Last week Governor Cuomo signed a law that automated teller machines (ATM) no longer need to post signs disclosing potential fees. The federal government recently passed a similar measure. ATM operators are already required to disclose fees on their computer screens or a paper notice once the transaction has been initiated.
According to the U.S. Small Business Administration, M & T Bank approved 126 new SBA flagship 7(a) loans totaling $25.8 million between October 1, 2012 and March 31. That’s quite a change from a year ago when, over the same period, it approved 94 loans totaling $10.3 million.
Allison Kline reporting the story for Buffalo Business First. Click here to read more.
First Niagara Bank has announced the creation—first reported by The Business Review in December—of a new tri-state region covering the Lower Hudson Valley of New York, Fairfield County in Connecticutt and Northern New Jersey.
The Buffalo-based bank had just one region in New York, the upstate territory led by Albany-based Peter Cosgrove. Its purchase last May of more than 100 former HSBC branches bolstered its position in the Hudson Valley and Connecticut, triggering the need for separate leadership. It now has 26 offices in the Hudson Valley and 14 in Fairfield County. There are no branches in New Jersey, but First Niagara serves the market as a commercial lender.
Nice lead in the story Times Union editor Casey Seiler wrote for the following article on the impact small banks in helping small businesses and farms in these tough economic times. Here’s his report:
ALBANY — George Bailey, the beleaguered small-town banker in “It’s a Wonderful Life,” had the right idea: Small banks pack a significant financial punch, according to a report from the state Department of Financial Services.
Since coming on line on the fall of 2011, DFS has been trying to draw attention to the role played by these smaller institutions in an age of too-big-to-fail entities, while also trying to increase the overall number of banks seeking a state charter.
Community banks — defined as any state or federally chartered institution with less than $10 billion in assets — “build strong customer relationships which help attract local retail deposits,” according to DFS Superintendent Ben Lawsky. “These banks take deposits from their communities and then typically recycle them back into their communities in the form of loans.”
In particular, the report notes that community banks play a disproportionate role in sustaining small businesses and farms. While they hold approximately 22 percent of assets in the state’s Federal Deposit Insurance Company banks, they provide nearly 55 percent of all small business loans, and approximately 90 percent of small farm loans in New York.
Still smaller community banks with assets of $1 billion or less hold only about 6 percent of all FDIC-insured banking assets in the state, but make almost 28 percent of all small business loans, including 43 percent of small farm loans.