Night Out 
Friday, January 29, 5:00 - 9:00

This month's Troy Night out is in honor of The Sage College's Centennial year. The night will begin at 4:30 with the president of Sage, Susan Scrimshaw flipping a switch and turning the college Green.  Show your support by coming downtown and celebrating with Sage students from both the Troy and Albany Campus, as well as numerous alumni. Many downtown businesses will be showing their support by lighting up their business green! We are so excited to kick of 2016 with a great Troy Night Out inspired by our Sage neighbors!

Grand Opening & Open House - The Balance Loft 
Friday, January 29
11 State Street

The Balance Loft is owned and operated by Kelly Kendall who has been working on opening an integrative fitness studio since 2013. Kelly looked at many different areas to open her studio but when she came to Troy she felt a "fresh, friendly and creative"energy that she hadn't felt in other areas. Kelly is so happy to both live and operate her business on in historic Troy, as she says "the studio just feels right here."

The Balance Loft is a boutique fitness studio offering warm and hot yoga, Barre and Boot Camp in an Infrared heated studio. The studio also offers private TRX personal training from Adam Howard who has over 9,000 hours of experience. 

The 4th Annual Dinner & Sammy Awards- Thank you 

Thank you so much to everyone who came out to support us. The Fourth Annual Dinner was a wonderful evening filled with people who make what we do possible.

Save the Date
your upcoming events calendar  

Troy Night Out  :: Friday, 29 :: 5:00 pm - 9:00 pm 

Stay tuned for the release of our full 2016 events calendar!

Member Events 

Troy Savings Bank Music Hall
30 2nd Street 

Sunday, January 24 - High School Choral Festival - 4:00pm
This performance gives gifted local students the opportunity to sing with this premiere chorus in our amazing Hall!

377 River Street 

Friday, January, 8 :: 9:00 pm ::  
Bendt - 
This is a great show featuring two alternative rock bands. 

The Troy Public Library 
10 2nd Street 
Thursdays, January 7 - February 255:45 - 6:45

Led by Michael Fuselli, the sessions include basic guided meditation instruction, practice and discussion. "learn how this technique helps reduce stress and improve energy, focus, self-esteem. balance, self control, improved health, relationships,. productivity and much more!"

The Ruck 
104 3rd Street 
Tuesday, January 5, 6:00pm - 10:00pm

Head on down to The Ruck for a monthly game night. January's tournament features Hungry Hungry Hippos! Free to play and there will be prizes for winners! For more information
Keep an eye out for our winter billboards and posters throughout the city!

Getting Involved
Committee Meetings 

Stay involved and up to date with BID news by attending one of the monthly committee's. Find out more information on our website. 

Fund Development Committee: Second Tuesday of each month, 1:00 pm at Groff Networks (81 4th Street). 
Committee Chair :: Lauren Groff 

Marketing Committee: Second Tuesday of each month, 9:00 am at Mudaddy Flats (49 3rd Street).
Committee Chair :: Debra Lockrow 

Beautification Committee: Second Tuesday of each month, 5:30 pm at The Judge Development Corp. office (255 River Street).
Committee Chair :: Sam Judge 

Business Development at Retention Committee: Second Wednesday of each month, 8:30 am, meet at BID office (251 River Street) and proceed to restaurant. 
Committee Chair :: Sarah Jermano

Special Events Committee: First Wednesday of each month, 8:30 am at Muddaddy Flats (49 3rd Street). 
Committee Chairs :: Robin McDonough and Dan Frament 

Share your news with us
Have something for next month's news letter? Send the information along to events@troybid.org and we will consider it for next month's edition!
The Downtown Troy Business Improvement District | DowntownTroy.org 
518-279-7997 | 251 River Street