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BID seeks to hire new executive director

By Press Release

Press Release:

The Batavia Business Improvement District is seeking to fill the position of Executive Director. 

The ideal candidate must possess demonstrated experience as a visionary leader with the ability to see beyond today and to lead the BID in development, implantation of ideas and vision, along with creating overall strategic direction for the BID. 

Resumes and Cover Letters may be emailed to downtownbataviabid@gmail.com

For more information contact the Batavia Business Improvement District at 585-344-0900 or Donald Brown at donald@charlesmensshop.com.

Video: Zach Watts proprietor of My Cut talks about his new barbershop

By Howard B. Owens
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Earlier this year, Zach Watts opened his own barbershop, My Cut, at 202 E Main St, Batavia, and this past week, The Batavian interviewed him at his shop.

Schumer makes pitch to Israel-based semiconductor company to build plant at STAMP, or elsewhere upstate

By Press Release

Press release:

Following his continued advocacy to make Upstate NY a global semiconductor manufacturing hub, U.S. Senate Majority Leader Charles E. Schumer personally called Tower Semiconductor CEO, Russell Ellwanger, about the company’s interest in expanding their operations. Schumer urged the CEO to locate their next semiconductor fabrication (“fab”) plant in Upstate NY. Tower Semiconductor is currently considering New York, along with several other locations, for a new $5 billion semiconductor fab plant that would create up to a thousand jobs.

Schumer said New York boasts several sites across Upstate that are ready to be home to Tower’s next chip fab, from the STAMP campus in Western New York and the White Pine Commerce Park in Central New York, to Marcy Nanocenter in the Mohawk Valley and Luther Forest in the Capital Region.  Schumer added that Upstate New York boasts a thriving semiconductor ecosystem, top-notch universities, a world-class workforce, and a diversity of companies across the supply chain. 

“Tower Semiconductor’s interest in expanding its manufacturing operations in the U.S., and potentially in Upstate NY, is exciting news for the entire state and a potential game-changer for the region. I made it clear to Tower that I strongly support locating their new semiconductor chip fab in New York. I know firsthand Upstate NY has all of the ingredients to be a global epicenter for semiconductor manufacturing and that is why any of our multiple shovel-ready sites from STAMP in WNY, White Pines in CNY, Luther Forest in the Capital Region, and Marcy Nanocenter in the Mohawk Valley is the perfect location for Tower Semiconductor’s new chip fab,” said Senator Schumer. “Our world-class New York workforce and distinguished research institutions, coupled with New York’s considerable experience in semiconductor manufacturing and R&D mean Upstate NY is tailor-made to be the home for Tower’s new fab. I stand ready to help Tower in any way for investment in New York, including securing the federal semiconductor manufacturing and R&D incentives, and further cement New York as a global hub for chip manufacturing.”

Schumer has long emphasized the importance of active federal support for the semiconductor industry including his push to include provisions in the FY2021 NDAA to create new federal semiconductor manufacturing, R&D, and training programs, noting that even though the U.S. revolutionized the semiconductor and broad microelectronics industries and invented nearly all of the key technology used to this day, by 2030, non-U.S. competitors are projected to control 83% of the global semiconductor manufacturing supply while domestic production could be less than 10%, which would be a threat to national security and economic competitiveness.

In June, Schumer successfully passed through the Senate the U.S. Innovation and Competition Act (USICA), legislation he introduced that combined his Endless Frontier Act to make a significant investment in research, development, and innovation, other bipartisan competitiveness bills, and $52 billion in emergency supplemental appropriations to implement the semiconductor-related manufacturing and R&D programs the senator authorized in last year’s National Defense Authorization Act. USICA also created a program to support legacy chip production that is essential to the auto industry, the military, and other critical industries. Schumer is now working with the House to pass USICA, including the historic federal semiconductor incentives, into law as well as supporting the passage as part of the Build Back Better reconciliation bill of a new 25% tax credit for investments in domestic semiconductor facilities and equipment, modeled after the FABS Act. 

Tower Semiconductor is an Israel-based leading foundry of high-value analog semiconductor solutions and provides technology and manufacturing platforms for integrated circuits in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace, and defense.

Lunar Credit upsets at 42-1 in Batavia top trot

By Press Release

Press Release By Tim Bojarski, for Batavia Downs

 Among the full slate of feature races on the Saturday night (Dec. 4) card at Batavia Downs, the $13,500 Open I Handicap trot drew the most attention after Lunar Credit put on a display of speed and lit up the tote board at 42-1. That was just one of several races that paid out big bucks as longshots dotted the board throughout the night and the biggest carryover in the history of the track was paid out.

Warrawee Shipshape (Dave McNeight III) and Lunar Credit (Jim McNeight Jr.) played tag for the lead with the latter gaining control in front of the stands. Lunar Credit then got to the half in :58.4 and three-quarters in 1:27.4 where Spoiler Alert (Jim Pantaleano) was charging on the attack with Barn Hall (Kevin Cummings) and Lougazi (Ray Fisher Jr.) right behind. Coming into the stretch, horses were coming from everywhere, but Lunar Credit stuck to his task and closed out the mile with a one length win in a seasonal best 1:57.3.

Lunar Credit ($87.00) scored his fifth win of the year for his owner Jim McNeight Jr. Jim McNeight trains the winner. 
The father and son team of McNeight and McNeight Jr. had a big night Saturday, combining for three wins on the card. Besides Lunar Credit, they also won with One Rock (1:58, $5.50) and Wild Bill M (1:58, $7.20). 
Next came a pair of pacing performances, one of which proved quite profitable. 
 

Despite a short field of four, the $13,500 Open I Handicap pace was an exciting event that went right down to the wire. Jim Pantaleano put the Pennsylvania invader Captain Cash right on the lead while Stratosphere (Drew Monti) followed intently from second the entire mile. After cutting solid fractions of :27.3, :57.3 and 1:26.1, Captain Cash was feeling the heat from the tripping Stratosphere and Mississippi Rabbit (Dave McNeight III), who had made his way up to second heading into the last turn. As the field made their way into the lane, it became a two horse race as Stratosphere ducked into the passing lane and switched to full speed. And although he whittled down the lead with every step, Captain Cash had enough left to win by a head in 1:54.3.

Making his first start at Batavia Downs, Captain Cash ($4.20) scored his sixth win of the year for owner Matt Morrison. Christen Pantaleano trains the winner. 


The Pantaleano/Morrison connections also clicked again later in the card with Mankat (1:57, $2.70) who also went gate to wire. 
 

Then in the $11,700 Open II Handicap pace, Jericho Willie (Denny Bucceri) was overlooked at 23-1 despite winning last week. However he tripped-out for the second week in a row, this time behind Sunfirewindrain (Jim McNeight Jr.), all the way to deep stretch where he shook loose in the passing lane and just got up by ¼ length to win in 1:55.3 .

Jericho Willie ($49.60) is owned by Michael Kessler and the Speed To Burn Stable and is trained by Misty Carey. 


Driver Denny Bucceri ended the night with two wins as did Drew Monti. 
 

The huge payoffs continued in the final race of the night when the long growing carryover pool in the Jackpot Hi-5 was finally hit. One single unique 20-cent ticket was sold on the combination of 9-2-7-5-1 and the lucky bettor collected $29,465, which was the largest payout ever in the history of Batavia Downs. 

When live racing resumes at Batavia Downs on Wednesday (Dec. 8) there will be two carryovers and one guaranteed pool. 


To start, there is a $2,259 carryover in the Pick-5 wager in the first race and the management of Batavia Downs has announced that the pool will be guaranteed at $10,000 as part of the United States Trotting Association’s Strategic Wagering Program. Free program pages will be available courtesy of TrackMaster on the USTA’s website and the Batavia Downs website and Facebook page on Monday. The Pick-5 is a 50-cent base wager that begins in race one and runs through race five.
 

Then in race four, there is a carryover of $888 in the Jackpot Pick-6. That is a 20-cent base wager and it runs through race nine.

Free full card past performance program pages for Wednesday and every live racing night at Batavia can always be downloaded at bataviadownsgaming.com under the live racing tab. And if you can’t attend live, you can still watch all the racing action via the Batavia Downs YouTube channel.


Post time for the first race is slated for 5 p.m.

GCEDC Board approves Valiant Real Estates USA Inc. investment of $4.5 million for old warehouse

By Press Release

Press Release:

The Genesee County Economic Development Center (GCEDC) Board of Directors approved assistance for a $4.5 million project investment by Valiant Real Estate USA Inc. for a bus operations facility in the town of Batavia at its board meeting on Thursday, December 2, 2021.

Valiant Real Estate USA Inc.’s 20,000 sq. ft. facility will include office space, training space, repair areas and storage in order to support school districts and school bus operators across the Western New York and the Finger Lakes regions. The proposed facility will be located less than a mile of Interstate 90 Exit 48, providing a strong logistics base for the project.

The project includes infrastructure to support future utilization of electric/clean energy vehicles and related initiatives.  Over the next three years Valiant Real Estate USA Inc. plans to create up to 19 new jobs and 12 part-time jobs. The $430,120 in estimated assistance to the project is estimated to produce a $50 return for every $1 of assistance.

The GCEDC Board also accepted an application from Mega Properties Inc. and approved scheduling a public hearing on the potential assistance for the purchase of a vacant 142,000 sq. ft building in the town of Batavia and plans to develop the building into a warehouse distribution facility. The proposed $8.5 million financial investment by Mega Properties Inc. would retain nine full-time employees and the creation of up to 11 new jobs. The project has requested approximately $600,000 in property, sales, and mortgage tax exemptions.

 

Alexander entrepreneur adds liquor and fish fries to her business menu

By Joanne Beck

There was a time when Jenny Wall thought practically about being a prison counselor, which is why she obtained an associate degree in human services.

But, a decent salary and retirement benefits aside, she pushed away practical and went for the dream. Wall, 38, who has owned and operated J Dubs Pizzas and Subs of Alexander for more than a dozen years, just opened Liberty’s Liquor Cabinet in October of this year, and added fish fries to her menu as of Friday (Dec. 3). 

“For the most part, I really liked running a kitchen, and I took a chance,” the Alexander native said during an interview Thursday. “It’s a lot harder than people think. It’s a lot of hours and a lot of sacrifice, but you do make some great relationships in the community. You’re so grateful that you have to do what you can, you’ve just got to keep on keeping on.”

A big part of Wall’s expansion has included the purchase of a building three years ago to house both of her business ventures at 10594 Main St., Alexander. A former appliance store, it took some renovations to make the place restaurant-worthy: a “nice big kitchen” and dining room expansion to accommodate 30 people. 

The pizzeria had formerly been across the street, but a talk with her dad, doing some research, and an entrepreneurial vision prompted Wall to buy the much larger site and move in with room to grow. Two years later another renovation paved the way for the liquor store. The property also contains three apartments and another woman-owned business of a beauty salon. A 12-space back parking lot was added in the last three years. 

Opening a pizzeria wasn’t a random move, Wall said, as she had worked in the pizza industry for about seven years until the last shop she was at closed. The question of working for someone else or going out on her own wasn’t an easy one, she said. 

“I kind of knew what I was doing; I had been doing every aspect of the business,” she said. “I hemmed and hawed for a week, and then I asked the landlord if I could rent the space. It was super scary.”

J Dubs moved into a spot that had been occupied by six pizzerias, all of which had closed in a 10-year span. Wall had a strategy of not using frozen dough; only freshly made from scratch and the same for the sauce. 

“I use really good products. I’ve kind of built a reputation that if you leave my place hungry, something’s wrong. A lot of customers have turned into family.”

The liquor store seemed like a natural fit, she said, and adding fish fries — using fresh haddock and a genuine “light and crunchy” beer batter — will run through Lent. She wanted all three components to be in the same central location.

Wall’s workweek is upwards of 60 hours, which leaves precious time for her to spend with husband Craig Romesser and their 7-year-old daughter Scarlett. Wall credits her family, her husband’s help for much of the renovation work, and her employees for their ongoing support, even when she took a six-week hiatus after giving birth to Scarlett. 

“I wouldn’t be able to do it without my employees; they are wonderful people. There’s no way I could do it without them,” she said. “It’s a wonderful feeling to have such a tight-knit group. I think you should treat your employees with the utmost respect, or you’re not going to survive.” 

As for respect, Wall has had to deal with people making assumptions about her as they ask to speak with the “boss.” She doesn’t think they mean any harm but wants to make it clear that women entrepreneurs are out in full force making a go of the business world. She’s been able to do it with support from friends, family, and the community, Wall said.

“Anybody can run a business, anybody can do whatever they put their mind to … it’s a different day and age,” she said. ”I have such a great circle, and am so grateful for that.” 

J Dubs is open from 11 a.m. to 8 p.m. Tuesday and Wednesday, 11 a.m. to 9 p.m. Thursday, and 11 a.m. to 9:30 p.m. Friday and Saturday. Hours are noon to 7 p.m. Sundays during football season. Liberty’s Liquor Cabinet is open 10 a.m. to 8 p.m. Tuesday through Thursday, 10 a.m. to 9 p.m. Friday, 9 a.m. to 9 p.m. Saturday and seasonal hours are noon to 4 p.m. Sundays. Fish fries are served at the pizzeria from 11 a.m. to 8 p.m. To order, call 585-591-3827.

Photos by Howard Owens

Rochester Regional Health Appoints Richard Davis, Ph.D., as Chief Executive Office

By Press Release

Press Release from Rochester Regional Health:

Rochester Regional Health announced that its Board of Directors selected Richard "Chip" Davis, Ph.D., as the next CEO. Dr. Davis will assume his new role on March 7, 2022. 

The Board initiated a comprehensive national search after Eric Bieber, MD, announced his retirement more than six months ago. An internal selection committee was led by David Riedman, Chair, CEO Search Committee. The committee comprised of board members, medical and dental staff, and leadership, conducted a rigorous and inclusive interview process.

"It was clear during our interview with Dr. Davis that he has an unwavering commitment to patient safety and quality. Those qualities, along with his passion for innovation and his more than 25 years of work in complex healthcare environments, make him a great fit for Rochester Regional Health," said Michael Nuccitelli, Board Chair, Rochester Regional Health. "As a seasoned executive, Dr. Davis brings not only extensive experience but a new and energizing vision to Rochester Regional."

Dr. Davis' responsibilities as a CEO at Henry Ford include providing strategic leadership and direction over the clinical operations of the market and leading new clinical, academic, and commercial partnerships. He works closely with clinical and service line leaders to enhance coordination between primary care networks and specialty services. He has oversight of more than 100 care delivery locations, including two hospitals (totaling 1,240 beds) and over $2.5 billion in net patient revenue. Henry Ford Hospital has one of the country's largest post-graduate medical education programs with over 1,000 medical students, 517 residents, 165 fellows, and 900 nursing students. 

While at Henry Ford, Dr. Davis led an initiative to create a state-of-the-art Health System Central Command Center to coordinate transfers, admissions, and discharges across all hospital facilities. He was also instrumental in helping to broker a 30-year definitive agreement for Michigan State University to become the main academic partner for the health system and worked on the team to implement the first Hospital-at-Home program in the state of Michigan. Under his leadership the market made significant improvements in key inpatient and outpatient quality indicators.

"I am very excited to become the next CEO at Rochester Regional Health and look forward to working with all team members, the provider community, and patients and family members to continue the legacy of excellence during these challenging times," said Dr. Davis.

Prior to joining Henry Ford, Dr. Davis spent more than 25 years with Johns Hopkins Medicine (JHM) in various positions, most recently as President and CEO of Sibley Memorial Hospital, a not-for-profit hospital in Washington, DC. At Sibley, he established an Innovation Hub, the first-of-its-kind healthcare improvement accelerator in a community hospital. Dr. Davis was also the Vice President of Innovation and Patient Safety for JHM, ran ambulatory operations, and led several transformational efforts for the academic medical system. He was on faculty at The Johns Hopkins School of Medicine, School of Public Health, and Business School.

Dr. Davis received his Ph.D. in Public Health from Johns Hopkins University. He also has a Master's degree in Counseling and Consulting Psychology from Harvard University and a Bachelor's degree in Psychology from the University of Michigan. Dr. Davis returns to New York with his wife, Morgan Adessa, DAc. He has three adult children - Kylie, Dana and Will.

Rochester Regional's current President and CEO, Eric Bieber, MD, will retire from the health system on December 31, 2021.

  A native of the Finger Lakes, Dr. Davis comes to Rochester Regional Health from the Henry Ford Health System in Detroit, Michigan, where he currently serves as    Senior Vice President and CEO of Henry Ford Health System's South Market and Henry Ford Hospital. With more than 33,000 employees, Henry Ford Health System is the fifth-largest employer in metro Detroit and among the most diverse.

Workforce Development Board honors participants while GCEDC announces new jobs program

By Howard B. Owens

Aaron Barnum was among several honorees Thursday morning at Terry Hills by the Genesee-Livingston-Orleans-Wyoming Workforce Development Board for their achievements in workforce development.

For Barnum, he was honored as a participant who found success working for GO Art! and Genesee Orleans Arc, which eventually led to a permanent job at Arc.

Other awards in Genesee County was Business of the Year to GCEDC for the agency's efforts in workforce development and Shannon Yauchzee for program participation.  There were also awards to individuals, businesses, and agencies in the other three counties.

Chris Suozzi, VP of business development for GCEDC, also spoke with The Batavian about GCEDC's workforce development efforts, which include apprenticeship programs, job shadows, and the annual GLOW With Your Hands event at the Genesee County Fairgrounds.

He also announced a new program set to begin in June called Cornell in High School.  GCEDC is seeking 40 students to participate, initially at Batavia HS and BOCES but other schools may be included to help achieve the goal of 40 participants.  Cornell will provide training, paid for by GCEDC at a cost of $500 per student, in dairy science and sanitation. The goal is to prepare career-minded students with knowledge and skills they can use to get work right after graduation in the county's food processing facilities. 

Each student who successfully completes the program will receive a certificate from Cornell

"That's kind of the things we're trying to do ... come up with new ideas that are meeting the needs of our employers, especially the big employers," Suozzi said.

Mega Properties Inc. considers investing millions for re-use of a vacant building in Batavia

By Press Release

Press Relase:

The Genesee County Economic Development Center (GCEDC) Board of Directors will consider a final resolution for a proposed $4.5 million financial investment by Valiant Real Estate USA Inc. for a bus operations facility in the town of Batavia at its board meeting on Thursday, December 2, 2021.

The 20,000 sq. ft. facility would include office space, training space, repair areas and storage in order to support school districts and school bus operators across Genesee County. The project would include infrastructure to support future utilization of electric/clean energy vehicles and related initiatives.

The facility would be located on Saile Drive in the town of Batavia. Over the next three years Valiant Real Estate USA Inc. plans to create up to 19 new jobs and 12 part-time jobs. 

The GCEDC Board also will hear an initial resolution to consider the purchase of a vacant 142,000 sq. ft building in the city of Batavia by Mega Properties Inc., which plans to develop the building into a warehouse distribution facility. 

The potential $8.5 million financial investment by Mega Properties Inc. would retain nine full-time employees and the creation of up to 11 new jobs. The project would receive approximately $600,000 in property, sales, and mortgage tax exemptions. 

“There is a huge demand in the marketplace for operations and warehouse space not only regionally but across the nation,” said GCEDC President and CEO Steve Hyde. “The dynamics of supply chain economics is impacting every industry sector and the need for more storage and distribution space is vital to future economic development.”

A public hearing regarding the Mega Properties Inc. plan will be held at 4 p.m., December 2 at the Town of Pembroke offices on 1145 Main Road in Pembroke.

The December 2, 2021, GCEDC Board meeting will take place at 4 p.m. at 99 Med-Tech Drive.

A livestream and on-demand recording of the meeting also will be available at www.gcedc.com.

H.E. Turner Funeral Homes 25th Annual Service of Prayer & Remembrance

By Press Release

H.E. Turner & Co., Bohm-Calarco-Smith, and Burdett & Sanford Funeral Homes proudly present their 25th Annual Service of Prayer & Remembrance at 7 pm on Wednesday, December 8 at the First Presbyterian Church of Batavia, 300 East Main Street.

A candle in memory of your loved one will be lit prior to the start of the service and remain that way throughout.

Event Date and Time
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Photos: Max Pies celebrates exterior redesign

By Howard B. Owens

Max Pies Furniture recently completed a facade renovation that both modernized the look of the building and kept the store's retro look.

"This is a special day for us here at  Max Pies Furniture today," said Steve Pies. "I personally grew up on the north side of town. This is the Southside of town where I spent a good portion of my adult life. I'm a big fan of the Southside going back to Pellegrino Bakery, the St. Anthony's lawn fete, and Kibbee Park. Huge thanks to VIele Construction, Ronnie and Paul Viele, for making this a reality today. We couldn't be happier with the new look and we kept the old-school sign flair."

After the official ribbon-cutting, retired County Manager Jay Gsell spotted a group of Jackson Primary students across the street and brought the giant Chamber scissors and some red ribbon over for the students to cut (photos below).

From burgers to cheesecake, new Le Roy restaurant is a sweet addition

By Joanne Beck

Sweet Betty’s grand opening was a long time in coming.

In fact, about 14 months long. Blame it on Covid-19, that insidious virus that closed a few businesses and left others short-staffed due to employee scarcity. 

“We opened Aug. 3, 2020,” co-owner Gabby Keister said Wednesday at her Le Roy restaurant. “Because of Covid, we didn’t want to promote a crowd. We kept saying we’ll do it ‘next month,’ and we never did. We want people to know we’re open.”

That long-awaited grand opening finally happened today. The establishment actually was to open even earlier. Keister, whose nickname is Betty, and her husband Scott, bought the site at 15 Main St. in February 2020 and strategized a spring opening. It would be a sweets-themed shop of ice cream and candy. They were in the thick of Covid-19 at that point, so the couple kept working on the interior renovations while cleaning out most everything from the former diner. 

Not exactly strangers to the restaurant field, the Keisters owned and operated Le Roy Country Club for three and a half years about 25 years ago. Children and the demands of raising a family prompted them to close, she said. Now that the kids are older, the couple decided to give it another try.

Bright yellow walls and a black-and-white checkered floor provide a welcoming, cozy greeting. There is seating for 75 diners, and take-out and delivery are also available. The menu morphed into lunch, dinner, and desserts.

“We kept getting bigger and better ideas … and it just flourished,” she said. “Our objective is to have something for everyone.” 

For local patrons, it was apparently worth the wait. Regulars line up for burgers, pizza, chicken tenders, specialty desserts, and the Flying Betty sandwich, Keister said. The burgers are a trio blend of three different cuts of meat, which has made them a hit amongst customers, Mr. Keister said. He deals with a vendor that exclusively provides the meat combo to Sweet Betty’s in the Le Roy area.

Most of the meals are handmade from scratch, such as tenders of breaded chicken breast, a gooey salted caramel cheesecake individually sized, and seasonal desserts and cookies. The pumpkin flavor is the star of the show right now. 

One of the most popular dishes is the Flying Betty, a fried chicken breast topped with homemade coleslaw and pickles. That “came from a mistake,” Mrs. Keister said. Staff sampled it and thought it was good enough to put on the menu.

Wraps, fruit and vegetable salads, brownies, and 27 flavors of Perry’s ice cream round out the menu, plus the homemade chocolate and vanilla waffle cones. And several varieties of draft and canned beer, red and white wine, frozen wine slushies, and — especially cool with the teenagers — bubble tea. Just as it sounds, a bubble is placed in the bottom of a glass, tea is added, and the bubble travels up the straw and pops. 

Mrs. Keister feels good to know that parents are comfortable enough to drop off their kids for a burger at the place, she said. That’s an indication of what she wanted it to be: a “clean, safe, friendly atmosphere,” she said. 

“In that respect, we’ve been very successful; we get a lot of compliments,” she said.

In its short existence thus far, Sweet Betty's has already become a gathering place for the Le Roy community, said Steven Falitico, membership development director of Genesee County Chamber of Commerce.

Falitico sees the restaurant as a great addition to Main Street, Le Roy.

“Small town charm is strong in Genesee County, and it's our local businesses, like Sweet Betty's, that make our communities more enjoyable places to live,” he said. “A special thank you from The Chamber goes out to Gabby Keister, the owner of the establishment. She was born and raised in Le Roy and wanted to make an impact on her hometown. Her entrepreneurial spirit and drive are what made this restaurant possible.”

Hours are 11:30 a.m to 9 p.m. Wednesday through Saturday. For more information, call 585-502-6084.

Photos by Howard Owens.

Top photo: Today's ribbon cutting.

Gabby Keister, her husband Scott Keister, and their son Scott (on left).

Open house welcomes community to view ‘gorgeous’ transformation of former restaurant to beauty studios

By Joanne Beck

 

After 26 years of being cautious, solo beauty stylist Cheryl Fisher has decided to take the plunge into entrepreneurship. Her new business, Wisteria Studios Inc., is open for business at 617 East Main St., Batavia.

“This is kind of a lifelong dream. I never really expected it to come to fruition,” Fisher said Wednesday at her site. “I got lucky, and I fell upon this building. I’m stepping outside my comfort zone. God has me in this place for a purpose.“

Fisher, an Alexander native and Batavia resident, is proud to show off her business during an open house Friday. From 6 to 7:30 p.m., beauty professionals are welcome to check it out, ask questions and obtain more information about renting one of the two available studios. Friends and family may then also browse the gray marble floor, silver, white and gray-themed decor and a splash of painted lavender accents from 7 to 9 p.m. Light hors d’oeuvres and beverages will be part of the celebration, she said. 

Fisher, a licensed cosmetologist, began her career with the late Joseph Gerace, who she credits for her success.

“I would not be where I am without him,” she said. 

She was with Gerace for 10 years before operating a home salon for another eight years. Then life happened, and a divorce prompted her to move her beauty services in 2012 to a shack next to O’Lacy’s on School Street. Nine years later she spotted her next venture: the former Kentucky Fried Chicken-turned-auto shop-turned computer store on East Main Street. 

Major renovations included a complete dig-out of the foundation via Bobcat, removal of the signature KFC cupola and other restaurant memorabilia left behind of the Colonel Sanders fame. Fisher wants to preserve the history of when the Lazarony family bought the building for KFC in 1963, and how it transformed into other businesses up to now.  

Floor space of 2,000 square feet has been subdivided into four studios.

“It’s gorgeous. Hopefully it’s going to stay like that for a long time,” she said. “There’s a common waiting room, a break room, a corridor and each stylist renting a space will be behind closed doors.”

Her dream included a studio salon at which clients aren’t clustered next to each other during services. So the studios — fully equipped with storage cabinets, freestyle dryers, a shampoo station and styling chair — provide a comfortable and private environment for each client, Fisher said. Add to that amenities of on-site laundry, WiFi, garbage removal and snow plowing. She already has one tenant to offer Mary Kay products, facials and classes, and is looking to fill two more spaces with stylists, a barber or esthetician.

Supported by a silent partner, Fisher said this venture has been filled with challenges, from lack of supplies due to COVID-19 to not being able to do hands-on shopping for decor and accessories. She wasn’t certain of what to name the place, and came across some wallpaper with purple wisterias dripping down from ceiling to floor. She liked the color, and locked in her business name after reading a definition of wisteria: “a plant that never settles and never stops growing,” she said. 

“The beauty industry is the same, it never settles and never stops growing. And that’s me,” she said. “I want (tenants) to come in, be happy, have fun and enjoy what they do. Everyone is their own entity, they all do their own thing. I’m looking forward to my own space, but having people in the building. I have put my lifetime investment into it.” 

For more information, call 585-343-1247 or email wisteriastudios.617@gmail.com.




Stylist and business owner Cheryl Fisher works on a customer's hair at her new place, Wisteria Studios Inc. Photos by Jim Burns

Photo: Grand opening for Liberty Liquor in Alexander

By Howard B. Owens

The Chamber of Commerce joined Jenny Wall, also the owner of J Dubs Pizzas & Subs, for the grand opening of her newest venture in Alexander: Liberty Liquor.

Photo and information provided by the Chamber of Commerce.

Tops announces veterans discount on Nov. 11

By Press Release

Press release:

Tops Friendly Markets, a leading full-service grocery retailer in New York, northern Pennsylvania, and Vermont, announced today that the company will once again offer military personnel and their immediate families an 11 percent discount off of their grocery bill this Veterans Day.

On Thursday, November 11, 2021, Tops Markets will honor an 11 percent discount off of a total order to all veterans and immediate family members in the same household, who shop at any Tops location.  Customers should present proof of service that they, or an immediate family member are a U.S. Veteran, active duty, reserve or retired military personnel to automatically receive an 11 percent discount off of their total purchase that day.

“The respect and gratitude we have for the people who serve and have served in the military is immeasurable, and for that we are forever grateful,” said Frank Curci, Tops chief executive officer and chairman.  “We wanted to support local military personnel by giving back to our associates and customers who have courageously defended our country and made many sacrifices through their military service.”

Tops is a longtime supporter of military associates and customers. Since the inception of the Tops 11% military discount, Tops has saved veterans and their families close to $576,000 on their groceries.  The company’s support of military organizations includes, but is not limited to, support of the Wall that Heals, American Veterans Tribute Traveling Wall, Honor Flight Missions and golf tournament, 10th Anniversary Veterans Race, sending care packages for troops serving domestically and overseas, VA hospital visits, participation in veteran job fairs, parades and expo, and Tops Stars for Our Troops program by which stars from embroidered US Flags slated for retirement are presented to Veterans, active-duty personnel, and first responders.

Wilmot Cancer Institute Batavia Welcomes New Physicians, Nurse Practitioners

By Press Release

Press release:

Cancer patients in the Batavia area have new options for oncology providers as the team at UR Medicine’s Wilmot Cancer Institute (WCI) Batavia grows, adding two new physicians and two new nurse practitioners. The team additions will help improve access and enhance cancer care for patients in the area.

Khush Aujla, M.D., recently joined WCI Batavia as a radiation oncologist. He sees patients at WCI Batavia on Mondays and Thursdays. Prior to joining the team, he completed his residency in Radiation Oncology at URMC. Aujla also completed a medicine internship at the University of Mississippi Medical Center, where he also earned his Doctorate of Medicine and bachelor’s degrees.

Kevin Mudd, M.D., continues to work on the Radiation Oncology team as well, seeing patients three days per week.

Julie Natale, DNP, FNP-C, joined the WCI Batavia Radiation Oncology team as a nurse practitioner, working in Batavia two days per week. She previously worked as the nurse manager for Radiation Oncology at the James P. Wilmot Cancer Center in Rochester.

Bruce Yirinec, M.D., joined WCI Batavia as of Oct. 1 as a medical oncologist. He previously worked at Rochester Regional Health’s Clifton Springs Hospital. Yirinec completed fellowships in Hematology at URMC and at the University of Virginia Medical Center. He earned his Doctorate in Medicine degree from Dartmouth Medical School.

Jennifer Richard, AGPCNP, also joined the team, working as a nurse practitioner on the Medical Oncology side with Yirinec. She previously worked with Strong Memorial Hospital’s Memory Care Program and the URMC Stroke team. Prior to that, she worked as a registered nurse at the inpatient unit on the sixth floor of the Wilmot Cancer Center in Rochester.

“I’m so excited to expand our clinical presence in Batavia,” says Jonathan W. Friedberg, M.D., M.M.Sc., director of Wilmot Cancer Institute. “The community has embraced Wilmot, and our goal remains that our patients will have access to the best cancer care, including innovative clinical trials, in Genesee County.”

To contact WCI Batavia for more information or to set up an appointment, call (585) 344-3050 for Radiation Oncology or (585) 602-4050 for Medical Oncology.

Liberty Pumps celebrates newest expansion

By Press Release

Press release:

The Genesee County Economic Development Center (GCEDC) joined state and local partners in celebrating the latest expansion by Liberty Pumps at a groundbreaking event today.

Liberty Pumps hosted the celebration at the site of their upcoming Materials Center. The 107,00 square-foot expansion is anticipated to support 30 additional jobs at the family- and employee-owned manufacturer.

“We’re excited to begin another project that will benefit our approximately 300 employees, and add to our presence in Genesee County,” said Charlie Cook, CEO and Chairman of Liberty Pumps. “This project will relieve congestion in our current structure and free up much-needed manufacturing space for large pump systems. That’s become a significant part of our business, and we’re pleased to better support our customers with this addition.”

The addition to Liberty Pumps’ facilities, 7000 Apple Tree Avenue, continues the company’s growth in Genesee County. Since opening in 1965, Liberty Pumps has become a leading manufacturer of sump, effluent, and sewage pumps and systems for residential, commercial, municipal, and industrial applications.

The project breaking ground will be the third expansion by Liberty Pumps since 2000 at Apple Tree Acres, a 185-acre business park developed by the GCEDC.

Upon completion, Liberty Pumps will have approximately 350,000 square feet of facilities at Apple Tree Acres.

"With each expansion and investment, Liberty Pumps has shown a path to grow our economy, reward our talented workforce, and support our community," said GCEDC President & CEO Steve Hyde. "We're excited that another milestone is fast approaching. This groundbreaking celebration is just the start of more great activity in Bergen and at Apple Tree Acres. We thank Liberty Pumps for leading the way."

Photos by Howard Owens

Assemblyman Steve Hawley.

Shelly Stein, chair of the Genesee County Legislature with Charlie Cook, CEO of Liberty Pumps.

Town of Bergen Supervisor Ernie Haywood

Red Osier in Stafford opens new garden patio

By Howard B. Owens

Steve Foster and Tim Adams cut the ribbon on the Valerie-Lynn Memorial Garden Patio at The "Original" Red Osier Landmark Restaurant.  The patio was built in honor of Valerie Di Falco and Lynda Bird. It will provide the patrons of the restaurant with another option to enjoy the space. It is complete with outdoor heaters, seating, a patio bar, a full menu, and special patio appetizers.

Photo courtesy the Chamber of Commerce.

Tompkins Financial Corporation Reports Increased Cash Dividend

By Press Release

Press release:

ITHACA, NY - Tompkins Financial Corporation (NYSE American:TMP)

Tompkins Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.57 per share, payable on November 15, 2021, to common shareholders of record on November 2, 2021.  The dividend amount represents an increase of $0.03 or 5.6% over the dividend paid in the third quarter of 2021.

Tompkins Financial Corporation is a financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania.  Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, and Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors.  The Company’s banks have announced plans for a rebranding effort, pursuant to which the Company’s four wholly-owned banking subsidiaries will be combined into one bank, with The Bank of Castile, Mahopac Bank, and VIST Bank merging with and into Tompkins Trust Company.  The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.”

For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

 

Tompkins Financial Corporation Reports Third Quarter Earnings

By Press Release

Press release:

ITHACA, NY - Tompkins Financial Corporation (NYSE American: TMP)

Tompkins Financial Corporation reported diluted earnings per share of $1.45 for the third quarter of 2021, compared to $1.63 reported for the third quarter of 2020.  Net income for the third quarter of 2021 was $21.3 million, compared to $24.2 million for the same period in 2020.  Results for the third quarter of 2021 were negatively impacted by approximately $4.1 million ($0.21 per share) of nonrecurring expenses related to the prepayment of borrowings and the redemption of trust preferred securities. Though these transactions had a negative impact on current period earnings, they are expected to have a favorable impact on future earnings by way of reduced interest expense.  Additional details on these nonrecurring transactions are described below.  

For the year-to-date period ended September 30, 2021, diluted earnings per share were $4.72, up 31.5% from $3.59 for the same year-to-date period in 2020.  Year-to-date net income was $69.8 million for the nine-month period ended September 30, 2021, up 30.2% compared to $53.6 million for the same period in 2020. 

Tompkins President and CEO, Stephen Romaine, commented, "We are pleased to report record earnings performance through the first nine months of 2021.  The third quarter of 2021 was down from the same quarter last year due to some nonrecurring expenses related to discretionary debt restructuring transactions.  Despite higher expenses related to these transactions, several positive revenue trends were noted during the quarter, including growth in both net interest income and noninterest income when compared to the second quarter this year."   

SELECTED HIGHLIGHTS FOR THE THIRD QUARTER:

•       Net interest income was $56.1 million for the third quarter of 2021, up from $54.8 million reported in the second quarter of 2021, and down from $58.3 million reported in the same quarter of 2020.  Net interest income in the third quarter of 2021 included a $1.2 million purchase accounting charge related to the redemption of $10.0 million in trust preferred securities. Net interest income for the second quarter of 2021 included a $650,000 purchase accounting charge related to the redemption of $5.2 million in trust preferred securities.

•       Total loans at September 30, 2021 were $5.1 billion compared to $5.4 billion at September 30, 2020, and $5.3 billion at year end 2020.  The $301.5 million change in total loans compared to September 30, 2020, reflected a decline of $322.1 million in loans under the U.S. Small Business Administration's Paycheck Protection Program ("PPP") at the end of the third quarter of 2021 compared to the end of the third quarter of 2020. 

•       Largely stable credit conditions and improving macroeconomic trends contributed to a lower allowance for credit losses at September 30, 2021 when compared to September 30, 2020.  The provision for credit losses for the quarter and year-to-date periods ended September 30, 2021 were credits of $1.2 million and $6.1 million, respectively, compared to a credit of $218,000 and an expense of $17.4 million, respectively, for the same periods in 2020.  

•       Noninterest income for the quarter was $20.9 million, reflecting an increase of 10.6% over the second quarter of 2021, and 10.4% over the third quarter of 2020. 

•       Noninterest expense for the quarter was $50.2 million, an increase of 5.8% over the second quarter of 2021, and 7.3% over the same quarter last year.  The increase in the third quarter of 2021 was largely related to $2.9 million of penalties related to prepayment of $135.0 million of FHLB borrowings.

NET INTEREST INCOME

The net interest margin was 2.89% for the third quarter of 2021, compared to 2.91% for the second quarter of 2021, and 3.26% for the third quarter of 2020.  Net interest income was $56.1 million for the third quarter of 2021, compared to $58.3 million for the third quarter of 2020.  Interest income for the third quarter of 2021 included $3.3 million of net deferred loan fees associated with PPP loans, compared to net deferred PPP loan fees of $2.4 million in the third quarter of 2020.  Interest expense for the third quarter of 2021 was negatively impacted by an accelerated non-cash purchase accounting discount of $1.2 million related to the redemption of $10.0 million in trust preferred securities.

For the year-to-date period ended September 30, 2021, net interest income of $166.0 million was down 1.0% when compared to the nine month period ended September 30, 2020.  For the year-to-date period in 2021, net deferred loan fees associated with PPP loans were approximately $8.0 million as compared to $4.8 million in the same period of 2020.  Interest expense for the nine months ended September 30, 2021, was negatively impacted by an accelerated non-cash purchase accounting discount of $1.9 million related to the redemption of $15.2 million in trust preferred securities.  The $15.2 million in redeemed trust preferred securities carried a weighted average interest rate of 5.26% at the time they were redeemed and had a weighted average final maturity of slightly more than 11 years. 

 

Average loans for the quarter ended September 30, 2021 were $5.1 billion compared to $5.4 billion in the same period in 2020.  The $285.0 million change in average loan balances was primarily due to a decline in average PPP loans from the third quarter of 2020 to the third quarter of 2021.

 

Average securities for the quarter ended September 30, 2021, were up $788.2 million or 54.0% when compared to the same period in 2020.  The increase is mainly a result of investing excess cash, driven by deposit growth and PPP loan forgiveness. 

Asset yields for the quarter ended September 30, 2021 were down 44 basis points compared to the quarter ended September 30, 2020, which reflects the impact of reductions in market interest rates over the trailing twelve-month period as well as a greater percentage of earning assets being comprised of lower yielding securities and interest bearing balances due from banks, when compared to the same period in 2020.

Average total deposits for the third quarter of 2021 were up $571.9 million, or 9.0% compared to the same period in 2020.  Average noninterest bearing deposits for the three months ended September 30, 2021 were up $267.5 million or 14.1% compared to the three months ended September 30, 2020.  Average deposit balances continue to benefit from the PPP loan program, as the majority of the proceeds of the PPP loans funded by Tompkins during 2020 and the first half of 2021 were deposited in Tompkins checking accounts. The total cost of interest-bearing liabilities was 0.39% for the quarter ended September 30, 2021, a decline of 11 basis points from the quarter ended September 30, 2020.

NONINTEREST INCOME

Noninterest income of $20.9 million for the third quarter of 2021, was up 10.4% compared to the same period in 2020.  For the year-to-date period, noninterest income of $59.7 million was up 8.5% from the same period in 2020.  Growth over the same quarter and nine-month periods in the prior year was supported by increases in nearly all fee income categories, including Insurance commissions and fees (up 10.3% for the quarter, 11.7% for the year-to-date period), Investment services income (up 15.5% for the quarter, 15.6% for the year-to-date period), Service charges on deposit accounts up (13.4% for the quarter, down 2.0% for the year-to-date period), and Card services income (up 12.3% for the quarter, 16.9% for the year-to-date period).   Noninterest income represented 27.1% of total revenues for the third quarter of 2021, as compared to 24.5% of total revenues for the third quarter of 2020.

NONINTEREST EXPENSE

Noninterest expense was $50.2 million for the third quarter of 2021, up $3.4 million, or 7.3%, from the third quarter of 2020.  For the year-to-date period, noninterest expense was $142.1 million, up $4.4 million or 3.2% from the same period in 2020.  Included in the quarter and year-to-date periods of 2021 were penalties of $2.9 million related to the prepayment of $135.0 million in FHLB fixed-rate advances.  The advances, which were paid off in September 2021, carried a weighted average interest rate of 2.26% and had a weighted average maturity of 1.25 years. 

INCOME TAX EXPENSE

The Company's effective tax rate was 23.7% for the third quarter of 2021, compared to 20.7% for the same period in 2020.  The effective tax rate for the nine months ended September 30, 2021 was 22.1%, compared to 20.4% reported for the same period in 2020. 

ASSET QUALITY

The allowance for credit losses represented 0.91% of total loans and leases at September 30, 2021, down from 0.92% at June 30, 2021, and 0.98% at December 31, 2020. The ratio of the allowance to total nonperforming loans and leases declined to 76.2% at September 30, 2021, compared to 88.3% at June 30, 2021, and 112.9% at December 31, 2020.

The provision for credit loss expense for the third quarter of 2021 was a credit of $1.2 million compared to a credit of $218,000 for the same period in 2020. Net charge-offs for the quarter ended September 30, 2021 were $69,000 compared to net recoveries of $12,000 reported for the same period in 2020. Provision expense for the nine months ended September 30, 2021 was a credit of $6.1 million, compared to an expense of $17.4 million for the same period in 2020. 

Nonperforming loans and leases totaled $60.7 million at September 30, 2021, compared to $53.8 million at June 30, 2021, and $45.8 million at December 31, 2020. The increase in nonperforming loans and leases compared to prior quarter end and year end 2020 was related to two commercial real estate relationships that moved into nonperforming status, totaling $9.1 million in the second quarter of 2021 and $7.5 million in the third quarter of 2021, which continue to accrue interest.  Nonperforming assets represented 0.75% of total assets at September 30, 2021, up from 0.67% at June 30, 2021, and 0.60% at December 31, 2020.

Special Mention and Substandard loans and leases totaled $168.5 million at September 30, 2021, reflecting an improvement from $171.3 million at June 30, 2021, and $189.9 million reported at December 31, 2020.

As previously announced, the Company implemented a payment deferral program in 2020 to assist both consumer and business borrowers that may be experiencing financial hardship due to COVID-19. As of September 30, 2021, total loans that continued in a deferral status amounted to approximately $12.8 million, representing 0.25% of total loans.  At June 30, 2021 total loans in deferral status totaled $129.4 million, and at December 31, 2020 total loans in deferral status totaled $212.2 million. Included in nonperforming loans and leases and Substandard loans and leases at September 30, 2021, were 2 loans totaling $3.0 million that remained in deferral status.

The Company began accepting applications for PPP loans on April 3, 2020, and had funded 2,998 loans totaling approximately $465.6 million when the initial program ended.  On January 19, 2021, the Company began accepting both first draw and second draw applications for the reopening of the PPP program.  The 2021 PPP program funding closed for new applications on May 12, 2021.  The Company funded 2,142 applications totaling $228.5 million in 2021. 

Out of the total $694.1 million of PPP loans that the Company had funded through October 12, 2021, approximately $552.0 million had been forgiven by the SBA under the terms of the program.  Total net deferred fees on the remaining balance of PPP loans amounted to $6.2 million at September 30, 2021.

CAPITAL POSITION

Capital ratios at September 30, 2021 remained well above the regulatory minimums for well-capitalized institutions. The ratio of Total Capital to Risk-Weighted Assets was 14.21% at September 30, 2021, down from 14.62% reported at June 30, 2021, and 14.39% at December 31, 2020. The ratio of Tier 1 capital to average assets was 8.54% at September 30, 2021, compared to 8.79% at June 30, 2021, and 8.75% at December 31, 2020.

 

During the third quarter of 2021, the Company repurchased 170,775 common shares at an aggregate cost of $13.2 million. These shares were purchased under the Company's previously announced 2020 Stock Repurchase Program.   During the first nine months of 2021, the Company repurchased 272,310 shares at an aggregate cost of $21.2 million.

 

The Company announced today that its Board of Directors has authorized a new stock repurchase program of up to 400,000 shares of the Company's outstanding common stock, par value $0.10 per share, over the next 24 months.  This program replaces the Company's existing 400,000 stock repurchase program announced on January 30, 2020. 

 

The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company's stock and general market and economic conditions, and applicable legal requirements.

 

ABOUT TOMPKINS FINANCIAL CORPORATION

Tompkins Financial Corporation is a financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania.  Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, and Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. The Company’s banks have announced plans for a rebranding effort, pursuant to which the Company’s four wholly-owned banking subsidiaries will be combined into one bank, with The Bank of Castile, Mahopac Bank, and VIST Bank merging with and into Tompkins Trust Company.  The combined bank will conduct business under the “Tompkins” brand name, with a legal name of “Tompkins Community Bank.”  For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

 

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

 

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements may be identified by use of such words as "may", "will", "estimate", "intend", "continue", "believe", "expect", "plan", or "anticipate", and other similar words. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to certain uncertainties and factors relating to the Company’s operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements. The following factors, in addition to those listed as Risk Factors in Item 1A of our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, are among those that could cause actual results to differ materially from the forward-looking statements: changes in general economic, market and regulatory conditions; the severity and duration of the COVID-19 pandemic and the impact of COVID-19 (including governments’ responses thereto) on economic and financial markets, potential regulatory actions, and modifications to our operations, products, and services relating thereto; disruptions in our and our customers’ operations and loss of revenue due to pandemics, epidemics, widespread health emergencies, government-imposed travel/business restrictions, or outbreaks of infectious diseases such as the coronavirus, and the associated adverse impact on our financial position, liquidity, and our customers’ abilities to repay their obligations to us or willingness to obtain financial services products from the Company; the development of an interest rate environment that may adversely affect the Company’s interest rate spread, other income or cash flow anticipated from the Company’s operations, investment and/or lending activities; changes in laws and regulations affecting banks, bank holding companies and/or financial holding companies, such as the Dodd-Frank Act, Basel III and the Economic Growth, Regulatory Relief, and Consumer Protection Act; legislative and regulatory changes in response to COVID-19 with which we and our subsidiaries must comply, including the CARES Act and the Consolidated Appropriations Act, 2021 and the rules and regulations promulgated thereunder, and state and local government mandates; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; governmental and public policy changes, including environmental regulation; reliance on large customers; uncertainties arising from national and global events, including the potential impact of widespread protests, civil unrest, and political uncertainty on the economy and the financial services industry; and financial resources in the amounts, at the times and on the terms required to support the Company’s future businesses. The Company does not undertake any obligation to update its forward-looking statements.

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