Finance

Extra credit: TFCU continues aggressive expansion

By GREGORY ZELLER // All others may take cash, but Teachers Federal takes credit. Unions, that is, as Hauppauge-based Teachers Federal Credit Union – one of the country’s largest federally insured credit unions – announced Monday the latest pick-up of its year-long spending spree: TFCU has acquired all member shares, along with some loans and other assets, of Woodside-based LOMTO Federal Credit Union. The latest takeover announcement comes less than a month after TFCU announced…

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No questions, please, at First Niagara

First Niagara Financial Group announced earnings of 15 cents a share on Friday, in line with expectations. But the big question was about the Buffalo-based bank’s future, specifically a rumored sale to Long Island’s New York Community Bank Corp. or Canada’s TD Bank, also with a large Island presence. And, no surprise, there was no big answer to the big question. “First Niagara has a long-standing policy that we simply do not comment on market rumors or…


First Niagara said to be exploring sale

Buffalo’s First Niagara Financial Group Inc. is exploring a sale of the firm to suitors that include New York Community Bancorp, Toronto-Dominion Bank and Huntington Bancshares, according to DealReporter. According to the news site’s sources, First Niagara has hired JPMorgan Chase & Co. to advise on a possible sale or other strategic moves. FN has a market value of about $3.18 billion, based on the number of shares outstanding at the end of the second quarter. The company has…


The Debrief: David Calone, Jove Equity Partners

Chief executive of Setauket investment firm Jove Equity Partners, founder of the Long Island Emerging Technologies Fund, chairman of the Suffolk County Planning Commission, candidate for the U.S. House of Representatives … and that’s when he’s not running a Colorado-based healthcare company recently ranked among the nation’s fastest-growing firms. It’s fair to say David Calone has a full plate – but nurturing Long Island’s innovation economy remains a top priority. In his words: BUSY MUCH?…


With Topspin round, Codagenix steps on the gas

By GREGORY ZELLER // Last year, when local venture firm Topspin chipped in on a $100,000 infusion for Stony Brook-based biotech Codagenix, it gave the startup a fairly clear idea of what to do with the money. “We had suggested to them that they needed to tighten up some aspects of their clinical data, and in fact they used the money to do just that,” said Steve Winick, Topspin’s managing director. “The tests came out…


BDS Capital raising up to $40M for new tech fund

By GREGORY ZELLER //  BDS Capital Management is doubling down on technology with a second venture fund that will invest between $25 million and $40 million, largely in Long Island startups. The fund, BDS Venture Fund II, follows a $6.5 million pool that backed Huntington-based eGifter and former Hicksville startup ProSeeder Technologies, as well as tech startups in New York City, Boston, Detroit and the left coast. “I would like to invest more on Long…


Riverhead in line for state housing support

The state announced $141 million in support for affordable housing projects, including $5.4 million for a planned Riverhead development. The Finger Lakes region (six total awards for $26.5 million) will receive the largest amount of funding, followed by the Southern Tier (four awards, $21.1 million) and the Mid-Hudson region (four awards, $17.8 million). The most individual awards are going to New York City (nine awards, $16.7 million). The aid includes low-interest loans, grants and tax…