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New venture funding for local firm

From Business Today:


Profits were up at Community Bank System during the first quarter. The DeWitt-based bank is in the process of buying 19 bank branches from HSBC Bank USA and First Niagara Financial Group. Profits rose 16.5 percent, while the company reported net income of $18.8 million, or 48 cents per share, up from $16.2 million, or 48 cents per share. The increase was attributed to higher revenues from an earlier acquisition last April, as well as growth in deposits.


Liazon Corp. has received $18.2 million in venture funding from Bessemer Venture Partners and Fidelity Biosciences, along with follow-up capital from existing investors Bain Capital Ventures and Buffalo-based Rand Capital SBIC. The Buffalo-based company operates a private health insurance exchange system for small businesses.


Profits at Northwest Bancshares were down during the first quarter. The Pennsylvania-based company is the parent of Northwest Savings Bank, which operates as Jamestown Savings Bank in Chautauqua County. It had net income of $15.2 million, or 16 cents per share, down from $17.3 million, or 16 cents per share, a year ago. The loss was attributed to lower revenues and higher expenses despite loan growth and an improvement in credit quality.


Accounting students from the University at Buffalo’s School of Management donated nearly 2,200 hours of tax service during the 2012 season, preparing more than 900 tax returns for low-income taxpayers. That resulted in a total of $1.35 million being refunded to individuals and families.


Who is getting hired, promoted and honored?

Speaking of taxes:


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