tompkins financial corporation is a small , diversified financial services company based in ithaca , new york .

it is the parent of the tompkins trust company , as well as several other banks , an insurance agency , and a wealth management division .

the bank traces its history to 1836 , when the tompkins county bank was chartered by a special act of the new york state assembly .

after the national bank act of 1864 , it was reorganized into the tompkins county national bank .

in 1891 , the ithaca trust company was formed ; in 1935 , the two banks merged into the tompkins county trust company .

for many years the bank was associated with the locally-prominent treman family ; the last family member to be president , charles e. treman , jr. , served from 1960 to 1978 .

from 1978 to 1989 , the bank was led by raymond van houtte , a late opponent of the glass – steagall act .

under the leadership of james j. byrnes , ceo from 1989 to 2003 , the trust company began to expand .

in 1995 the bank created a holding company for itself , tompkins trustco , which was renamed in 2007 to tompkins financial .

in 1996 , the bank opened its first branch outside of tompkins county , with the purchase of a small branch office in odessa , new york .

in 2000 , it acquired the bank of castile in western new york and mahopac national bank in the hudson valley .

while most of the banks tompkins financial has acquired have kept their separate identities , in 2008 it paid $ 30.2 million for sleepy hollow bank and merged its assets into mahopac national bank .

in 2012 , tompkins financial acquired vist bank in suburban philadelphia , paying $ 109.1 million .

the company 's expansion has not been limited to banks : in the mid-2000s , tompkins financial acquired a number of independent insurance agencies , merging them into the newly created tompkins insurance agencies , and in 2006 acquired financial planning firm am&m financial services ( renamed in 2011 to tompkins financial advisors ) .

after the 2008 financial crisis , tompkins financial was lauded for not issuing subprime mortgages or investing in securities backed by them .

tompkins financial also declined to participate in the federal government 's bank bailout in 2008 .

the company has also raised its dividend to shareholders every year since 1987 .

on august 1 , 2013 , tompkins financial announced that byrnes , who had served as board chairman since the company 's creation , would step down in 2014 .

he was succeeded by ithaca college president tom rochon .

in march 2014 , tompkins financial announced that it was rebranding itself by adopting a new logo , and renaming its subsidiary banks to start with " tompkins . "

previously , all its acquired banks had retained their original names , keeping with tompkins 's promise of local control .

in april 2015 , tompkins financial announced plans to build a new headquarters in downtown ithaca , adjacent to its current headquarters on the ithaca commons .

currently nearly 300 corporate and back-office employees are spread throughout the ithaca area ; the seven-story , 110,000 sqft building would bring them all under one roof .

construction began in june 2016 , and the building is expected to be finished in 2018 , at a total cost of $ 26.8 million .

tompkins financial corporation

nevertheless , as the corporation grows , it ' s important to maintain the community bank strategy , said stephen romaine , who today serves as the ceo of the tompkins financial corporation .
tompkins financial corporation is a financial holding company , formerly known as tompkins trustco inc . under its umbrella are tompkins trust company , mahopac national bank and the bank of castile , which together operate 45 offices throughout new york . also part of tompkins financial ' s holdings are tompkins investment services , am & m financial services inc . and tompkins insurance agencies inc .
looking out for customers is one part of the mission , but tompkins financial also is beholden to shareholders in the publicly - traded corporation .
tompkins trustco , inc . to acquire am & m financial services , inc . ; deal expands tompkins ' financial planning and wealth management expertise
tompkins trustco , inc . to acquire am & m financial services , inc . ; deal expands tompkins ' financial planning and wealth management expertise | business wire
the leadership of tompkins financial , which posted large gains in 2008 , while other financial institutions were being leveled by the sagging economy . from left , frank fetsko , tompkins financial executive vice president and chief financial officer ; steve romaine , tompkins financial president and chief executive officer ; jim byrnes , chairman of tompkins financial and tompkins trust company ; and greg hartz , tompkins trust company president and chief executive officer , take a moment to reflect on their successes in 2008 . ( photo by rachel philipson )
the corporation also is ready to acquire more institutions - if they fit with the current businesses .
byrnes himself was at the helm of the trust company during much of this growth period , shepherding the bank into the 21st century with the creation of the tompkins financial corporation , a three billion dollar holding company that serves as a corporate parent to three community banks , the trust company , the bank of castile , and mahopac national bank , which together operate 45 banking offices in local markets throughout new york state . alongside these banks , tompkins financial corporation also offers comprehensive wealth management services through tompkins financial advisors and personal and business insurance products through tompkins insurance agencies . êthe tompkins financial corporation has strengthened the companies under its umbrella by giving them more resources and allowing them a broader range of operations , said byrnes .
romaine said tompkins financial is poised for more growth , keeping in line with its focus and mission .
tompkins financial corporation shareholders enjoy greater efficiency and convenience in their transactions thanks to our association with american stock transfer & trust company , llc (
ast
) . shares of tmp common stock can be purchased through
aside from the fact the insurance company is run by a corporation that also owns banking and investment services institutions , tompkins insurance is like any other insurance agency .
things are even going so well , tompkins financial was one of 20 banking institutions across the country - many of them also community - banking organizations - to decline to participate in the government ' s bank bailout . tompkins financial was slated to receive $ 15 million under the program , strange for a corporation that made money in 2008 .
we ' ve had a pretty consistent perspective ,
said steve romaine , tompkins financial corporation president and chief executive officer , when asked why the financial holding company was so successful amidst the economic turmoil of 2008 .
i think it ' s because of all the things we did prior to 2008 .
tmp is a financial holding company headquartered in ithaca , ny . they are the parent company for tompkins trust company , the bank of castile , mahopac national bank , tompkins insurance agencies , inc . , and am & m financial services , inc .
the difference comes when you look at the resources available to the insurance company as a result of being owned by tompkins financial .
not that the attractive short - term gainers weren ' t inviting , it ' s just that tompkins financial didn ' t bite .
frank fetsko , tompkins financial executive vice president and chief financial officer , said the success is derived directly from the organizations values - making sure its business is good for shareholders , clients , customers and the community .
when mahopac joined the tompkins financial fold , it didn ' t lose its identity , although the two brands did integrate a bit . klein said his operations are known as mahopac national bank , a tompkins community bank .
byrnes is the main reason that tompkins financial is in the shape it is today , stemming from his time as its president and chief executive officer .
rest assured , we ' ll keep you informed with the latest financial news .
jerry klein is president and chief executive officer of mahopac national bank , one of the two bank chains not in central new york operated by tompkins financial . he said it ' s an advantage for his bank to be part of the larger corporation because of the additional resources it can provide to its customers .
a booklet ,
tompkins financial corporation stock purchase plan ( prospectus )
, carries all the particulars . it is available at urltoken or by contacting shareholder relations by e - mail at shareholder @ urltoken or by phone at ( 607 ) 274 - 7299 or toll - free ( 888 ) 503 - 5753 for a copy .
jim byrnes has seen the changing face of tompkins trust and its parent company , having joined the bank as president in 1989 , with his duties expanding to chairman in 1992 . he has since retired as president , but serves as chairman of both tompkins financial and tompkins trust company . byrnes said the performance was partly due to the company ' s success and partly due to others ' poor performances , but the quality of tompkins financial through the years has led it to greater limelight .
the other significant thing tompkins financial did , in 2007 , was to look at its efficiency and see how it matched up with its motto ,
built to last .
romaine said the corporation was prepared to grow and knew it was coming , so it looked at how it could be more efficient , saving money in the process .
any changes within tompkins financial in the future won ' t be classified in the
wild
category , fetsko said , but it may look at other business opportunities .
romaine said the corporation has worked to build a structure that is community oriented , which is why they conducted focus groups to determine what people wanted out of their banking experience .
tompkins financial is one of those rare financial stocks that has maintained and increased its dividend through the financial crisis ,
wrote kiel .
not only that , but it ' s also grown earnings for 36 straight years . let that sink in for a minute before we go on . only one company has done it longer , wal - mart .
tompkins trust company has made moving your accounts easy and convenient with our switch kit .
tompkins financial might fly under the radar of the bigger banks , but that doesn ' t mean that it hasn ' t attracted attention outside of the central new york region . in fact , the company was recently profiled in an article on the popular financial blog seeking alpha , in which contributor steven kiel sang the praises of the company .
tompkins trustco , inc . operates 35 banking offices in the new york state markets served by the company ' s subsidiary banks - tompkins trust company , the bank of castile , and mahopac national bank . through its community banking subsidiaries , the company provides traditional banking services , and offers money management services through tompkins investment services ( a division of tompkins trust company ) . the company also offers insurance services through its tompkins insurance agencies , inc . subsidiary , an independent agency serving individuals and business clients throughout western and central new york . each tompkins subsidiary operates with a community focus , meeting the needs of the unique communities served .
what we heard was they wanted local people they could trust , with a greater breadth of services for their financial needs ,
he said .
so , we built a company that does banking , and can handle insurance and financial planning .
the backing of tompkins financial corporation has also helped the company stay abreast of important changes in technology and attract a higher pool of talented employees . staying innovative is important for community banks , which don ' t have the level of resources that are available to larger financial institutions , said greg hartz . a few years ago the trust company launched a remote deposit service , which allows companies to scan checks and transmit deposits without coming into the bank . the service has proved popular , said hartz , and it ' s an example of the sort of technology the trust company has to implement if it wants to stay competitive .
tompkins financial ' s banks focus on being community institutions , a much different beast than the major banks - the ones that are struggling . that focus , with the services provided by the insurance and investment arms of the company , is a good marriage for its customers .
russell k . achzet , president and ceo of am & m ; stated ,
we are extremely enthusiastic about our alliance with tompkins . tompkins is a quality organization with extensive product and services capabilities that will result in opportunities to better serve our present clients .
the company’s homepage has a link to a statement by ceo steve romaine that includes the following , “unlike the banks and wall street firms that are requiring government bailouts or filing for bankruptcy , tompkins financial has not engaged in subprime mortgage lending nor have we invested in securities backed by subprime mortgages . tompkins financial does not hold any shares of fannie mae , freddie mac , bear stearns , merrill lynch , lehman brothers , aig , or washington mutual stock . ” sounds like mr . romaine should be on the short list for ceo of a bigger bank or maybe treasury secretary .
greg hartz , tompkins trust company president and chief executive officer , is flanked by marketing communication officer sue lason , left , and vice president of sales and marketing ursula russ in front of the bank vault at the financial institution ' s main branch office . ( photo by rachel philipson )
adding insurance services to the other financial entities - banks and investment services - may not seem like a typical move , but it ' s becoming more common .
van houtte , a well - dressed man with whitish hair and a pleasant smile , recalled his first loan at tompkins came out of his own pocket .
i decided to dig a little deeper into one of the banks that opted out on the theory that any bank turning down the government funds must be pretty confident in their prospects . tompkins financial ( tmp ) was the first ‘thanks , but no thanks’ announcement i saw , so decided to peel back a few layers of the onion .
) - - nov . 21 , 2005 - - tompkins trustco , inc . ( amex : tmp ) today announced that it has signed a definitive agreement to acquire am & m ; financial services , inc . ( am & m ; ) . am & m ; is a premier fee - based financial planning firm serving clients in the western new york area for over 25 years . headquartered in pittsford , new york , am & m ; provides financial products and services to clients through three operating companies : ( 1 ) am & m ; planners , inc . , which provides fee based financial planning and wealth management services for corporate executives , small business owners , and high net worth individuals ; ( 2 ) ensemble financial services , inc . , and independent broker / dealer and leading outsourcing company for financial planners an investment advisors ; and ( 3 ) ensemble risk solutions , inc . , which creates customized risk management plans using life , disability and long - term care insurance products . am & m ; is a privately held company with eight current shareholders , who are all actively employed by the company . as of september 30 , 2005 , am & m ; had approximately 800 clients and $ 350 million in assets under management .
tompkins financial even added banks - sleepy hollow bancorp . - in 2008 , adding it to the mahopac national bank chain in the hudson valley region of the state . because of its work on making things more efficient , romaine said they were able to close the acquisition one day and open back up the next as a fully - integrated branch .
commenting on the transaction , james j . byrnes , chairman and ceo of tompkins trustco , inc . , stated ,
this acquisition provides a unique opportunity to expand our financial planning and investment services capabilities . am & m ; will be a great complement to our tompkins investment services division by adding additional product capabilities and financial planning expertise . the location of the am & m ; offices is also attractive and will enhance our presence in monroe county , where our bank of castile subsidiary currently has one office in the town of chili and recently broke ground for a new office in the town of greece . we are particularly impressed with the identical commitment both companies have to exceptional client service .
boyce stressed that the insurance branch is not owned by the banking branch , rather that both are under the financial holding company ' s purview , but noted the connection is a natural one .
one thing that exudes from all of the tompkins financial players is a sense of pride in having a good model of business , one that allowed it to not only keep from struggling along with others , but flourish in a difficult economic climate . they all noted that while the banking industry is certainly facing troubles , not all corporations are having problems , especially community banks .
that ' s according to david boyce , president and chief executive officer of tompkins insurance agencies inc . , who said the trend has been growing over the last five years .
the ithaca trust and tompkins county national banks merged in 1935 to form the tompkins trust company . ( treman , king & co . finally closed in 1939 , done in by the depression . ) charles e . treman had one son , charles e . jr . , who worked for ithaca trust for many years and eventually became president of tompkins trust in 1960 . robert h . had two sons : robert e . , who married ( and divorced ) irene castle , the film star , and allan h . , who became a prominent attorney .
under the terms of the agreement , tompkins will acquire all of the outstanding shares of am & m ; capital stock for an amount paid in cash and tompkins common stock . the transaction is structured with a portion of the purchase price payable at closing , with additional contingent amounts payable , depending on the operating results of am & m ; , during the four years after closing . mr . byrnes commented ,
the transaction will provide enhanced capabilities to the tompkins organization , but initially , will not significantly impact our overall operations . we expect that the transaction will be accretive in 2006 .
avoiding the calamity in the housing market was in keeping with the trust company ' s community banking strategy , said jim byrnes , who served as the president and ceo of tompkins trust from 1989 to 2003 .
a tompkins trust company customer can enjoy the personal , local touch you would expect from a community bank with local decision making focused in the central new york market ,
greg hartz , tompkins trust company president and chief executive officer , said .
what we ' ve done by adding the depth and breadth ( of the insurance and investment services ) is give our customers access to a much broader range of services .
if you were looking to get into financial services today , it would be too late because of the start - up costs ,
he added .
having gotten out ahead of it , we were able to grow when others were having difficulty .
the holding corporation gives us more range to do business with our customers ,
said byrnes .
twenty - five years ago , you would have had to go somewhere else for insurance and investment , but now we offer those services . it also gives us the flexibility to do acquisitions , which we have continued to do . all our loans are in the home areas of the local banks , and because we have the three banks , we have a bigger region to do business in .
making wise financial judgments in the midst of the subprime mortgage mess was difficult , said hartz , but it ' s paid off in the long run for the bank , which has avoided the losses of larger institutions that took a gamble on the subprime housing market .
the list of banks that said ‘thanks , but no thanks’ to the treasury should be a decent start to a shopping list for anyone interested in sound , smaller , regional banks . the other banks that announced they would not be participating in tarp on friday are : kearny financial ( krny ) , first financial bankshares ( ffin ) , commerce bancshares ( cbsh ) and charles schwab ( schw ) . according to the ap , there are 110 banks participating in tarp . that leaves a lot of companies who decided not to play . i’ll leave researching those names to others for now .
the idea behind the campaign was simple : in the wake of the financial meltdown , said huffington , americans had lost faith in the big banks on wall street , and so huffington encouraged her readers to withdraw their money from institutions like citibank and bank of america and deposit it in local community banks .
what didn ' t make the front page was how tompkins financial was quietly steeling itself against the economic disaster , on its way to another successful year . in fact , despite a 2 percent drop in fourth - quarter profits ( from the fourth quarter of 2007 ) , the company reported an overall increase in profits for 2008 totaling $ 29 . 8 million . the company ' s stock shares rose by 49 percent in 2008 while major u . s . stocks were collapsing by 33 percent and the dow jones industrial average was hit for its worst plummet in 77 years .
am & m ; will become a subsidiary of tompkins trustco , inc . and will be operated under the direction of its current management team . am & m ; has 42 employees and is currently led by 6 principals , who have approximately 132 years of combined financial services experience . the firm has expertise in executive compensation and benefits , retirement planning , estate planning , investment management , tax planning and preparation , and life insurance analysis . it is currently anticipated that the acquisition , which is subject to regulatory approval and other customary conditions to closing , will be completed in the first quarter of 2006 .
the tremans largely stayed out of political office , but they waded into finance after becoming established in utilities . l . l . became the president of the tompkins county national bank in 1873 , and leonard was president of the ithaca savings bank during the last year of his life .
every time you see mahopac national bank , you do see tompkins , along with the oak leaves and acorn ,
he said .
our brand is mahopac national bank , but i believe people see us as having the strength and stability of a much larger organization behind us .
in 1861 the bank was financially strong enough to loan the state of new york $ 25 , 000 during a downturn , and the bank showed similar strength during the great depression , when , in the midst of a nationwide wave of bank closures , tompkins trust closed for a single day before being pronounced sound and reopening . the success of the bank stems from a willingness to engage in prudent financial decisions that value long - term benefits over short - term gains , said greg hartz , the bank ' s current chief executive officer , and it ' s earned the bank a reputation for being a sturdy and dependable institution . ê
change is constant ,
said hartz .
people ' s financial lives are so much more complex than they used to be , and there will be new needs and new demands . our goal is to continue to focus on identifying what our customers need , so that we can make good decisions for the future of the company .
tompkins was advised in the transaction by keefe , bruyette & woods , inc . ; harris beach , pllc ; and freed maxick & battaglia , pc . am & m ; was advised by adair law firm , llp , mengel , metzger barr & co . , llp and rotenberg & co . , llp .
if enough people who have money in the bigger banks move it into smaller , more local , more traditional community banks ,
wrote huffington ,
then collectively we , the people , will have taken a big step toward re - rigging the financial system so it becomes again the productive , stable engine for growth it ' s meant to be .
in an era when community banks across the nation have suffered from a wave of consolidations and closures , the tompkins county trust company , which this year is celebrating its 175th anniversary , is the sort of bank that would make george bailey proud . chartered by a special act of the new york state assembly in 1836 - êthe same year that davy crockett died at the alamo - êthe trust company has shown a remarkable resilience over the years in weathering financial storms . it was a trend that was established early on with the bank ' s first president , hermon camp , who relieved the concerns of worried depositors by personally guaranteeing the bank ' s holdings during the economic panic of 1837 .
jim had the foresight , back in the mid - 1990s , to form the corporate holding company , which , at the time , only held tompkins county trust company , as it was called then ,
romaine said .
it was the beginning of its flexibility and the thought of what could be brought to other acquisitions .
it may come as a surprise for tompkins county residents to learn that a publicly - traded company in their midst is second only to wal - mart in the growth of its dividend over the last thirty years , but the statistic is true , confirmed jim byrnes . there are two main factors that have contributed to this success , he explained .
van houtte is one of the most outspoken opponents of the glass - steagall act , a depression - era law that separates investment banking from commercial banking , and a similar ' ' mini glass - steagall ' ' in new york . he believes the laws eventually will be repealed and envisions banks offering a wider range of financial services in the next five years , like a one - stop shopping network .
we realized we needed to be well standardized ,
he said .
people know that if they walk into one of our ( tompkins trust ) branches around here , they will get the same service in the same setting . but what if they walk into one of our branches ( one of the castile or mahopac branches ) hours away from here ?
at tompkins county trust co . , a community bank in a college town where van houtte started out as a director in the mid 1960s , the small - town granderfatherly image emerges . there , the bank president of 15 years meets with the local boy scouts of america and the chamber of commerce , two of the many community groups in which he ' s been involved .
the bank ' s commitment to the local community isn ' t just limited to employment , but includes a vibrant social and philanthropic mission . employees are encouraged to volunteer and get in local causes , and trust company officers can be found on the boards of organizations throughout tompkins county . the support of organizations like the united way and the kitchen theater is the trust company ' s way of giving back to the local community , said russ .
in the latest 18 th century the tremans were cutting down trees to clear land on what was then the frontier of the new republic . five generations later and only 10 miles south in ithaca , in the early 20 th century one of them married a silent film star . the earliest generation made its money selling off land and grinding grain in trumansburg . the last generation in ithaca to bear the name “treman” included the president of tompkins county trust company .
people sometimes ask me what a community bank is , and i tell them , if you ' re running into your customers in the line at the grocery store , you ' ve got a community bank ,
said romaine .
the community banking industry is separate from the big megabanks . for the most part , we rarely cross paths . i have to be accountable for every choice that we make in the community every single day , and that might not necessarily be true of the larger financial institutions .
charles e . was the first treman to get involved in politics , if only as a political appointee . as state superintendent of public works in 1910 and 1911 , he oversaw the completion of the new york barge canal . sisler suggested he had been reluctant to assume the office . the reason is ironic , given his family history : he was ill with what may have been typhoid fever at the time of his appointment . after his brief time in albany he returned to ithaca to become president of the tompkins county national bank . he died in 1930 .
a major employer in tompkins county , the trust company is also unique in having its administrative offices - êwhat ' s known as the
back office
- êlocated in the same community as the retail side of the bank , said ursula russ , vice president of sales and marketing . in an era of banking consolidations , it ' s been customary for banks to outsource their administrative services elsewhere , but the trust company has resisted this trend and kept them in town . the result is that the trust company employs more people than any other bank in the area .
the first statistic that jumped out was the earnings comparison with the year ago quarter . earnings for quarter ended sep ’08 were 0 . 81 per diluted share , up from 0 . 70 per diluted share last year . tmp actually grew year - over - year earnings in one of the most difficult financial environments in history . i don’t have statistics , but the ‘banks with growing earnings’ club must have a pretty short membership list . caps screener returned 108 banks with positive earnings growth over the past three years , but there isn’t a screen option for 1 - year earnings growth . i checked a few of the banks and many would not have passed a 1 - year earnings screen .
robert h . and then charles e . , although the sons of the younger elias , largely assumed control of all the family enterprises because their uncle eben had no children . robert , for example , assumed the presidency of the tompkins county national bank , in 1900 upon the death of his great - uncle l . l . he was not merely handed this job , however . upon graduating cornell he had started as a salesman in the family hardware business and , according to sisler , had greatly extended its wholesale business , eventually becoming a partner . following in his great - uncle leonard ' s footsteps , be became a director of the ithaca savings bank , and then joined the board of the ithaca trust company .
on a comparative basis , i think it ' s safe to say we would rank in the top quartile among peers ,
said hartz , who has been with the trust company for eight years , four of them as ceo .
there have been numerous recessions since the bank ' s founding , and tompkins trust has survived them all . we have a reputation for being a very strong bank , very financially sound . in fact , we ' ve been profitable right through the recession , with near record earnings even this year . our culture is very team - oriented , very collaborative , and very customer - focused , and the combination of those factors has enabled us to maintain our independence and longevity over the years .
huffington ' s call didn ' t fall on deaf ears . the idea of the friendly local bank , where customers are valued and business is conducted on a face - to - face basis , carries a lot of appeal in the american imagination . it was memorably portrayed in the frank capra ' s classic film
it ' s a wonderful life ,
in which community banker george bailey helps the people of bedford falls avoid the predatory practices of the greedy mr . potter . if anything can explain the disillusionment of americans living through the worst economic downturn since the great depression , it ' s that the mr . potters of the world seem to have gained the upper hand . the subprime mortgage crisis , in which corporate lenders , hungry for short - term profits , issued faulty loans to applicants with a high risk of default , offered a dire example of what can happen when financial institutions go astray . in such a climate , it ' s not surprising that many americans would be looking to move their money to more community - friendly institutions .
new york ( ap ) _ ask raymond a . van houtte what his childhood ambitions were and it ' s unlikely that running a couple of arms companies , practicing law , accounting , teaching or banking would have appeared on his list .
yet van houtte , who set out to become an engineer and now heads a small bank in upstate new york and one of the nation ' s most powerful banking trade groups , has done all of them with varying degrees of success .
' ' i don ' t think of myself as ambitious . i ' m just interested in many things , ' ' said van houtte , the son of a detroit grocer . ' ' if you ever get the idea you ' d like to try something different , do it . ' '
even now the 63 - year - old van houtte continues to try on different hats , so to speak .
as current president of the new york state bankers association , which represents many of the nation ' s biggest commercial banks , he hobnobs with the likes of former federal reserve chairman paul a . volcker and other prominent bankers and has lobbied vigorously in washington , d . c . and albany for broader banking powers .
if it were up to van houtte , banks would be permitted to sell insurance or underwrite corporate securities but those involved in risky businesses wouldn ' t be eligible for deposit insurance .
van houtte knows many of his customers on a first - name basis , and he ' s been known to accommodate depositers in need of emergency cash long after closing hours , something unheard of in a big city .
' ' i had a young woman who asked me if she could borrow $ 20 to buy a dress and get a job at cornell ( university ) . i said , ' a bank doesn ' t loan you $ 20 , ' so i gave her the $ 20 myself , ' ' he said in a recent interview . ' ' she bought the dress , came back and showed it to me . ' '
the woman got the job and repaid the loan $ 5 every two weeks - ' ' with 6 percent interest , ' ' he said , betraying his stait - laced banker ' s streak .
' ' i never realized i would be a banker . these are things i ' m able to do that make me feel so good , ' ' van houtte said . ' ' lawyers ( for instance ) don ' t make things happen . they sometimes prevent things from happening . ' '
his career as a lawyer spanned about 10 years and followed his stint as a certified public accountant , which overlapped his teaching and accounting job at the now - defunct eastern military academy in cold spring harbor , n . y . , shortly after world war ii . running two arms companies , poly - choke co . in hartford , conn . , and ithaca gun co . in ithaca , n . y . , came somewhere in between .
as a young lawyer he specialized in mergers and acquisitions , but he said he also arranged a few overseas adoptions of babies abandoned during world war ii .
the pay back then for accounting or law wasn ' t great , van houtte said , and with a wife and three children to support , including an infant daughter struggling with a birth defect , he found himself living from paycheck to paycheck .
his job at poly - choke , which specialized in customized gun barrels and whose customers included gen . dwight d . eisenhower , ' ' finally gave us enough money so we could afford a two - bedroom apartment instead of one . ' ' that job eventually led to ithaca gun , where he served as president from 1966 to 1968 .
these days , van houtte and his wife , margaret , live a comfortable life in ithaca , dividing their time between the bank and community activities . van houtte ' s biggest personal satisfaction , he says , is in helping families , businesses and community groups get off the ground financially .
one of his successes , he said , was arranging for a new home to be built for the ladies union benevolent society , a century - old organization in ithaca that provides retirement housing for indigent women .
' ' i really have a wonderful life as a banker , ' ' he said . ' ' you feel good because you ' ve helped people . ' '
next year , van houtte plans to retire and is looking forward to doing a lot more traveling , fishing , gardening and shell collecting . ' ' i have a lot of things i ' d like to do . ' '
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 , risk , and uncertainties , all of which could change over time . actual results could differ materially from forward - looking statements .
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friday afternoon was the deadline for banks to apply to the treasury’s tarp program and urltoken was full of announcements from banks that were or were not participating .
on 22 oct , the company reported earnings for the quarter ended on 30 sep . i didn’t find a conference call announcement or transcript so assume they don’t hold earnings calls .
net charge - offs are growing , but are well below industry comparables . loan loss reserves are just over one percent of total loans . that’s a little lower percentage than most other banks , but tmp’s loan losses are also running well below other banks’ . the loan loss provision increased by $ 3 million over the first nine months of the year and is nearly 140 % of nonperforming loans .
the market cap is a little under $ 500 million . at friday’s closing price of $ 46 . 06 , the company is trading at a price to tangible book value of 2 . 61 and 14 . 44 times estimated 2009 earnings . both numbers are at the high end of valuation for banks . based on the good loan performance , growing earnings and sound balance sheet , the company deserves to trade at a premium to its peers . the 52 - week trading range is $ 34 . 66 - $ 59 . 30 .
the dividend yield is 2 . 90 % , much lower than many competitors . with a 42 % payout ratio and solid earnings , that dividend appears safe .
tmp proves that there are some strong banks out there . loan losses are well below industry averages . year - over - year earnings growth is particularly impressive . the stock trades at a premium to most banks , even other sound banks . that premium appears warranted . if i wanted to buy this stock , i’d be patient and hope for a pull back of 10 - 15 % from here , although it may not come down that far .
here ' s the way i see it : rates went down to 1 % in the great greenspan cut of 2002 . banks were accustomed to receiving 8 % on their money , but they couldn ' t get that from prime borrowers . they came up with ways of charging higher interest rates to unqualified borrowers and then selling the debt to others for cash which they then lent out to still more unqualified borrowers . risky , but rewarding . banks that did this took market share and grew .
meanwhile , smaller regional banks - like the one i bank at - said
no , fooey on this . we ' ll take our 3 % from the few prime borrowers out there and sit on our hands .
these banks are the right banks to have your money in , because they ' re not going under .
but they ' re sure as heck not candidates for investment , because their competitors - who took huge risks , reaped commensurate profits , and now are being bailed out of the consequences of the risks they took - have taken all their market share and have been able to grow - employees , branches , accounts - in ways that the conservative banks have not .
what do you think ? i think i wouldn ' t go near these banks , whose sound policies have left them doubly shafted .
i ran a 1 - year comparison between tmp , bac , c , and wfc . fwiw , tmp has done slightly better than wfc and has clobbered bac and c .
i think choosing not to participate in tarp is a good indicator that management thinks a bank is in good shape or believes they can access capital on better terms if they need it . in their press release , tmp stated they felt private capital would be a better deal for their shareholders than tarp .
i agree that a good bank should be able to do well with tarp money and wouldn ' t rule out investing in a bank just because they participated in tarp . in fact , i own shares of wfc .
your comment did give me an idea . i’ve set up a new fool player to track the banks that took tarp money . it’ll be interesting to see how they perform compared to the overall market and the banking indices .
interesting . i will be keeping an eye on that . maybe you should throw xlf in there as a comparison basis .
leaked : apple ' s next smart device ( warning , it may shock you ) the secret is out . . . experts are predicting 458 million of these types of devices will be sold per year . 1 hyper - growth company stands to rake in maximum profit - and it ' s not apple . show me apple ' s new smart gizmo !
abner treman , the patriarch of a clan that would dominate the commercial life of ithaca for a good part of the 19 th and 20 th centuries , was a captain in the continental army during the war for independence . he received a full 600 - acre lot in 1791 when lots in the central new york military tract were assigned to veterans . treman ' s lot was crossed by two creeks , and his land ( three - quarters of a mile wide and two miles long ) on the west side of cayuga lake included the break in slope where the streams dove off the plateau between the lakes and cascaded down hill : a good place for a water - driven mill .
according to carol u . sisler ' s biography of the treman family in her enterprising families ( 1986 ) , treman his brother and nephew out to central new york to clear some of the land of trees before he followed in 1793 with his wife mary mclallen treman , their three children , and his 19 year old brother - in - law john mclallen . he set up a sawmill and then a grist mill on frontenac ( later trumansburg ) creek , and his brother - in - law set up an inn and tavern .
abner and mary had eight more children in trumansburg . the fifth son , ashbel ( b . 1796 ) , moved to mecklenburg , further up the taughannock creek drainage , and set up his own mill . he had three sons : leonard ( b . 1819 ) , lafayette ( b . 1821 ) , and elias ( b . 1821 ) . one by one , they moved down to ithaca . in 1844 leonard and l . l . ( as lafayette was called ) founded a hardware business that would eventually in 1857 become treman , king & co , a veritable home depot of its day ( if a home depot had a foundry in the store ) .
but the tremans were hardly content to run a store , however prosperous . they are included in sisler ' s book because they threw themselves into in effect modernizing ithaca . although they did not tend to be the initators of public infrastructure projects , they were repeated early investors of the capital that they earned as proprietors of a business that was supplying the materials used to build a rapidly growing city . treman , king & company filled the entire east side of the block along south cayuga between state and green streets .
as sisler notes , the tremans became rich because they moved to ithaca , which continued to grow through the 19 th century , while the surrounding rural communities did not . the village that their family founded and is named for them had population of 1 , 500 or 1 , 600 around the time of the civil war , and is approximately that size today .
the tremans also made a number of marriages that , whatever their basis in affection , were shrewd in terms of their creation of alliances in the business community . for example , l . l . treman married eliza ann mack , the daughter of ebenezer mack , the original publisher of the ithaca daily journal and a democratic state senator .
l . l . and leonard were among the organizers of first the ithaca gas light company and then the ithaca water works . leonard became president of the water works in 1864 and the gas light company in 1870 . l . l . became president of both the water works and the light company in 1888 upon his brother ' s death from a spinal disease . he remained in charge of them until his own death in 1900 .
it was during their ownership of the water works , according to sisler , that the tremans acquired land along enfield , six mile , and buttermilk creeks . the latter two were dammed in order to serve as water supplies . robert h . treman donated all of them were donated to the state or the city in the 1920s .
l . l . ' s only son , ebenezer mack ' eben ' treman , became deeply involved in all of his father ' s businesses . he lost his first wife and infant son in childbirth , and although he remarried years later , he had no more children . he lived in his father ' s large greek revival house on south geneva street . it stands there still , two doors down from sweet melissa ' s ice cream stand . leonard and elias lived further down geneva on the far side of buffalo .
david dekok ' s polemical book the epidemic focuses on the 1903 typhoid outbreak , which sickened over 1 , 300 people ( 10 percent of the population ) and killed 82 , mostly young people . readers looking to dekok ' s book for information about the causes of the typhoid epidemic will find much blame assigned to the tremans . his argument , however , is disorderly and sometimes downright odd .
for example , he notes that eben treman never had children with his second wife , was devoted to the arts , and had a close friendship with william t . morris , who purchased the water works from the tremans shortly after l . l . ' s death . from this he concludes that both treman and morris were closeted homosexuals and that this somehow contributed to their failing to care for the public welfare .
although morris does not seem to have been unduly burdened by scruples and seems indeed to deserve blame , dekok is reduced to scolding the tremans for not sufficiently mourning the dead after the 1903 epidemic .
while eben died without issue in 1916 , elias had two sons : robert h . ( b . 1858 ) and charles e . ( b . 1868 ) . none of the tremans had had much to do with the founding and early growth of cornell university . eben had attended for a year before withdrawing to go into business . elias ' s sons were the first to attend and graduate ( in 1878 and 1889 , respectively ) , and they would have much to do with the university throughout their lives , including sitting on the board of trustees .
as the tremans had moved westward to the frontier in 1792 , so in the early 20 th century the family began to follow the social frontier outward from the center of the city they had helped build . whereas leonard , l . l . , and elias had all lived on geneva street , within walking distance of their cayuga street business , their children moved up onto east hill , building palatial arts & crafts homes next to the university campus . robert h . treman ' s home at 640 stewart avenue was designed by william h . miller , as was that of his brother - in - law mynderse van cleef at 660 stewart . charles e . treman had the firm of vivian & cobb design his home , which later burned after it had passed out of the family ' s hands .
in 1939 charles e . jr . baffled ithaca society by building a house in cayuga heights and moving “to the country . ” “who will visit you out there ? ” sisler reports his peers asking . but like his forebears he was just following the frontier , and like his forebears he seemed to know what everyone else was going to need or do before they knew it themselves . he had one daughter , who married joseph williams , an oklahoma businessman , and moved to tulsa . after his death in 2004 , no one named treman lived in ithaca anymore .
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clear skies . low 63f . winds sw at 5 to 10 mph . .
as wall street was crumbling around itself this year , the news was dominated by headlines of major banking institutions failing and asking for bailouts .
everyone has a pretty short - term perspective , and we made efforts in prior years to prepare for a difficult economy ,
he added .
that served us well in 2008 .
we also wanted to make sure we were efficient for our shareholders ,
romaine said .
the last advantage that our planning brought us was we were able to look at other companies that hadn ' t followed the strategy we followed , and had decided it was time to sell .
we can do it better , and can now invest in the support services that make our product better ,
he added .


the western sugar cooperative is a grower owned american agricultural cooperative .

its origins date from 1903 when charles boettcher founded the great western sugar company and opened a sugar beet plant in loveland , colorado and another in greeley , colorado .

when the utah sugar company approached great western sugar company in 1902 , the companies agreed to allow utah sugar to expand into idaho , provided utah sugar did n't expand into colorado .

this was likely on behalf of henry osborne havemeyer , whose american sugar refining company owned 50 % of both companies .

the loveland plant closed in 1977 , when the company was purchased by the sugar firm tate & lyle , at which time the name was changed to the western sugar company .

in 2002 , more than 1000 sugar beet growers purchased the company , creating the grower owned cooperative .

the organization is headquartered in denver , colorado .

it has five refineries , located at fort morgan , colorado , scottsbluff , nebraska , torrington and lovell , wyoming , and billings , montana .

in may 2015 the company announced it would be ending production at the torrington site and would only use that site for storage .

as such it plans to reduce the workforce at its torrington site from 76 staffers to just 6 .

the change should take effect late 2016 .

western sugar cooperative

glassdoor gives you an inside look at what it ' s like to work at western sugar cooperative , including salaries , reviews , office photos , and more . this is the western sugar cooperative company profile . all content is posted anonymously by employees working at western sugar cooperative .
on april 30 , 2002 , the cooperative finalized the purchase of western sugar from tate and lyle .
as svp & chief financial officer of western sugar cooperative , jason d . bridges is a senior financial management professional with a……
today , western sugar cooperative has over 850 grower / owners , plants up to 134 , 140 acres of sugar beets and produces over 10 million cwts . of locally grown sugar per year .
western sugar cooperative officials came into their community meeting tuesday night in fort morgan knowing they were about to face a lot of unhappy people .
i applied through a recruiter . the process took 3 + weeks . i interviewed at western sugar cooperative ( denver , co ) in june 2011 .
copyright © 2015 western sugar , web development by newmedia . all rights reserved .
western sugar was
not making record profits ,
with low sugar commodity prices being a factor , he said .
randall jobman has held the positions of northern agricultural manager and co - products manager for western sugar since 2007 . mr . jobman began his career with western sugar in 1990……
the western sugar cooperative is a sugar refining / manufacturing company with over $ 400m in annual sales . we distribute beet sugar , “nature’s sweetener” , to both industrial and consumer customers under the gw brand and private labels to major . . .
over 1 , 000 sugar beet growers in colorado , nebraska , wyoming , and montana united to form western sugar cooperative , believing that the future of the sugar beet industry in this area would be well - served by grower ownership of the company .
western sugar cooperative processes sugar beets into sugar with over $ 350m in annual sales . the cooperative has a great history and is currently experiencing strong growth . we make and sell sugar , “nature’s sweetener” to food processors , food service , and consumer customers under the gw brand and private labels . our cooperative is made up of over 850 growers and shareholders who take pride in having a long family history in raising sugar beets . some are 4th , or even 5th , generation growers who were born and raised growing sugar beets . the lifestyle of hard work and long days involved in sugar beet growing has been passed down for the 100 plus years western sugar has existed .
the cooperative entered into a long - term lease agreement with american crystal sugar company , for the operations of the torrington , wyoming , beet processing plant that had been built in 1926 . this further solidified the beet - growing and beet - processing operations in the four - state areas under the direction of western sugar cooperative .
rebecca l . larson is a ph . d . in plant science and has spent over 16 years in the sugar beet industry advancing plant development for the reduction of crop chemical use . she joined western sugar cooperative in february 2015… . .
the great western sugar company was founded in the early 20th century by charles boettcher and partners , pioneering the sugar beet industry in northern colorado .
heather k . luther , with 17 years of corporate legal experience , has held the position of vice president & general counsel for the western sugar cooperative since february 2016 . in this role ms . luther manages… . .
western sugar cooperative ceo rodney perry speaks tuesday night in fort morgan about the changes made to equipment and processes at the local sugar beet plant and how the bad smell during this campaign will be addressed before the next one starts . ( jenni grubbs / fort morgan times )
terry mcalister , who previously served as fort morgan mayor for six years , shares his concerns tuesday night about past broken promises from western sugar cooperative to address area residents ' problems with the factory . several other local residents also spoke at the community meeting and shared complaints and worries with western sugar officials . ( jenni grubbs / fort morgan times )
western sugar cooperative is made up of over 850 growers and shareholders who take pride in having a long family history in beet sugar . some are 4th , or even 5th , generation growers who were born and raised around sugar beets . the lifestyle of hard work and long days involved in sugar beet growing has been passed down for the 100 years western sugar has existed . the trend of longevity extends to our employees as well where some have worked with western sugar for over 50 years . we aspire to build the same loyalty we have among our growers and employees with our customers by continuing to invest hard work into creating our high quality sugar .
jerry darnell has held the position of south region agricultural manager for western sugar since 2007 . mr . darnell began in the sugar industry in 1991 as an agriculturist in……
the sugar beet is two crops in one . its principal product , sugar , is a vital energy food for human beings . the co - products of the sugar beet extraction process : pressed or pelleted pulp , he molasses , and mds are nutritious , high - energy feeds for livestock . the western sugar cooperative is committed to exceed industry standards with quality feed … continued
gw powdered sugar is a finely ground powdered sugar with a silky smooth texture and is perfect for icings , candies , fudge and a little dusting on top of your favorite sweet treat . 1 lb . powdered sugar 2 lb . powdered sugar 4 lb . powdered sugar
howe brought up that western sugar had
promised in 2006
to do some beautification around the plant , but that had not happened .
the solution eventually is having the cattle guards with crush concrete ,
perry said , adding that this had worked at other western sugar locations .
the western sugar cooperative has 135 , 000 base acres that are spread across colorado , nebraska , wyoming , and montana . this diversity is both a strength and a challenge when it comes to crop production . consistency in overall production due to the distance between growing areas minimizing the impacts of disease and weather events . the challenge is that there are many “best management practices” due to the uniqueness of each growing area within the regions . despite these challenges , the western sugar cooperative is committed to working with our shareholders to consistently improve the quality and total revenue of each of their farming enterprises .
somewhere between 70 and 80 people showed up for the community meeting held tuesday night by western sugar cooperative officials at the morgan county administration building . the morgan county commissioners have set holding such meetings twice a year as a requirement of granting the sugar beet factory ' s conditional use permit related to expanded beet - processing capacity . ( jenni grubbs / fort morgan times )
western sugar is 100 % vertically integrated from the farm to table as the grower / owners raise and process sugar beets into sugar for delivery to consumers and food customers . we have families that are several generation sugar beet growers . families that were involved in growing sugar beets when the original company started 114 years ago . our farmers are dependable and hard - working people ; using specialized equipment on 100 % irrigated land to bring the best sugar beet crop to market .
more information about western sugar ' s local plant can be found at urltoken / our - facilities / fort - morgan - co - manufacturing - facility / .
we put in some great equipment ,
western sugar ceo rodney perry said .
we didn ' t run it the best this last year .
since western sugar is owned by the beet growers , that means less money coming back to them and less money that can go toward desired improvements at plants .
western sugar cooperative ceo rodney perry , left , and fort morgan sugar beet plant manager terry tahal , center , listen to a local resident ' s concerns during the community meeting the company held tuesday night at the morgan county administration building . the meeting , which is set to be a twice - a - year event , lasted for about two hours . ( jenni grubbs / fort morgan times )
add tags for
beet sugar in the west ; a history of the utah - idaho sugar company , 1891 - 1966 ,
.
we aspire to build the same loyalty we have among our growers and employees with our customers by continuing to invest hard work into creating high quality sugar . western sugar cooperative values being customer - focused and strives to establish trust and satisfaction in each customer relationship . we do our best to always live up to our commitments and are very mindful in our service and communication . we measure our success based on the satisfaction of our customers .
the great western railway was organized in 1901 to serve the beet sugar industry and towns in northern colorado . while its main purpose was to transport beets , sugar , molasses , coal and lime rock , it also operated for passenger service from 1917 - 1926 .
beet sugar in the west ; a history of the utah - idaho sugar company , 1891 - 1966 , ( book , 1966 ) [ worldcat . org ]
parker thilmony has twenty - two years of experience in the sugar industry through parker thilmony has twenty - two years of experience in the sugar industry through… . .
for western sugar , closing the torrington plant and expanding the capacity in fort morgan made financial sense . not having to ship beets to wyoming offered a $ 3 million savings in freight costs , perry said .
miranda harper , who works for the re - 3 school district , brought up the possibility of western sugar getting more involved in the local community , whether through scholarships or other ways of supporting local youth .
the deep , rich flavors of gw dark brown sugar make both sweet and savory foods even more irresistible . from gingerbread and cookies to bbq and sauces , gw dark brown sugar will enhance the richness of all of your favorite recipes . 1 lb . light and dark brown sugar 2 lb . light and dark brown sugar … continued
the cooperative operates sugar processing facilities in scottsbluff , nebraska ; lovell and torrington , wyoming ; billings , montana ; and fort morgan , colorado . the coop also operates storage facilities located in rocky ford , sterling and longmont , colorado ; and in bayard , gering and mitchell , nebraska .
great western was sold to colorado businessman billy white , who in 1974 sold controlling interest in the company to the hunt brothers organization .
after several years of economic struggles , the seven sugar processing plants and five storage facilities over a four - state area were purchased by british sugar firm tate & lyle .
howe also expressed concerns about the coal burnt at the sugar factory and related emissions .
our gw light brown sugar with its mild molasses flavor , natural brown color and moistness , is the ideal ingredient for cakes , cookies , shortbread and more . when your recipe calls for light brown sugar , gw is the perfect ingredient . 1 lb . light and dark brown sugar 2 lb . light and dark brown sugar 4 lb . … continued
even after hearing from perry , tahal and western sugar vice president and general counsel heather luther for more than 90 minutes , there were some people who did not think there would be much that would come out of the meeting .
beet sugar in the west ; a history of the utah - idaho sugar company , 1891 - 1966 , / leonard j arrington ; seattle , university of washington press , 1966 .
our gw granulated sugar is the most versatile sugar and is perfect for baking , sweetening , preserving , and cooking . we are proud that our gw granulated sugar , along with all of our other products , is of the highest quality and a pure , natural ingredient .
inside the plant , there was a lack of heat in the processing that led to not filtering the sugar out properly and getting too much juice that still had sugar in it .
in the late 1990s , tate and lyle , in response to the volatile sugar market in the united states , began seeking a buyer for its sugar holdings in the u . s .
western sugar cooperatives has established a comment telephone line that citizens can use to voice concerns about issues with the plant . that phone number is 970 - 542 - 2033 . comments and complaints can also be e - mailed to rbesse @ urltoken .
they ' re out of line now ,
mcalister said of western sugar .
we need them , just like we need cargill and leprino
but the beef and cheese plants either followed rules better or had stronger rules in place to follow .
we burn the cleanest coal in the country ,
perry said , pointing to decisions by the cooperative to spend more money for that coal and getting it to fort morgan instead of cheaper coal that would burn dirtier .
we stay in compliance .
i understand that changes can ' t happen overnight ,
he said , but he restated his concerns that the county commissioners did not have much in the ways of
teeth
to be able to force western sugar to do anything to address the concerns people had expressed .
we had enough openings at all the facilities for those who want to make sugar ,
perry said .
multiple people shared concerns about the precipitated calcium carbonate the plants produces as a by - product of the sugar - making process .
our granulated sugar is produced by american farmers in the beet fields of the rocky mountain region and can be used in many applications including bakery , dairy / ice cream , beverages , drink mixes and candies . our powdered sugar begins with our high quality granulated sugar which is ground to a smooth powder and sifted , then combined with 3 % starch which prevents caking and increases shelf life . . .
i thought you might be interested in this item at urltoken title : beet sugar in the west ; a history of the utah - idaho sugar company , 1891 - 1966 , author : leonard j arrington publisher : seattle , university of washington press , 1966 . oclc : 234150
we lose about a half a pound of sugar per day per ton as soon as you put it on the pile ,
perry said .
perry said western sugar has
purchased a skid steer for next year
and is planning to install cattle guards that would help scrape mud off truck tires before they get back on the roads . also , the fort morgan plant is down to four entrances , and that may be able to go down to three for the next campaign . all of those things should help with the mud issue , he said .
perry said that
dust in the air
also is an irritant , and if great western were allowed by the federal and state governments to do something to keep the precipitated calcium carbonate dust down and out of the air ,
we would .
the first sugar mill was built in loveland , colorado . the company then expanded , built and acquired several additional facilities in nebraska , colorado , wyoming , and montana .
he spoke some about how the large piles of beets that were not processed as quickly as expected led to producing less sugar overall , what he called
pile loss .
terry mcalister , who was fort morgan ' s mayor for six years , spoke up about his concerns for the past repeating itself when it came to promises from sugar factory officials about making certain changes .
that ' s why they put together and provided a lot of information to the crowd of around 70 to 80 people about the company , the sugar - making process and what went wrong with it over this past campaign .
and once that new equipment did get going ,
we had a lot of issues with old equipment and new equipment going together ,
perry said .
we produced a lot less sugar than we should have .
we have a diverse group of employees , with some people being with us for over 50 years , and some new to their roles . we take pride in our employees and strive to build their success . there are countless opportunities to grow personally and professionally as a western sugar employee through the trust , guidance , and challenging work . we hire a variety of skilled individuals with diverse backgrounds and experience levels . our factories operate in scottsbluff , nebraska ; billings , montana ; fort morgan , colorado ; lovell , wyoming . our corporate office is located in denver , colorado . we offer a generous and complete benefits package for our employees and eligible dependents , including 401 ( k ) with employer match .
outside the plant , the weather was too hot most of the time , causing the beets to deteriorate and both smell more and not have as much sugar content in them . usually , cold temperatures can be counted on to preserve the beets better outside until they get processed . that was not the case during this campaign .
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the fort morgan , co facility was built with an original factory capacity of 600 tons per day .
billings , mt facility was built with an original factory capacity of 712 tons per day .
the scottsbluff , nebraska facility was built with an original factory capacity of 1 , 012 tons per day .
the lovell , wyoming facility was built with an original factory capacity of 600 tons per day and the first beet campaign of 37 , 520 tons .
hours of operation : monday – friday : office : 7 : 00 a . m . – 3 : 30 p . m . shipping / receiving : 8 : 00 a . m . – 3 : 30 p . m .
rodney d . perry with 25 years of food and agribusiness experience has held the position of president and chief executive officer since april 2014…… . .
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start early and finish early . several break times throughout the day . most tools are supplied . great experience and good pay for beginners in the welding career field .
it can be challenging completing a fabrication project during the production season because welding is not permitted in certain areas so things have to be bolted on rather than welded .
chaotic and intimidating . clearly the interviewees were fearful of speaking out of turn . made the hair on the back of my neck stand up ! ! the ceo made every decision and completely emasculated his direct reports .
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the growers suffered the most this year ,
perry said , with them getting
not as much payments
and some beet farmers
having trouble staying in business .
perry also spoke about the expansion in capacity that will be handled by the fort morgan plant with the closing of the torrington , wyoming , plant .
a lot of people had been there a long time ,
he said .
there were a lot in their 70s with 30 years ' experience .
that meant a plant with many workers ready to retire but also many new workers without much experience , perry said . but he added that there were jobs available for those willing to relocate to fort morgan , scottsbluff , nebraska , or billings , montana .
the alternative is we don ' t invest and then everything goes away ,
perry said .
that ' s what happened in torrington . we chose to invest here .
still , the first year of expanding the capacity in fort morgan did not go as planned .
we had a lot of challenges ,
perry said .
the facilities and infrastructure were a lot more deteriorated than we thought .
that meant spending far more on existing facilities upgrades before the new equipment could even be installed and put into operation .
interestingly , heat and lack of heat were the two biggest problems , based on what the ceo described .
a big part of our challenges came from extremely warm weather ,
perry said .
but there also were issues with unfamiliarity with the new equipment and how it worked or didn ' t work , and that was true both in fort morgan and scottsbluff .
we underestimated the complexity and scope of the project at both plants ,
perry said .
however , the issues that came up over this campaign mean company and plant staff better knowing what to change and do for the next one .
we have a number of things we ' re going to do ,
perry said .
still , the people who attended the community meeting wanted to hear answers to their complaints , which were about more than just the bad smell .
what ' s going into my lungs ?
one fort morgan resident asked .
can you assure me it ' s safe ?
resident nathan howe pointed out that it is classified by the centers for disease control as an irritant , if not a carcinogen .
he also said the company was looking into other uses or demands for the by - product , which could lead to a way to get it out and away from the plant .
coal is not the only source of power for the factory , he said , with a steam turbine being the main need for the coal - fired power .
we buy a lot of power from the city ,
perry said .
long term , i would like to see us burning ( natural ) gas . but we don ' t have unlimited capital .
another complaint from members of the crowd was about mud on the streets brought out from the plant grounds by beet trucks .
the next complaint he addressed was noise coming from the plant ' s operations .
additional noise - dampening measures are in the works , but they are costly , he said .
we ' re going to take the next step to dampen the noise more ,
he said .
we have to work it into the capital plan .
residents also brought up the look of the plant and the land around the factory facilities .
perry said it was on the agenda , with the plant had already removed discarded totes and pallets and planned to deal with the steel .
i think we can do a better job cleaning up , trying to camouflage some parts of the plant ,
he said .
we do have some work we can do , and we can chip away at that .
yes , we will commit to gradually improving the look of the plant ,
perry said .
we will clean it up and make progress .
howe also brought up the wear and tear on city infrastructure caused by the substantial increase in beet truck traffic .
we still have it on our agenda ,
perry said .
is there a better way to move the traffic ? the volume is not going to change . we ' re open to options .
one thing our community really likes is when companies provide to education ,
she said .
i think that effort would go a long way , a contribution to youth in our community .
fort morgan plant manager terry tahal agreed ,
we are open to scholarships , helping out in the community . we have plans to be involved with the parties in the park .
he pointed to speeders not getting tickets for going too fast and continuing to do so because they could get away with it .
if we don ' t do the right things , it does cost us ,
perry responded .
she asked those at the meeting and in the community to
please give us a chance . if in six months when we come back you ' re not pleased , we ' ll have another discussion . but please give us a chance .
we do have to start somewhere ,
perry said of the steps he had discussed for lessening odor and dealing with other issues .
that ' s what we hope to show you . we will start somewhere . we won ' t be able to do it all at once , but we are going to make progress . . . . . we ' re definitely going to run a lot better next year .
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