From Business Today:
First Niagara Financial Group CEO John R. Koelmel spent much of the company's annual meeting defending himself and the company's business strategies Wednesday. He spoke before about 75 investors, many of them disgruntled about First Niagara stock's decline and dividend cut in 2011. Koelmel attributed the bank's slipping performance to several factors outside the company's control and said it had nothing to do with its $1 billion purchase of 195 HSBC Bank USA branches.
Profits were up at Evans Bancorp during the first quarter. Profits rose at the 26.9 percent from a year ago. It reported net income of $2.4 million, or 58 cents per share, up from $1.9 million, or 46 cents per share, in the same period a year ago. The increase was attributed to growing loan revenues, rising deposits and strenghtened credit. Evans Bancorp is the Hamburg-based parent of Evans Bank.
Pinnacle Airlines will be under the microscope of federal aviation safety inspectors since filing for bankruptcy, to be sure the company's financial problems will not encourage it to take shortcuts that might put passengers at risk. Enhanced oversight is the standard policy for the Federal Aviation Administration when any passenger airline files for bankruptcy.
The New York State Power Authority's Recharge New York program will give 64 Western New York Companies low-cost electricity. The biggest local recipient, Calspan Corp., will receive 5,500 kilowatts. Others to receive the low-cost power include Roswell Park Cancer Institute, Buffalo General Hospital, and Yahoo Inc.
Profits were up at Financial Institutions during the first quarter. Profits rose six percent, while the company reported net income of $6.2 million, or 42 cents per common share, up from $5.8 million, or 33 cents per share, a year ago. The bump is attributed to an increase in loans and lending income. Financial Institutions is the Warsaw-based parent company of Five Star Bank.
Who is getting hired, promoted and honored?
The Reverend Horton Heat will be at the Tralf tonight: