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GBJ 9 Broad Street #7 Glens Falls, NY 12801
VOL. 34 NO. 12
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HH The Business Newspaper of Warren and Washington Counties HH
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FEBRUARY 2023
Couple Buys Depe Dene Resort On Lake Hirsch Sells 130-Year-Old Family Business George, Their Fourth Facility, For $11.4M ‘Binley Florist’ To His Long-Time Employee
The husband and wife team Christopher Menter and Jessica Ferguson bought Depe Dene Resort for $11.4 million. It was part of the estate of Ken Ermiger, who operated the resort for 45 years. BY SUSAN ELISE CAMPBELL The Depe Dene Resort, sitting on 750 feet of prime Lake George waterfront, has been sold to husband and wife team Christopher Menter and Jessica Ferguson for $11.4 million. The Depe Dene was part of the estate of Ken Ermiger, a local businessman who operated the resort for 45 years. “We knew of a few potential buyers who were aggressively trying to put in a bid,” Menter said. “But we came up with the right number in the right time
Courtesy Depe Dene
frame.” He said that the executor of the estate was hoping to finalize a sale before the year ended. “We were able to secure financing and come up with a competitive offer,” he said. “All were lovely to work with on either side of the table. Like any acquisition, there is much to do behind the scenes, but we’re veterans.” This is the fourth resort in Menter and Ferguson’s Lake George area portfolio. They invested in the Continued On Page 11
Binley Florist, a 130-year-old family owned business has been sold to Tami Field, a longtime employee and general manager of the business, and her husband Dave. BY PAUL POST Binley Florist has been there for its customers’ best and worst of times, welcoming new life to the world, weddings, milestone anniversaries, and painful loss when flowers voice expressions of sympathy. But after decades on the job, owner Wally Hirsch has sold the iconic, 130-year-old business to long-time employee and general manager Tami Field and her husband, Dave. “I’m 75,” Hirsch said. “I’ve probably been
Courtesy Binley Florist
doing this for 60 years. It’s time. Tami has really earned her place at the helm. She’s been a good, faithful employee. I’ve had a lot of good employees over the years. They’ve been loyal to us through recessions, through pandemics. This is an old business. We’ve seen it all.” The $1.25 million sale had two parts. The Fields purchased the business, at the corner of Dix Avenue and Quaker Road, and will lease space from East Huron Street LLC, one of Continued On Page 8
Arrow Financial Names Penko Ivanov As Dr. John Rugge Is Recipient Of This Year’s Chief Financial Officer Effective Feb. 22 Walter Juckett Community Service Award Arrow Financial Corp. announced the appointment of Penko Ivanov, CPA, MBA, as chief financial officer, executive vice president, treasurer and chief accounting officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co., as well as its insurance subsidiary, Upstate Agency, LLC. The appointment is effective Feb. 21. As CFO, Ivanov will be responsible for planning and management of all finance, treasury and accounting functions for Arrow, which reported $3.97 billion in assets as of Dec. 31. He will be based in the company’s Glens Falls headquarters and report to Arrow President and Chief Executive Officer Tom Murphy. “We are pleased to welcome Penko to the Arrow family of companies,” said Murphy. “His 30 years of experience and expertise in financial planning and analysis, controllership, financial reporting, treasury and more will be invaluable as we build upon Arrow’s strong financial footing and continued growth.” “I am excited to join Arrow and contribute to its track record of stellar financial performance and management. I look forward to assisting the company in its strategic and financial goals,” said Ivanov.
Ivanov most recently served as executive vice president and chief financial officer of Bankwell Financial Group, Inc. in New Canaan, Conn. Prior to that, he worked in various finance positions for Doral Bank, General Electric Co. and PepsiCo Inc. He began his career with Ernst & Young GmbH in
Munich, Germany.
Penko Ivanov was named as chief financial officer at Arrow Financial Corp. Courtesy Arrow Financial Corp.
Ivanov holds his MBA, and bachelor degrees in both accounting and finance with a minor in economics from the University of South Florida in Tampa. Arrow Financial Corp. is the parent of Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co. Other subsidiaries include North Country Investment Advisers, Inc., and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.
The Adirondack Regional Chamber of Commerce announced that the 34th Annual J. Walter Juckett Community Service Award will be presented to Dr. John Rugge, retired physician, and the founder of Hudson Headwaters Health Network. Rugge will be presented with the award at the ARCC annual dinner on March 10, at The Sagamore Resort in Bolton Landing. The event begins at 5:30 p.m. with registration and a cocktail reception. At 7 p.m. will be dinner with live music. The Juckett Award ceremony is scheduled for 8 p.m. “We are excited to celebrate Dr. John Rugge as the 34th Annual J. Walter Juckett award honoree,” said ARCC President & CEO Tricia Rogers. “Dr. Rugge is so deserving of this honor. As the founder of Hudson Headwaters Health Network, his passion and drive to further healthcare in our region is admirable. We are fortunate that Dr. Rugge chose to stay in our region and establish a healthcare system that helps so many of our community members.” Rugge was a family physician who came to the Adirondacks to finish writing a canoe book in 1974. He then accepted a position with the Glens Falls Hospital to serve as supervising physician at a new health center in Chestertown, with the intention of practicing for six months before returning to Albany Medical Center. As it turned out, all the surrounding communities were losing their GPs to retirement, and there was no one to take his place. Instead, he combined medical practice with community engagement (and grant writing) to establish the Hudson Headwaters Health Network which has grown to include 21 health centers between Saratoga County to the
Dr. John Rugge is the recipient of the Juckett Community Service Award for 2023. Courtesy ARCC
Canadian border with some 200 medical providers and more than 150,000 patients. Dr. Rugge said the way local need generated remarkable community support attracted the attention of health care policymakers in Albany and Washington, D.C., leading him in turn to serve on 40 government advisory panels, task forces, and councils—all of which has served to make Hudson Headwaters a model for others across the state and across the nation. Continued On Page 14