December 30, 2012

Business briefs: Dec. 30, 2012


Anniversary celebrated

PLATTSBURGH — The Cornelia Street Office of Glens Falls National Bank and Trust Co. celebrated its 15th anniversary recently by assisting three local causes.

The branch’s Community Appreciation Day on Dec. 20 featured a blood drive, pet-adoption clinic and pet-food drive, and a toy collection. The event resulted in two boxes of toy donations and a cash contribution of $225 for the Clinton County Christmas Bureau, which is an all-volunteer organization that provides gifts to low-income families. In addition, a large box of pet food and supplies was donated to the Elmore SPCA, one SPCA dog was adopted by a customer, and the CVPH Medical Center blood drive resulted in 15 units of blood.

The Give the Gift-themed event thanked the community by offering food and refreshments all day, as well as raffles and prize drawings. The office also helped collect entries for the annual WIRY AM 1340 Christmas giveaway, resulting in a $1,340 cash prize for a bank customer.

The Cornelia Street Office is the last of many Glens Falls National locations that have hosted Community Appreciation Days this year. The events are meant to show the bank’s appreciation for its neighbors while assisting local causes.

Glens Falls National Bank provides banking and financial services through 29 offices in Warren, Washington, Saratoga, Essex and Clinton counties.

Grant received

LAKE PLACID — USA Luge has been awarded a grant in support of their sled-development program by the International Paper Foundation. The grant was awarded through the Ticonderoga Mill facility in Ticonderoga.

Luge, timed to the thousandths of a second, requires constant technical innovation and evolution to remain competitive. The team’s coaches and technicians, based in Lake Placid, have a wide range of technical challenges to address ranging from runner materials and aerodynamics to sled geometry to construction materials. Funding provided by the foundation will be channeled toward sled research and development.

“International Paper’s support is significant to the mission of USA Luge,” said USA Luge Director of Marketing and Sponsorship Gordy Sheer. “International Paper is a major player in the global economy that also supports causes in their operating region, like the athletes and programs of USA Luge. Their support will help us go faster.”

World Cup winner and three-time Olympian Duncan Kennedy of Lake Placid serves as the team’s technical development manager, charged with developing the next generation of team sleds at the team’s headquarters.

The U.S. luge team is currently on its holiday break and will return to World Cup racing Jan. 5-6 in Koenigssee, Germany.

Bank honored

PLATTSBURGH — Arrow Financial Corp., parent of Glens Falls National Bank and Trust Co., was recently recognized on American Banker newspaper’s Banks of the Year list, which identified financial institutions that have outperformed industry averages for the last five years.

The list looked at publicly traded banks whose returns on assets were better than 80 percent of their peers for every 12-month period since the third quarter of 2008. American Banker said this “elite group of banks” has avoided the pitfall of exceptional losses that often follow exceptional returns.

Arrow Financial was one of 35 publicly traded financial institutions included on the Banks of the Year chart, which can be found at An abbreviated version of the chart appeared in the American Banker print edition on Nov. 29.

This recognition follows three other designations in 2012 related to high performance from Bank Director Magazine, American Banker Magazine and the ABA Banking Journal.