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Tompkins Financial Corporation Reports Cash Dividend

By Howard B. Owens

Press release:

Tompkins Financial Corporation announced today that its Board of Directors approved payment of a regular quarterly cash dividend of $0.45 per share, payable on February 15, 2017, to common shareholders of record on February 7, 2017.

Tompkins Financial Corporation is a financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

Tompkins Financial Corporation Reports Record Fourth Quarter and Full Year Earnings

By Howard B. Owens

Press release:

Tompkins Financial Corporation (NYSEMKT:TMP) reported record diluted earnings per share of $0.99 for the fourth quarter of 2016, a 7.6% increase from the $0.92 reported in the fourth quarter of 2015. Net income for the fourth quarter of 2016 was $15.1 million, up 9.1% compared to the $13.9 million reported for the same period in 2015.

President and CEO, Stephen S. Romaine said "We are very pleased to end 2016 with the best fourth quarter in our Company’s long history. Fourth quarter performance reflects the ongoing success of our business development efforts that have produced solid growth in net loan and deposit balances, which are up 12.9% and 5.2%, respectively over 2015. Growth in these key balance sheet categories gives us very good momentum as we head into 2017.”

Full year results reflect the best earnings per share in Company history. For the year ended December 31, 2016, diluted earnings per share were $3.91, an increase of 1.0%, over the $3.87 per share reported in 2015. The record results for 2016 are especially noteworthy given that results for 2015 included a non-recurring curtailment gain of $3.6 million after tax ($0.24 per share) related to changes to the Company’s pension plan, which was recognized in the second quarter of 2015. Refer to the table of “NON-GAAP MEASURES” included in this press release for additional details. Full year and quarterly results for 2016 reflect the impact of the early adoption of Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which is more fully described in Footnote 10 of this press release.

SELECTED HIGHLIGHTS FOR FOURTH QUARTER:

  • Net interest income of $46.4 million for the current quarter was up 6.8% compared to the fourth quarter of 2015
  • Total loans of $4.3 billion at year end 2016 were up 12.9% over year end 2015
  • Noninterest bearing deposit balances of $1.2 billion at year end 2016 are up 8.6% over year end 2015
  • Nonperforming assets of $22.6 million at year end 2016, though up $3.3 million from the most recent prior quarter, reflect a decrease of 7.8% from year end 2015.
  • During the quarter, the Company announced that it will redeem approximately $20.5 million of 7% Fixed Rate Trust Preferred securities, effective January 31, 2017. For purposes of calculating regulatory capital, these securities were not included as part of Tier 1 capital at year end 2016.

NET INTEREST INCOME

Net interest income of $46.4 million for the fourth quarter of 2016 increased by $2.9 million, or 6.8% compared to the same period in 2015. For the full year, net interest income was $180.6 million, up $12.3 million, or 7.3% from the same period in 2015.

Growth in net interest income was largely driven by $447.7 million of growth in average total loans since the fourth quarter of 2015, an increase of 12.1%. The loan growth was supported, in part, by a $212.7 million increase in average total deposits over the same period. The net interest margin was 3.30% in the fourth quarter, down from 3.31% for the most recent prior quarter, and 3.35% for the same quarter last year.

NONINTEREST INCOME

Noninterest income was $16.3 million for the fourth quarter of 2016, and was down $1.6 million or 8.9% compared to the same period in 2015. For the full year, noninterest income of $68.8 million is down from $71.9 million reported for 2015. Prior year-to-date results included net gains on the sale of other real estate owned of $946,000, which were higher by $860,000, when compared to the current year-to-date period. Fee based revenue for 2016 (including insurance, wealth management, and banking related fees), was relatively flat compared to the prior year.

NONINTEREST EXPENSE

Noninterest expense was $39.4 million for the fourth quarter of 2016, approximately flat, when compared to that same quarter in 2015. For the full year, noninterest expenses were $158.6 million in 2016, up $8.7 million, or 5.8% over 2015. The current full year results included $313,000 of expense related to the early termination of an FDIC loss share agreement, which was recognized in the third quarter of 2016; and $546,000 of deconversion expenses related to a core system conversion planned for 2017. The deconversion expenses include $306,000 of expenses that were recognized in the fourth quarter of 2016. Prior year noninterest expenses benefited from a $6.0 million (pretax) non-recurring curtailment gain (recognized in the second quarter of 2015) related to a change in the Company’s defined benefit pension plan.

ASSET QUALITY

Asset quality trends remained strong in the fourth quarter of 2016. Nonperforming assets were down $1.9 million or 7.8% compared to the fourth quarter in 2015; though they were up $3.3 million or 17.0% from the most recent prior quarter. Nonperforming assets represented 0.36% of total assets at December 31, 2016, compared to 0.32% at September 30, 2016, and 0.43% at December 31, 2015. Nonperforming asset levels continue to be well below the most recent Federal Reserve Board Peer Group Average1 of 0.77%.

The provision for loan and lease losses was $1.7 million for the fourth quarter of 2016, up from $1.5 million in the fourth quarter of 2015. Full year provision expense was $4.3 million in 2016, up from $2.9 million in 2015. The year-over-year increase in provision expense is primarily due to loan growth, as well as higher net recoveries in the prior period. Net charge-offs for 2016 were $571,000 compared to net recoveries of $62,000 reported in 2015.

The Company’s allowance for originated loan and lease losses totaled $35.6 million at December 31, 2016, and represented 0.92% of total originated loans and leases at December 31, 2016, compared to 0.95% at December 31, 2015. The total allowance represented 165.0% of total nonperforming loans and leases at December 31, 2016, up from 146.7% at December 31, 2015.

CAPITAL POSITION

Capital ratios remain well above the regulatory well-capitalized minimums. The ratio Tier 1 capital to average assets of 8.41% at December 31, 2016, compared to 8.82% reported for December 31, 2015. Total capital to risk-weighted assets at December 31, 2016 was 12.22%, compared to 13.03% reported at December 31, 2015. Contributing to the decline in capital levels in the fourth quarter of 2016 was the exclusion from Tier I capital of $20.5 million in 7% Fixed Rate Trust preferred securities, which the Company plans to redeem in January 2017.

ABOUT TOMPKINS FINANCIAL CORPORATION

Tompkins Financial Corporation is a financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, NY, Tompkins Financial is parent to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth management services through Tompkins Financial Advisors. For more information on Tompkins Financial, visit www.tompkinsfinancial.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform of 1995:

This press release may include forward-looking statements with respect to revenue sources, growth, market risk, and corporate objectives. The Company assumes no duty, and specifically disclaims any obligation, to update forward-looking statements, and cautions that these statements are subject to numerous assumptions, risks, and uncertainties, all of which could change over time. Actual results could differ materially from forward-looking statements.

For more details, click here.

 

Potential for lake effect snow on Saturday downgraded

By Howard B. Owens

The National Weather Service is now saying to expect slightly less snow over the course of Saturday into Sunday morning.

A previous winter weather watch has been downgraded to an advisory.

From two to four inches possible Saturday, three to five inches Saturday night, with a storm total of five to nine inches.

Winds will be 10 to 20 mph with gusts up to 30 mph from the southwest.

Blowing and driving snow could make travel difficult at times in some locations.

Le Roy dominates Warsaw for 86-55 win

By Howard B. Owens

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Le Roy moved to 8-5, riding a three-game winning streak, with a 86-55 win over Warsaw at home on Thursday night.

The team continued to draw contributions from up and down its lineup. Thursday, it was Canyon Roster's turn to step up and provide a scoring spark. He hit 10 field goals in 14 attempts and 6-7 from the line for 26 points. Luke Stella added 12 points and Ryan Boyce, 10. Boyce and Ryan Kettle each sunk a pair of three-pointers.

For Warsaw, big Ben MacConnell had a double-double with 11 points and 13 rebounds. Nate Tangeman scored 13 points and Scott Rashaun had 10.

This Saturday, both the girls and boys basketball teams, varsity and JV, travel to Notre Dame for a basketball blowout event to honor longtime Fighting Irish basketball Coach and Athletic Director Mike Rapone, brother of Le Roy's boys varsity Coach Rick Rapone. The Hoops extravaganza starts at noon. Girls varsity is scheduled for 4 p.m., with a ceremony honoring Rapone at 6:30 and boys varsity at 7 p.m.

For more high school sports scores, check the Scoreboard provided by Batavia's Best.

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South Byron fire holds annual awards banquet

By Howard B. Owens

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On Saturday, the South Byron Volunteer Fire Department held its annual banquet and named Chief Scott Blossom Firefighter of the Year and President Dean Bates Member of the Year. They are flanked by Sen. Mike Ranzenhofer and Assemblyman Steve Hawley.

Robert Fite, pictures below, was honored for 50 years of service.

Info and photos provided by Scott Blossom.

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Scoreboard: Notre Dame gets OT win over Brockport in hockey

By Howard B. Owens

Boys Basketball

  • Elba 43, Pembroke 40 OT (more)
  • Alexander 66, Kendall 34 
  • Attica 58, Lyndonville 40 
  • Byron-Bergen 63, Notre Dame 45 
  • Le Roy 86, Warsaw 53

HS Basketball Roundup (01/26/2017): Le Roy, Byron-Bergen, Attica, Alexander, Elba all victorious

Hockey

  • Notre Dame 4, Brockport 3 OT (more)

Wrestling

  • Batavia/Attica 63, Honeoye Falls-Lima 9 
  • Canandaigua 40, Alexander 33 
  • Pavilion/York 36, Way-Coh 24 
  • Akron 45, Lyndonville 30 

HS Wrestling Report (01/26/2017): Batavia/Attica, Pavilion/York each win – Alexander, Lyndonville fall

Swimming/Diving

Natarajan sets new meet record at GR League Diving Championships

Photos: Garage fire on Pratt Road, Pembroke

By Howard B. Owens

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At about 11 a.m., Larry Abaire was working in his rented garage at 2369 Pratt Road, Pembroke, removing parts from a junked car when something sparked a fire in the detached gas tank.  He tried using three fire extinguishers to put out the fire, but it wasn't enough to stop the fire from spreading quickly.

He lost $200,000 in tools, which were uninsured.

The fire spread to another attached garage and neighbors who had their ATVs and snowmobiles stored there were able to get those vehicles out before the fire reached that structure. 

"Nobody got hurt, that's what matters," Abaire said.

East Pembroke Fire Chief Don Newton said the fire was "blowing out the front" of the building when crews arrived on scene and there wasn't much left to save.

Previously: Barn fire reported on Pratt Road

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To purchase prints, click here.

Barn fire reported on Pratt Road

By Howard B. Owens

A barn fire is reported at 2369 Pratt Road, Pembroke.

East Pembroke fire and one engine from Pembroke fire dispatched.

UPDATE 11:08 a.m.: Town of Batavia requested to stand by at East Pembroke's hall.

UPDATE(S) (By Billie) 11:16 a.m.: Mutual aid is requested from Indian Falls, Alabama, Oakfield and Corfu. Mercy medics are called to the scene.

UPDATE 11:21 a.m.: The city's third platoon is called to report to fire headquarters on Evans Street.

UPDATE 12:15 p.m.: Larry Abaire says he lost $200,000 worth of tools and equipment in this fire, none of it insured. "Nobody got hurt, that's what matters," he said. Abaire, who has rented the building for the last five years for storage and to work on his own vehicles, was working on the gas tank of "a junk car" when "something caught the gas on fire." "I've done thousands of them, but it only takes that one..." He says he had turned the heater off but "had a couple things on the floor" when the fire broke out. It spread rapidly. He emptied three fire fire extinguishers on the blaze to no avail. Another guy was there and he got the ATVs and snowmobiles out OK. Abaire said the building was well insulated, "that's propbably why they're having a hard time putting it out."

UPDATE 12:31 p.m.: The fire is under control.

UPDATE 12:32 p.m.: East Pembroke Chief Don Newton said those who arrived first found a working garage fire. They try to save what they could but the fire "was blowing out the front" and not much could be salvaged. He said there were "many issues" to address and lots of propane tanks and "all finds of different fuels inside. "It was just an inferno when we got here."

Pavilion announces new mascot for Golden Gophers

By Howard B. Owens

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The Pavillion Golden Gophers have a new mascot, designed by Jeff McGee, a 1999 graduate of Pavilion.

The mascot will be officially unveiled during the varsity boys and girls basketball games Feb. 10 at 6 p.m. and 7:30 p.m.

County's unemployment rate, jobs number remain steady for December

By Howard B. Owens

The unemployment rate in Genesee County for December was 4.9 percent, exactly as it was a year earlier.

The GLOW area unemployment rate remained steady at 5.3 percent.

The state rate dropped from 4.7 percent to 4.5 percent year-over-year.

There were 22,900 jobs reported in Genesee County for December, the same as it was a year before.

The Department of Labor reports 27,700 people living in Genesee County with jobs and 1,400 who are looking for work.

Le Roy students asked to take the pledge not to text and drive

By Howard B. Owens

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Four members of local law enforcement spoke at Le Roy High School today during the three lunch periods about the dangers of texting and driving. The officers shared their own personal stories of the accidents they've responded to, including fatal accidents, that involved distracted driving. On Monday, students viewed a video about texting and driving and a couple of students shared their thoughts on the public service piece. Students were then invited to stop by a poster in one of the hallways of the school and sign a poster pledging not to text and drive.

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Principal Tim McArdle

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Le Roy PD Officer Mike Pratt

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Deputy Andrew Hale (also participating, in the background, Deputy Howard Wilson)

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Anthony Paladino speaking with Le Roy PD Officer Greg Kellogg.

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Lizzy Cimetta with Kellogg.

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Up to 10 inches lake effect snow possible Saturday

By Howard B. Owens

A lake effect snow watch has been issued for the region from Saturday morning through late Saturday night.

From five to 10 inches of snow accumulation are possible.

Winds are expected from 15 to 25 mph from the west with gusts up to 35 mph.

Travel could be difficult at times.

The forecast confidence is medium. "There remains some uncertainty as to how far north the heaviest snow will advance," the weather service states.

Republican elections commissioner is sure there is no local voter fraud

By Howard B. Owens

Repeated accusations of voter fraud by President Donald J. Trump haven't sat well with Richard Siebert, the Republican election commissioner for Genesee County.

"I take exception to the accusation," Siebert said. "It's an insult to elections commissioners."

Siebert said he and his staff, on both the GOP and Democratic side, work hard to ensure there are free and fair elections locally.

Trump has repeated claims, first made after he won the presidency through a larger margin of electoral college votes, that the only reason he lost the national popular vote by 2.9 million votes to Hillary Clinton is because millions of illegal ballots were cast.

He repeated the claim to members of Congress two days ago and his spokesman Scott Spicer seemed to back up the claim during a press briefing yesterday. This morning on Twitter, Trump said he was going to call for a federal investigation.

Siebert said he isn't aware of evidence to back up the claim and said as far as Genesee County goes it would be very difficult to cast a fraudulent ballot.

The Democrat commissioner, Lorie Longhany, has said that she is also upset by Trump's accusations.

The local voters roles are regularly purged of deceased people, he said, and the state's voter registration requires voters to provide the last four digits of the person's Social Security number, which are checked against records to ensure citizenship.

If a person shows up on Election Day at a polling location and their name isn't in the registration book, but the voter is sure he or she is registered and eligible to vote, the voter can complete an affidavit ballot. That ballot isn't scanned into the voting computer. It is hand checked at the commission office later and both Republic and Democrat staff must agree the ballot was legally cast before it is counted.

"In Genesee County it (voter fraud), I'll tell you, isn't an issue," Siebert said.

Law and Order: Suspect accused of wielding shovel to damage cars, threaten person

By Howard B. Owens

Catherine E. Peet, 58, of Elmwood Avenue, Rochester, is charged with criminal mischief, 4th, criminal possession of a weapon, and menacing, 2nd. Peet allegedly damaged two vehicles with a shovel and threatened a person with that shovel during an incident reported at 9:35 a.m., Jan. 30, 2016 at a residence on Colorado Avenue, Batavia.

Timothy M. Scanlan, 25, of Genesee Street, Le Roy, is charged with criminal possession of marijuana, 3rd, and two counts of criminal possession of a controlled substance, 7th.  Scanlan was arrested following the execution of a search warrant by the Local Drug Task Force. Scanlan was allegedly found in possession of Suboxone and Lortab pills along with a large quantity of marijuana and an amount of cash.

Jessica L. Connoly, 38, of Brooklyn Avenue, Batavia, is charged with unlawful possession of marijuana and uninspected motor vehicle. Connoly was stopped 7:52 a.m. Friday on East Main Street by Officer Frank Klimjack.

Scott T. Lasker, 42, of Harper Road, Darien, is charged with criminal contempt, 2nd. Lasker was allegedly found in violation of a stay-away order during a traffic stop at 3:51 p.m. Sunday on West Main Street, Batavia.

Benito Hernandez-Vega, 36, of East Main Street Road, Le Roy, is charged driving under influence of drugs and alcohol, possession of a hypodermic instrument, aggravated unauthorized operation, 3rd, unlicensed operation and moving from lane unsafely. Hernandez-Vega was stopped 9:50 p.m. Jan. 13 on East Main Street, Batavia, by Officer Nicole Salamone.

Adam Arsenault, 31, of Hutchins Street, Batavia, is charged with obstructing governmental administration. No further details provided except that the arrest stemmed from an incident reported at 3:30 a.m. Saturday.

Katrina L. Thigpen, 34, of Thorpe Street, Batavia, is charged with harassment, 3rd, menacing, 3rd, and endangering the welfare of a child. Thigpen allegedly poured lighter fluid on a victim and his vehicle during a domestic dispute reported at 9:53 a.m. Monday on Thorpe Street.

Shah L. Zajic, 40, of Eleanor Place, Batavia, is charged with DWI, driving with a BAC of .18 or greater, driving without headlights and refusal to take a breath test. Zajic was arrested stemming from a traffic stop at 2:17 a.m. on Jan. 14 on Ross Street, Batavia, by Officer Matthew Wojtaszczyk.

Candace M. Sanchez, 51, of Ellicott Street, Batavia, is charged with criminal use of drug paraphernalia, 2nd, and criminal possession of a hypodermic instrument. Sanchez was allegedly found in possession of the items by NYS Parole.

Gregory Wayne Houseknecht, 25, of College View Drive, is charged with petit larceny. Houseknecht allegedly stole merchandise from Walmart at 2:58 p.m. on Jan. 19.

Craig Shareef McKenzie Jr., 19, of Batavia Stafford Townline Road, Batavia, was arrested on a warrant stemming from a petit larceny charge.

Mirnes Kozarac, 35, of Lansing Street, Utica, is charged with unlawful possession of untaxed cigarettes. Kozarac was allegedly found in possession of 2,200 untaxed cigarettes during a traffic stop by Deputy Travis DeMuth at 10:16 a.m. Sunday on Route 77, Pembroke. Also charged was Salim Selimovic, 60, of Mulberry Street, Utica, who was allegedly found in possession of 5,800 untaxed cigarettes.

Randy Robert Reiner, 22, of Washington Street, Akron, is charged with unlawful possession of marijuana. Reiner was arrested after Deputy Richard Schildwaster stopped at 10:26 p.m. Jan. 16 on Main Road, Pembroke, to check on a disabled vehicle. Reiner was allegedly found in possession of 16 marijuana smoking devices that contained marijuana residue.

Car hits pole on Galloway Road

By Howard B. Owens

A car has hit a pole in the area of 2732 Galloway Road, Batavia.

Unknown injuries.

East Pembroke fire and Mercy EMS responding.

Head-on crash reported in Le Roy on Route 19

By Howard B. Owens

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A head-on accident is reported in the area of 9286 Warsaw Road, Le Roy.

Injuries are reported.

Traffic is being shut down on Route 19 at Munson Street and at Perry Road.

Le Roy fire and Le Roy ambulance responding.

UPDATE(S) (By Billie) 7:08 p.m.: No serious injuries. This was not a head-on collision, rather a driver slid sideways and was then broadsided by another vehicle. Also, there is a car vs. pole accident on Route 5, Le Roy, but no injuries reported.

UPDATE 7:27 p.m.: In the Warsaw Road collision, the occupants were all out and walking around when first responders arrive. Both vehicles are heavily damaged.

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Photo below, car vs. pole accident on Route 5.

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Freeze on EPA actions may have little local impact

By Howard B. Owens

So far it looks like a sweeping activity freeze placed on the Environmental Protection Agency by the Trump Administration will have little impact locally.

The new directive bars the EPA from issue new grants or entering new contracts.

In some regions this could mean brownfield redevelopment projects could see funding delayed or eliminated, but City Manager Jason Molino said none of the Batavia Opportunity Area projects depend on federal funding, so the change in policy will have no impact on the BOA.

Molly S. Cassatt, managing director of the county's Soil and Water Conservation District, said there are no pending grants impacted by the order, but she isn't sure about the status of a recent grant application. The district joined seven other counties in the region, she said, on a grant application for a sediment and nutrient reduction project in the Genesee River Watershed. The eastern half of Genesee County, which includes Oatka and Black creeks, is part of that watershed.

If that grant is blocked, she said, there is still state money available to help with the project in those creeks.

County Manager Jay Gsell said he isn't away of any immediate impact on county government.

The Trump Administration has also ordered the EPA to cease all public communication, including the issuing of press releases, participation in social media and blogs and website updates.

We emailed the EPA to check the status of funding for cleanup of the superfund project in Le Roy, the Lehigh Train Derailment Site, which was seemingly neglected until 2012 when the Le Roy tic issue came up, and a staff member responded referring us to the Buffalo EPA representative. We called his office and he is out of the office for the day.

The USDA has received the same communications order.

We tried calling the local USDA office, located on Liberty Street, and we were referred to the public relations officer for the region, based in Syracuse. This would probably be standard procedure anyway, but the officer asked us to email our question about local news media communication. He's since responded that he will provide a response as soon as possible.

U.S. Sen. Charles Schumer issued the brief statement about the EPA's freeze on grants and contracts:

“EPA’s fundamental mission to protect clean air and clean water for public health and safety is being impeded by the unprecedented decision to freeze all grants and contracts. This decision could have damaging implications‎ for communities across New York, from delaying testing for lead in schools to restricting efforts to keep drinking water clean to holding up much-needed funding to revitalize toxic brownfield sites. The Administration should reverse this damaging policy immediately,” Schumer said.

Town of Oakfield to receive award for Community and Government Center

By Howard B. Owens

(File photo.)

The Town of Oakfield's renovated and expanded Community and Government Center will receive a 2016 Project of the Year Award for small cities/rural communities from the Genesee Valley branch of the American Public Works Association.

The award will be presented at RIT on Jan. 26.

A letter to Alan Dennis, Oakfield's public works administrator, said the award was based on the project's excellence, creativity, ingenuity and efficiency. The award recognizes the alliance between the managing agency, the engineeer, and contractors who worked together to successfully complete the project.

Previously: Town of Oakfield showcases new community and government center with County Legislature meeting

Hawley's aunt, at 101, part of two historic marches in Seneca Falls

By Howard B. Owens

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The woman sitting is Mary Simpson Smart. She is 101 years old. She was part of a woman's march in Seneca Falls in 1920 as a 5-year-old by her mother's side just before women were granted the right to vote. She was back in Seneca Falls on Sunday to join the women's march.

She is also Assemblyman Steve Hawley's aunt.

Smart was born and raised in Lyons. A graduate of Wellesley, she is pictured with Angela Daddabbo, of Auburn. Smart wanted to meet her after spotting her Wellesley sweatshirt.

"I was so grateful to have met her," Daddabbo said. "What a lady!"

Smart was one of the speakers at the event.

The Finger Lake Times profiled Smart earlier this month. She's led quite a life across the sweep of 20th century American history.

Hawley's mother, Mary's sister, Ellen, was also born in Lyons.

Smart isn't Hawley's only family tie to the Suffragette Movement. Ella Hawley Crossett, a relative on his father's side and from Warsaw, is commemorated on a large plaque in the State Capitol with Susan B. Anthony.

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