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FDIC requires contingency plans from big banks, Racer Machinery gets incentives from Lancaster IDA, and Riverbend project gets grant

From Business Today:


The Federal Deposit Insurance Corp. has approved an "interim final rule." It requires the most complex FDIC-insured banks with at least $50 billion in assets to submit backup plans to federal regulators, outlining a plan of action for closing down its operations should it fail financially. The idea is to minimize losses and avoid repeating the same mistakes of the financial crisis.

Another rule is for the largest and most complex companies to have similar "living wills." M&T Bank, with $78 billion in assets, will be required to do that. First Niagara might be too, once it completes its purchase of HSBC's Upstate New York branches, depending on how many branches it keeps and how much it grows.


 A Canadian manufacturer landed tax breaks from the Lancaster Industrial Development Agency Wednesday. Racer Machinery International was granted a package of incentives including a payment-in-lieu-of-taxes agreement, sales tax breaks and a break on the mortgage recording fee.

The Cambridge, Ontario company makes machine tools and industrial saws. It plans to buy and renovate a 14,100-square-foot building at 6 Lancaster Parkway. Officials said the company would employ 13 people here, and possibly as many as 48 within two years.


The Riverbend project has received a grant. National Grid awarded the project $250,000 to redevelop 202 acres that were the former home to Republic Steel and Donner Hanna Coke. The South Buffalo site will be redeveloped into an environmentally friendly, mixed-use business park.

The project, spearheaded by Buffalo Urban Development Corp., is part of the South Buffalo Brownfield Opportunity Act. It is targeting 2,000 acres of former industrial land on the shores of Lake Erie and the Buffalo River for cleanup.

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