GlobalFoundries To Acquire IBM’s Microelectronics Business
MALTA — IBM and GlobalFoundries announced on Monday, Oct. 20 that they have signed an agreement under which GlobalFoundries plans to acquire IBM’s global commercial semiconductor technology business, including intellectual property, world-class technologists and technologies related to IBM Microelectronics.
GlobalFoundries will also become IBM’s exclusive server processor semiconductor technology provider for 22 nanometer (nm), 14nm and 10nm semiconductors for the next 10 years. As part of this Agreement, GlobalFoundries will gain substantial intellectual property including thousands of patents, making them the holder of one of the largest semiconductor patent portfolios in the world.
In a release, The Saratoga County Chamber of Commerce said in part that “…with Fab 8.2 and the new Technology Development Center in Malta, GlobalFoundries has already invested $10 billion locally creating thousands of new jobs with more hiring likely. This agreement bolsters these significant investments in our region.”
Sunmark Affiliate Acquires Ballston Spa Firm
BALLSTON SPA — S.I.S. Insurance & Financial Services, a Sunmark Federal Credit Union affiliate, acquired R.Jones Agency in Ballston Spa, on Thursday, October 16. The acquisition is part of the company’s goal of gaining market share. The R.Jones Agency will remain at its present location at 95 Front St. in Ballston Spa until the end of the year.
Saratoga Center For Family Adds To Their Family
SARATOGA SPRINGS —Saratoga Center for the Family has added Vincent “Vinny” Kostolni, LMHC, CASAC, to their mental health counseling staff. Vinny comes to the Saratoga Center for the Family with seven years of experience as a New York State Licensed Mental Health Counselor (LMHC), as well as a Credentialed Alcoholism and Substance Abuse Counselor (CASAC) through the New York State Office of Alcohol and Substance Abuse Services (OASAS).
After serving for 21 years as a Police Officer and Sergeant for the New York Police Department (NYPD), Kostolni earned his Masters Degree in Mental Health Counseling from The Post Campus of LIU in Brookville, NY.
Chamber of Commerce Shopping Guide Now Available
SARATOGA SPRINGS —The Saratoga County Chamber of Commerce is excited to announce that the 2014-15 Shopping Guide, sponsored by Saratoga Capital District Transportation Authority (CDTA), is completed and being distributed throughout the County.
In previous years, member retailers would pay a small fee to be a part of the guide. CDTA has generously sponsored the 2014-15 guide, allowing all 120+ Saratoga County Chamber member retailers to be showcased.
The guide is available through the Saratoga County Chamber of Commerce. If you are a hospitality-related business and would like to distribute them, contact Bianka Krueger at (518) 584-3255.
Tax Department Honored
ALBANY — The State Department of Taxation and Finance was recognized with a national technology award for its aggressive identification of fraudulent tax returns.
The Federation of Tax Administrators announced that the department earned the 2014 FTA Award for Technology for its “two pronged’ fraud prevention strategy.
New York developed advanced applications to automatically review - prior to issuing refunds - each of the 10 million personal income tax returns it receives annually. In 2013 alone, more than 255,000 inappropriate refunds were stopped totaling more than $413 million.
Building on that, the Department established the Fraud Analysis and Selection Team, which leverages business analytics to stop large-scale, premeditated tax fraud schemes.
Since its formation in late 2011, FAST has uncovered more than a thousand distinct fraudulent refund schemes.
In less than three years, at a cost of $600,000, FAST has saved taxpayers from footing the bill for more than $150 million in fraudulent refunds.
Arrow Reports Third-Quarter Earnings, Declares Cash Dividend
GLENS FALLS — Arrow Financial Corporation announced operating results for the three- and nine-month periods ended September 30. Net income for the third quarter of 2014 was $6.15 million, an increase of $524 thousand, or 9.3 percent, from net income of $5.62 million for the third quarter of 2013.
Arrow President and CEO Thomas J. Murphy stated, “Arrow delivered another quarter of solid performance, with increased net income, earnings per share and net interest margin. We posted record highs for total loans outstanding and total stockholders’ equity.”
Arrow’s Board of Directors also declared a quarterly cash dividend of $.25 per share payable December 15, to shareholders of record on December 3, 2014. This represents an increase of 2 percent over the cash dividend paid in the fourth quarter of 2013. It is the 21st consecutive year that cash dividends paid have increased.
Soroptimist’s Inviting Business and Professional Women To Information Night
SARATOGA SPRINGS — The Growth & Development Committee of Soroptimist International of Saratoga County is holding an information night on Wednesday, October 29 from 7-8:30 p.m. at the Saratoga Golf & Polo Club, 301 Church Street in Saratoga Springs.
The Information Night is for women who are interested in receiving information about the Soroptimist organization and the programs they offer that improve the lives of women and girls. Current committee members will be available to answer questions about the various programs that Soroptimist International of Saratoga County offers. An assortment of sweet and savory refreshments will be served.
Soroptimist International of Saratoga County is a volunteer service organization for business and professional women who work to improve the lives of women and girls in local communities and throughout the world.
To register for the Information Night or for additional information, contact Nancy Powhida at (518) 885-8412 or This email address is being protected from spambots. You need JavaScript enabled to view it..
