Skip to main content
Enter search terms below…

Member News

KeyBank Donates Space to Troy Savings Bank Music Hall



Michael DeMasi, Albany Business Review

The Troy Savings Bank Music Hall Corp. now owns the vacant space on the ground floor of the historic performing arts building in downtown Troy because of a donation from KeyBank.

The former bank branch at 32 Second St. has been empty since 2012. The donation ensures the cultural landmark will continue to be preserved, officials said.

“We are delighted to have acquired this beautiful community asset and look forward to what we are certain will be an exciting transformation to come,” Jon Elbaum, executive director of Troy Savings Bank Music Hall Corp., said in a prepared statement.

The corporation, which handles programming at the music hall, expects to announce in two to three months how the space will be used.

"There's still some aspects that have to be flushed out but we do have a general sense of what's going to happen," Elbaum said.

The ground floor was originally Troy Savings Bank.

The music hall, opened in 1875, is renowned for its acoustics and has hosted musicians such as Benny Goodman, Ella Fitzgerald, Arlo Guthrie, Pete Seeger, Bruce Hornsby, Wynton Marsalis, Yo-Yo Ma and a long list of other performers.

First Niagara Financial Group, then based in Buffalo, bought Troy Savings Bank's parent company in 2003. The bank branch on the ground floor changed names, but the music hall — owned by a separate foundation — remained.

First Niagara closed the branch in 2012 after buying HSBC Bank. Then, in 2016, Cleveland-based KeyBank bought First Niagara.

The uncertain future of the empty bank branch in downtown Troy led to a court fight between the Troy Savings Bank Music Hall Foundation Inc. and First Niagara.

The lawsuit was resolved amicably, said Leslie Cheu, executive director of the foundation. The settlement terms are confidential and unrelated to the property donation, she said.

The property was transferred to the music hall at no cost on March 28.

KeyBank Capital Region President Ruth Mahoney said in a statement: "Troy Savings Bank Music Hall is among of our region’s most cherished cultural institutions. We value all it brings to our community and are proud to make this donation.”

“We know the community has a great deal of fondness for the Troy Savings Bank Music Hall and is interested in what will happen next," Elbaum said. "Now that we own the former banking unit of the property, we will move quickly to consult with our stakeholders, determine a concrete path."

Hudson Valley Community College’s Viking Child Care Center has received an annual grant of $121,000 for up to four years that will be used for tuition subsidies for low-income families in the daycare center. The center provides care for children ages 6 weeks to 5 years and serves parents attending the college as well as community parents. The…
The members of the City of Schenectady Employees Federal Credit Union (CSEFCU) approved a merger with CAP COM Federal Credit Union (CAP COM) at a special member meeting previously held. This is CAP COM’s second merger of 2019, following Postal Employees of Troy Federal Credit Union earlier this year. CSEFCU is located at 105 Jay Street, in City…
Fenimore Asset Management, the investment advisor to FAM Funds, announces that John Fox has been promoted to Chief Executive Officer (CEO) while maintaining his position as Chief Investment Officer (CIO). As part of the firm’s succession plan, Fenimore’s Founder, Tom Putnam, will shift his attention to a broader strategic role as Executive…
Dec
08
Attend the Northeast's largest, free holiday festival. With more than 100 entertainers, there is something for everyone! Join in the merriment as the…
11 a.m. - 5 p.m.
Dec
17
We’re giving thanks for our members by offering an exciting contest for two members to win customized Chamber marketing packages valued at $1,500 each! It…
Register By 12 p.m. on December 17, 2019
Dec
18
Join the festivities at our most popular and final NetworkingPlus event of 2019. Get connected, develop leads and build relationships at this fast-paced…
11:30 a.m. Check-in & Luncheon; 12 - 1:15 p.m. Networking