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The Buffalo Niagara Convention Center on Thursday will turn into a simulated stock market for more than 550 students. The students, from 33 area high schools, will compete in the 10th annual Junior Achievement Stock Market Challenge. The student teams apply what they have learned in the classroom to simulated stock market trading. Each team starts with an imaginary $…

Business

Northwest Bank reported profits of $28 million in the third quarter, up 18 percent from a year ago. The Warren, Pa.-based bank said the increase came in spite of elevated charge-offs and two large commercial loan payoffs. Northwest said the net charge offs of $8.3 million included a $4.6 million write-down of a land development loan in Western New York that the bank did…

Business

How satisfied are you with your bank? J.D. Power asked customers that question, and Northwest Bank scored best among banks with a Buffalo Niagara presence. J.D. Power surveyed bank customers about six different categories, for a possible top score of 1,000 points. Northwest recorded the best score — 840 — of any bank in the Mid-Atlantic region. That region covered 27…

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William J. Wagner has spent 34 years with Northwest Bank, guiding it to a much bigger presence in the Buffalo Niagara region. Now Wagner, the chairman and CEO of the Warren, Pa.-based bank, is preparing to retire. Ronald J. Seiffert was named the bank's new CEO. Seiffert retains the title of president, a role he has had since joining Northwest last November. Wagne…

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Northwest Bancshares has agreed to buy the parent company of Union Community Bank for $85 million, bolstering Northwest's presence in Lancaster County, Pa. The deal for Donegal Financial Services Corp. will be 50 percent cash and 50 percent stock, and is expected to close in the first quarter of 2019. As of March 31, Donegal had total assets of $577 million and deposits…

Business

Banks are in the business of making loans and connecting with customers through their branches. But community groups say for too long, banks have neglected parts of Buffalo, leaving those residents with too few branches and financial services accessible to them. As a result, many residents turn to high-cost alternatives like pawn shops, and face barriers to building wea…

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Northwest Bank chairman and CEO William Wagner's base salary increased 5 percent last year, to $675,639, according to a regulatory filing. Wagner's total compensation increased 23 percent to $1.72 million, including a $172,182 bonus. His total compensation also included factors such as stock awards, option awards and change in pension value. Wagner had also served as…

Business

Northwest Bank's fourth quarter profits fell 10 percent in the fourth quarter from a year ago, to $22.1 million. For all of 2017, Pennsylvania-based Northwest's profits more than doubled to $94.5 million from $44.8 million in 2016. The driving factors were the sale of its three Maryland offices at a profit of $17.2 million, and a $37 million pretax penalty the bank incu…