SBJ P.O. Box 766 Saratoga Springs, NY 12866
SARATOGA BUSINESS JOURNAL
VOL. 28 NO. 04
HH The Business Newspaper of Saratoga County HH
PRSRT STD U.S. POSTAGE
PAID
GLENS FALLS, NY 12801 PERMIT #600
JUNE 2023
www.saratogabusinessjournal.com
As Construction At Saratoga YMCA Goes On, SPAC In The Black In 2022; CEO Touts Venue Public Phase Of Capital Campaign Begins As Place Where ‘All Cultures Are Celebrated’
Work continues at the Saratoga Regional YMCA branch on West Avenue where an addition will include a new location for the Saratoga Senior Center, as well as a new Youth Adventure Center. The Saratoga Regional YMCA launched the public phase of its capital campaign on May 5 at its Saratoga Springs branch on West Avenue. YMCA staff, members, major donors, volunteers and community partners gathered for a kick-off celebration, followed by a tour of the construction site. Officials said the pressing need for greater socialization, increased healthy living programming, and safe and affordable childcare options was apparent when the YMCA decided to embark on the expansion project. Attendees at the May event were able to tour
©2023 Saratoga Photographer.com
the construction site to envision “a renewed, vibrant and connected intergenerational wellness hub,” officials said. The expanded facilities will include a new wellness center that will have several spaces for weight training, group exercise classes, athletic training and chronic disease prevention programming. A new gymnasium will help accommodate the growing demand for pickleball leagues, summer day camp, youth sports and before and after school programming. It will also Continued On Page 18
A ballet performance last year at SPAC. Officials said 2022 ended with $470,000 of operating reserves, attributed to the support of members, the board of directors and the general public. “Transformation has changed and informed the very way we see the world and our place in it,” said Elizabeth Sobol, president and CEO of Saratoga Performing Arts Center at the board of directors annual meeting on May 18. At the meeting, SPAC leadership and staff reflected upon a successful 2022 season and considered the trajectory of the institution’s collective efforts to serve art, artists, and the community of Saratoga Springs and the Capital Region. “No longer just an amphitheater, we see SPAC as the perfect confluence of human-made and natural beauty,” Sobol said. “We see SPAC as a refuge, a place
Courtesy SPAC
of healing, a place where all people are welcome, and all cultures are celebrated. In our hearts, we understand our mission—to connect people to people— and to our planet. And we undertake this important work with recognition of the profound importance of beauty and art in the cultivation of compassion and the creation of a just world.” SPAC announced that it ended the year with $470,000 of operating reserves. This was attributed to fundraising efforts supported by members, the board of directors, the general public and the utilization of $1.5 million in critical federal grants for budget relief Continued On Page 19
David S. DeMarco Is Named The New CEO Executive Director Of Local Preservation And President At Arrow Financial Corp. Foundation Elected Chair Of National Group Arrow Financial Corp.—the parent company of Saratoga National Bank and Glens Falls National Bank—announced that David S. DeMarco is the president and chief executive officer of the company. DeMarco was chief banking officer and senior executive vice president at the company. He replaces Thomas J. Murphy, who in May terminated his employment as president and CEO with Arrow. The changes were made May 12. DeMarco, who has been with the company for 35 years, continues to serve as president and chief executive officer of Arrow subsidiary Saratoga National Bank and Trust Co. DeMarco joined the company in 1987 as a commercial lender and since that time has served in positions of increasing responsibility with the organization. He was named president and CEO of Saratoga National Bank in 2012. “We are very pleased that Dave has agreed to serve as president and CEO of Arrow and Glens Falls National Bank. Dave has dedicated his career to the company, understands community banking and he is well-known throughout our organization and the communities we serve,” said William L. Owens, chairman of the Arrow board. “It is an honor to be asked to serve as president and CEO of Arrow,” DeMarco said. “I look forward to working closely with our team to continue to serve our customers and advance our strategic and financial goals.” Arrow Director Thomas L. Hoy, who recently retired as board chair and served as president and CEO of Arrow from 1995 to 2012, said DeMarco “is
David S. DeMarco is the new CEO and president at Arrow Financial Corp. Courtesy Arrow Financial Corp.
extremely knowledgeable about the operation of our banks and the needs of our customers. He has been instrumental in the growth of our organization over his many years of service.” Arrow Financial Corp. is a multi-bank holding company headquartered in Glens Falls, serving the financial needs of northeastern New York. In addition to being 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.
Samantha Bosshart, executive director of the Saratoga Springs Preservation Foundation, was elected chair of the National Preservation Partners Network (NPPN). NPPN is a membership-based, independent association of non-profit organizations that advances the growth and effectiveness of the organized preservation movement through communication, education, training, and a common advocacy agenda. NPPN currently has 119 members, representing local, statewide, regional, and national organizations. Bosshart joined the NPPN’s board of directors in 2018. She was appointed as the chair of the governance committee in 2020 and elected vice chair in 2022. “It is an honor to serve as chair of the National Preservation Partners Network. I have benefitted so much from being a part of the network. It provides valuable educational and networking opportunities to allow historic preservation professionals to learn from one another and advocate for initiatives that will benefit the movement nationally.” Bosshart has served for 15 years as executive director of the Saratoga Springs Preservation Foundation. Prior to joining the foundation, she was the director of preservation services at Historic Albany Foundation. She moved from Texas to New York to attend Cornell University, where she completed her Master of Arts Historic Preservation Planning coursework. Prior to attending Cornell University, she worked at Galveston Historical Foundation where for five years she was manager of the Preservation Resource Center, which offered historic property research, neighborhood information, and technical rehabilitation guidance. She also oversaw the nationally recognized Paint
Samantha Bosshart was elected chair of the National Preservation Partners Network. Courtesy Saratoga Springs Preservation Foundation
Partnership and Paint Pals programs, which provided low-income homeowners of historic houses with free paint. Before working for the Galveston Historic Foundation, she was an independent contractor. She completed an extensive rehabilitation of four houses located in the East End National Historic Landmark District in Galveston. She moved to Galveston after graduating from Indiana University with a Bachelor of Arts in history and criminal justice. Bosshart also serves on the board of directors of the Discover Saratoga.