PRSRT STD U.S. POSTAGE
GBJ 9 Broad Street, #7 Glens Falls, NY 12801
VOL. 36 NO. 11
PAID
GLENS FALLS, NY 12801 PERMIT #600
HH The Business Newspaper of Warren and Washington Counties HH
www.glensfallsbusinessjournal.com
JANUARY 2025
Glens Falls Hospital Expanding Emergency Arrow Bank Aims For Significant Growth Dept. In Midst Of A Fundraising Campaign With Rebrand And Regional Expansion BY ROD BACON Construction is underway on a major expansion and renovation of the Sheridan Emergency Department at Glens Falls Hospital. This is the first significant upgrade to the department in nearly 30 years, which was helped at the time with a generous gift from David S. and Janet R. Sheridan. “My parents chose the emergency department because it’s one of the places that serves the greatest number of people in the hospital’s coverage area,” said Davene Sheridan Brown, one of four Sheridan children. Part of the funding for the expansion is being underwritten by community support, and the Sheridan Foundation, which was created in 2000, has stepped up with a lead gift of $3 million. Since 1986 the Sheridan family has contributed $5.5 million to the hospital. A campaign to raise $15 million of the $25 million goal was kicked off in September at “An Evening to Savor” gala on the hospital grounds with a view of the emergency department. Other lead gifts announced that evening were $2.25 million from the Hoopes Family Foundation, $1 million from Susan Conley Salice in honor of Joe and Theresa Conley and Family, and $1 million from the Charles R. Wood Foundation. Since that evening the Glens Falls Foundation added another lead gift of $250,000. “We are fortunate that we continue to receive significant support from our community,” said F. Raymond Agnew, CFRE {R}, vice president of hospital and community engagement. The hospital is seeking additional funding from public sources so that no additional debt is incurred. The expansion will add 7,000 square feet to the emergency department, increasing its size by
An expanded emergency department will deliver better service to hospital patients. Courtesy of Glens Falls Hospital
40 percent. While a general contractor has not been retained, preliminary work is being done outside, according to Agnew. “We’re reconfiguring roadways and parking lots, and getting the footings down for the new external portico,” he said. “No interior work has been started yet.” Those contractors currently on the job include O’Connor Construction, Brownell Electric, Afsco Fence, Catalfamo Construction, and ATI Access Control. Agnew noted that a larger emergency department will require staff increases but exactly how many people and in what capacities hasn’t been determined. Continued On Page 14
BY PAUL POST Arrow Bank’s newly rebranded name is taking aim at greater Capital Region market share. The moniker replaces Glens Falls National Bank & Trust Company and its affiliate, Saratoga National Bank & Trust Company, which have operated together since the latter’s company’s formation in 1988. The newly-named Arrow Bank is a subsidiary of Glens Falls-based Arrow Financial Corporation. “We’ve been successful with the two brands, but in some instances the name has held us back a little bit,” said David S. DeMarco, corporation president and CEO. “If you go into a new market and you’re a strong company that’s got the name Arrow Bank it should be well perceived versus, ‘Wait a minute, I thought your bank was in Saratoga or Glens Falls.’ ” “We have a very small market share in the Capital Region,” he said. “That’s really where our growth will be. That’s our target.” A crowd of company officials and well-wishers recently gathered outside Glens Falls offices to celebrate the new designation, which took effect January 1. The leadership team is unchanged, ensuring stability and continuity and customers can continue to use all of the bank’s 38 branch locations from Albany to the Canadian border. Staffing for the bank’s 550 employees will not be affected. “The big message to customers is that nothing’s really changing, but the name,” DeMarco said. “When I ask customers, Why do you do business with us, inevitably everyone says because of the people. We’re a people business. In this instance, the people, the buildings, products and services aren’t changing. Literally, the only thing people are going to see is the name change.”
Arrow Bank has rebranded two community banks to increase market share. Courtesy of Arrow Bank
“We came to the conclusion a couple years ago that it’s going to really help us from an operating efficiency standpoint to have one company,” he said. “We’ll no longer have to have two sets of marketing materials or financial statements and it will really help from an accounting and finance standpoint, even with our loans and deposits.” Glens Falls National Bank was founded in 1851. Arrow Financial Corporation is a publicly traded company with an asset size of approximately $4.4 billion. Last August, the company acquired a Berkshire Bank branch office in Whitehall, filling a gap in the Washington County market. Continued On Page 14
EDC Warren County Takes Lessons From Kevin Geraghty Chosen To Chair Warren Past To Build A Bright Economic Future County Board Of Supervisors In 2025 BY JIM SIPLON Being optimistic about our future, economic or otherwise, seems almost a courageous act at the moment. The seemingly ongoing stretch of natural disasters, economic and geopolitical shocks have given us all pause as we look to an uncertain future. At times like these, we find both solace and confidence for our region… by looking back. Back to a rich heritage of ingenuity, adaptability and a keen understanding of how where we live yields a unique set of advantages associated with this marvelous region. The heritage that birthed a thriving timber and paper sector, a wide variety of manufacturers and a new industry making medical devices. This place had always been somewhere good ideas came to life. A couple of years ago, I began a deep dive into our areas economic history, with help from a number of likeminded leaders. We researched media and press coverage as well as public records and data, some of it going back to the days of our country’s founding. After amassing this enormous amount of information, we began sifting through it looking for discernible trends, time periods and shifting economic sectors…it was a sometimes overwhelming task. Some things were evident almost immediately. The role of place was clear from the earliest days of our area with a distinct desire for those who lived elsewhere, primarily New York City but far and wide as well, to come here to enjoy the majesty of Lake George, the Adirondacks and the surrounds. What we now see as tourism was the first great driving force in our economy, sometimes being the majority of economic activity and always at least a third of the overall economic landscape. This is, both chronologically and logically, the first pillar of our areas economy and today
Jim Siplon, president, CEO, EDC Warren County. Courtesy EDC Warren County
represents between 25 and 35% of most objectives measures including employment and revenues. It has been present as along as we have been a place and is also uniquely resilient to automation and AI. It will always be in demand. The rest of the data was less obvious. The way industries and sectors were identified and tracked changed over time, making direct comparisons harder. The data began to get consistent in the 1980s and has been tracking more than 20 distinct categories of Continued On Page 6
The Warren County Board of Supervisors has named Warrensburg Supervisor Kevin Geraghty to chair the Board of Supervisors in 2025, the fourth consecutive year he has been chosen to lead the board. Geraghty was unanimously selected by his colleagues at the January 3, 2025 Board of Supervisors organization meeting. “I am humbled and honored that my colleagues have the confidence in me to chair our Board of Supervisors again in 2025, and I would like to thank everyone who supported me,” Geraghty said. “We will continue to strive to keep the county in good financial shape in 2025 and the years to follow. 2024 was a challenging year as costs rose and unfunded state mandates increased to impact our budget. Through good planning and hard work, we have been able to balance our budget and keep property tax rates steady while continuing to have the lowest sales tax rate in New York State. I look forward to working with each of my colleagues on the board and all of our great Warren County employees to continue to make Warren County an outstanding place for all who live, work and visit here.” Supervisor Geraghty was nominated to return as chair at the meeting by Lake Luzerne Town Supervisor Gene Merlino. In all, 2025 will be Supervisor Geraghty’s eighth year as chair of the board, as he also spent 4 years as chair between 2013 and 2016. In addition to his time as chairman, Supervisor Geraghty previously served as Warren
Kevin Geraghty is sworn in as chair of the Warren County Board of Supervisors. Courtesy of Warren County
County Budget Officer for 6 years, and acting Warren County Administrator for 1-1/2 years between 2016 and 2018. Supervisor Geraghty has been Warrensburg Town Supervisor since 2006. He was elected town supervisor after a career working in management at the former International Paper Co. mill in Corinth. He was sworn in as chair of the board by Amanda Allen, Clerk of the Board of SuperContinued On Page 4