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VOL. 36 NO. 7
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HH The Business Newspaper of Warren and Washington Counties HH
www.glensfallsbusinessjournal.com
SEPTEMBER 2024
Building On Last Year’s Momentum, Adirondack Glens Falls Currently Undergoing Significant Thunder Coaches Are Confident Of Strong Year Revitalization With Plans For Future Projects
Veteran forward Ryan Smith will once again contribute significantly to the scoring tally when the Adirondack Thunder take to the ice for their 2024-2025 season.
Timber beams are set as construction continues on the 6,000-square-foot South Street Market Square project.
Photo by Andy Camp
BY PAUL POST The Adirondack Thunder captured the ECHL’s North Division and Eastern Conference championships last year with a franchise record 97 points. They also drew an all-time high 4,239 fans per game including 16 sell-out crowds, and their extended six-week playoff run saw gross revenues reach $4 million. Profits have been invested in both on- and off-ice improvements to make the fan experience even better as the Thunder set their sights on bringing a Kelly Cup championship home to Glens Falls next spring.
“The arena and team had their best year ever, which is real exciting as we head toward 2024-25,” said Jeff Mead, Thunder and Cool Insuring Arena general manager. “When this team started 10 years ago we sold 550 season tickets. Last year it was just north of 1,600 and we expect to be over 2,000 this season. So we’re pretty excited about where we are as an organization.” The Thunder recently signed Head Coach Pete MacArthur and Assistant Coach Mike Bergin to new two-year deals. It was just over 24 months ago that Continued On Page 9
NBT Bancorp Expands Footprint Into Western New York By Merging With Evans Bancorp NBT Bancorp Inc. (“NBT”) (NASDAQ: NBTB) and Evans Bancorp, Inc. (“Evans”) (NYSE American: EVBN) has announced they have entered into a definitive agreement pursuant to which Evans will merge with and into NBT. This merger will bring together two highly respected banking companies and extend NBT’s growing footprint into Western New York. “We are enthusiastic about this opportunity to partner with Evans and are confident it is a high quality and incredibly impactful way to expand NBT’s presence into Western New York,” said NBT President and Chief Executive Officer Scott A. Kingsley. “Adding the greater Buffalo and Rochester communities to the markets served by NBT is a natural geographic extension of our footprint in Upstate New York where we have been very active and successful for nearly 170 years.” The combined organization will have the highest deposit market share in Upstate New York for any bank with assets under $100 billion and will result in a network of over 170 locations from Buffalo, NY to Portland, ME. NBT’s primary subsidiary, NBT Bank, N.A., has 154 locations in seven northeastern states. With 107 of those locations in Upstate New York, NBT’s banking franchise currently stretches west to east from Syracuse to the Capital District and north to south from Plattsburgh to Binghamton and the Hudson Valley. Evans, headquartered in
Williamsville, NY had assets of $2.26 billion as of June 30, 2024, and 18 locations in the Buffalo and Rochester markets. Pursuant to the merger agreement, NBT will acquire 100 percent of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024. The merger was unanimously approved by the Boards of Directors of both companies. “We are very excited to be joining the NBT family and bringing the next generation of community banking to Buffalo, Rochester and the Finger Lakes,” said David J. Nasca, Evans President and Chief Executive Officer. “We believe this strategic merger offers customers and the communities we serve access to elevated financial products and relationships with a combined organization that has consistently received recognition for delivering outstanding service while creating tremendous value for shareholders.” Nasca will join the NBT board of directors following the merger. The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Evans and the receipt of required regulatory approvals.
Glens Falls Business Journal photo
BY PAUL POST Raul’s Mexican Grill is offering new menu items to keep up with growing competition, and its owner has expanded his business footprint to stay at the forefront of Glens Falls’ fast-paced revitalization. “When I started in October 2007 there wasn’t much here,” Russ Porreca said. “I could list the restaurants that were open at the time. Now we’re saturated with Mexican restaurants.” In response, he’s bringing back popular fried chicken and waffles, previously offered at the former Chicken Shack, which he owned adjacent to Raul’s near Centennial Circle. Raul’s will also feature hardwood smoked brisket, beef and pork dishes. In February 2021, Porreca purchased the former Dizzy’s Chicken building at 72 South Street,
near the intersection of Broad Street, with plans to move Raul’s there when his lease at 164 Glen Street expired. But in May, he purchased the downtown building, home to 162 and 164 Glen Street, for $800,000. The three-story building, at the corner of Hudson Avenue, has upstairs apartments in addition to first-floor commercial space. Porreca recently leased his South Street site to long-time chef Shannon Hart-Hume who plans to open a unique new restaurant by early December, tentatively named Bastard Restobar. The eatery will have an eclectic menu offering Korean, Italian, Mediterranean and Middle Eastern dishes. “Think of it like the Great American Melting Pot,” she said. “I’m using ideas from each of Continued On Page 10
Local Businesses And Civic Groups Support TriCounty United Way’s Kids With Packs Program Tri-County United Way has announced its partnership with Nemer Motor Group in leading the Kids With Packs program, which supports local schools. Joining forces this year are partners including the Lions Club of Glens Falls, the Charles R. Wood Foundation, Target and The Post-Star. This program ensures students across Warren, Washington, and Northern Saratoga counties have essential school supplies, setting up local schools for a successful start to the academic year. The success of this year’s Kids With Packs program is further bolstered by the dedication of a record breaking number of volunteers who participated in the Kids with Packs Assembly Day held at Nemer Ford on August 23. Leading up to the assembly and distribution of supplies, Tri-County United Way works closely with local educators and community leaders throughout the academic year to identify areas of greatest need per school. This proactive approach ensures that resources and funds raised for this program are allocated where they will have the most significant impact, particularly in under served communities. Through, ‘United In Purpose’ Tri-County United Way plans to additionally support re-
gional schools with other necessities that specifically address the needs of local ALICE (Asset Limited, Income Constrained, Employed) populations. ALICE households often struggle to afford basic needs such as housing and childcare. In New York state, the ALICE population encompasses individuals and families with incomes above the federal poverty level ($26,000 for a family of four) but below the household survival budget ($75,800 for a family of four). This segment represents a significant yet often overlooked portion of our community facing challenges in affording essential needs. Tri-County United Way appreciates the work of all the volunteers, including those from the Lions Club of Glens Falls, Hudson Headwaters Health Group, The Warren County Sheriff, The Hyde Museum, National Grid and other community organizations. Thanks are also extended to partners that include Nemer Motor Group, Lions Club of Glens Falls, Charles R. Wood Foundation, Target and The Post-Star, as well as the generous donors who make this program possible year after year. For more information and to get involved in this program, contact Laura Jensen, director of community engagement at Ljensen@tricountyunitedway.org.