Section: Business,  Page: D1

Date: Wednesday, January 21, 2009

Appliance business to build Schenectady facility

SCHENECTADY -- John D. Marcella & Son Appliances will build a retail store and distribution center in downtown Schenectady, the Metroplex Development Authority said Tuesday.

The company, founded in 1953, already has a store in Colonie and a store and two facilities on Crane Street in Schenectady.

Metroplex will provide a $250,000 facade grant and $400,000 loan at 5 percent interest, and will realize $150,000 from the sale of a one-acre lot to Marcella.

The $2.4 million, 16,750-square-foot store will be built on Broadway on the south edge of downtown by Highbridge Development, owner of the Broadway Commerce Park.

-- Eric Anderson

SPAC, area restaurants sign discount deal

SARATOGA SPRINGS -- As part of its membership drive, Saratoga Performing Arts Center has signed up dozens of area restaurants to give SPAC members a 10-percent discount on the food portion of their bill. The deal is good through the end of 2009.

SPAC memberships are available from $25 to $1,350. Depending on membership tier, benefits can include priority tickets, discounts, preferred parking, rehearsal access and complimentary refreshments.

-- Steve Barnes

TrustCo says net income down from year earlier

GLENVILLE -- TrustCo Bank Corp NY on Tuesday said it had 2008 net income of $34.1 million, a decline from $39.5 million in the prior year.

For the fourth quarter alone, the bank had net income of $7.1 million, which compares to $8.4 million for the same three months a year earlier.

Affecting the bank's bottom line was a $4.2 million provision for loan losses in 2008, compared to $2.5 million in 2007.

For the full year, deposits at the bank were up by four percent, while loans increased by 9.2 percent. TrustCo attributed much of that growth to new branches, of which it added 17 over the course of the year.

-- Chris Churchill

Cornerstone seeks to raise up to $50 million

TROY -- Cornerstone Telephone Co. LLC in Troy wants to raise up to $50 million to expand its network and for acquisitions.

The telecommunications company has petitioned the state Public Service Commission to allow the fundraising. Cornerstone wants to issue debt to raise the money.

Privately held Cornerstone offers local and long distance telephone service, Internet access, digital telephone and other networking services.

-- Larry Rulison