Northwest to close all 44 offices of its consumer finance subsidiary

The parent company of Northwest Bank plans to close all 44 offices of its consumer finance subsidiary in mid-July. In an attempt to cut expenses, Pennsylvania-based Northwest Bancshares Inc. (NASDAQ: NWBI) announced that Northwest Consumer Discount Company would cease operations as of July 14 and transfer loans to Northwest Bank. The company said the closure will cost approximately $3 million over two quarters and result in a decline in net interest income as the “approximately $40 million portfolio…

Pay package for Evans Bank CEO falls in 2016

The compensation package for the top executive at Evans Bancorp Inc. fell more than 26 percent in 2016, despite an increase in salary and bonus payments. A new regulatory filing shows that David Nasca, president and CEO, received total compensation of $722,800 last year. That’s down from $978,459 in 2015. Nasca, 59, took home $423,468 in base salary – up 1.5 percent from the year before – and $153,002 in incentive pay for exceeding key performance measures. His stock and options awards also…

PHH Mortgage cuts local workforce to 30

PHH Mortgage Corp. is planning a third and final round of job cuts in Western New York and expects to stop doing business at its Amherst office as of July 1. What will remain locally: 30 employees who will transition to telecommuter positions with the New Jersey-based mortgage service provider (NYSE: PHH). “There’s nothing new that’s prompting this (round),” PHH spokesperson Dico Akseraylian said Monday. “It’s a continuation of what occurred last year.” Local layoffs have been anticipated…

M&T survey: Business optimism rises among middle-market companies, but hiring plans wane

Economic optimism among some middle-market business owners and senior managers surged in December and January, despite expectations of a slight decrease in hiring and modest future sales and capital expenditures. That’s the gist of a new report from M&T Bank (NYSE: MTB) that says 70 percent of those who responded to the bank’s biannual economic survey expect the U.S. economy to improve in th near term. A year ago, just 24 percent of respondents thought the economy would improve. What the survey…

Northwest Bank commits $102 million in community reinvestment funds

Northwest Bank has agreed to spend $102 million over the next five years on a series of community development initiatives within the Buffalo-Niagara Falls metropolitan area. The money will be spent on small business and mortgage lending, community development lending, philanthropy, the hiring of two community development officers and the construction of at least one retail branch in a low to mid-income neighborhood. Negotiated with the Buffalo Niagara Community Reinvestment Coalition, the plan…

WNY bankruptcy filings dropped nearly 12 percent in February

The number of bankruptcy cases filed in Western New York in February declined by nearly 12 percent compared to the same month in 2016, according to new data from the U.S. Bankruptcy Court Western District of New York. A total of 187 cases were recorded last month, down from 212 cases in February 2016. The majority of those cases – 112, to be exact – were recorded in Erie County. The Western District of New York is comprised of the eight counties of Western New York and nine counties that make…

M&T Bank’s president, Mark Czarnecki, passes away at 61

Mark Czarnecki, president and chief operating officer of M&T Bank Corp. and one of the most respected bankers in Western New York, has died. Czarnecki, 61, was the highest-ranking executive at M&T (NYSE: MTB) after Chairman and CEO Robert Wilmers. A native of Buffalo, Czarnecki was also one of the bank’s longest-tenured employees, having joined M&T in 1977 as an assistant branch manager and worked his way through various managerial roles in retail, business and commercial lending. “Throughout…

Northwest Bank gets sales tax breaks for regional HQ in Amherst

Northwest Bank will get $87,500 in sales tax breaks for its $1.5 million regional headquarters project in Amherst. The Amherst Industrial Development Agency approved the bank’s request Friday by a 6-1 vote. AIDA board member Michele Marconi cast the “no” vote after wondering if the incentive was necessary. Northwest Bank is the banking subsidiary of Northwest Bancshares Inc. (NASDAQ: NWBI), based in Warren, Pennsylvania. The bank is one of the largest deposit-holders in the region following…

Cyber security programs now required for state-regulated financial institutions

Starting March 1, more than 3,000 banks, insurance companies and other financial services organizations regulated by New York state will be required to comply with new cyber security rules. The regulations – which were revised in late December after industry groups criticized parts of the initial proposal – were announced Thursday by Gov. Andrew Cuomo. They require the adoption of written cyber security policies, risk-based minimum standards for technology systems and standards that outline…

Cyber security programs now required for state-regulated financial institutions

Starting March 1, more than 3,000 banks, insurance companies and other financial services organizations regulated by New York state will be required to comply with new cyber security rules. The regulations – which were revised in late December after industry groups criticized parts of the initial proposal – were announced Thursday by Gov. Andrew Cuomo. They require the adoption of written cyber security policies, risk-based minimum standards for technology systems and standards that outline…