Edward Duffy

Obituary of Edward W. Duffy

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Edward W. Duffy, a native of upstate New York who rose to head of one of the state’s dominant banks, Marine Midland, died peacefully in Sarasota, Fla., on April 6. He was 89. Born in Utica on April 30, 1926, Mr. Duffy was a true son of the North Country. When he was 2, his family moved to Watertown, where Mr. Duffy attended Holy Family Elementary School, and then to Clayville, where he attended Sauquoit Valley schools, graduating from Sauquoit Valley High School a year ahead of his class. As an adult he lived in Carthage, Watertown, New Hartford, Fayetteville, East Aurora and Cooperstown before making his permanent home Florida, most recently Sarasota. Mr. Duffy married Jean Marie Burns, another North Country native from Clinton. They spent 62 years together, raising seven children. At age 17, Mr. Duffy enlisted in the Navy during World War II and served on a ship, LST 907, that carried cargo and personnel in the Mediterranean. He attended Utica College on the GI Bill, graduating in 1950 with a degree in accounting. Throughout his life Mr. Duffy continued to support the college. In appreciation of his loyalty, Utica College created the Edward and Jean Duffy Plaza, and last October dedicated the Edward W. and Jean Duffy Great Room at the college’s welcome center, with a plaque that noted the couple’s “pioneering spirit, philanthropy and dedication to Utica College.” After college, Mr. Duffy passed up an opportunity to join the FBI and, instead, took a job with the Office of the Comptroller of the Currency as a federal bank examiner in northern New York. Carthage National Exchange Bank was impressed with Mr. Duffy’s examining skills and hired him as a cashier and assistant trust officer in 1952, launching his 31-year banking career. Carthage National Exchange Bank merged to create Northern New York Trust Company. Northern New York Trust Company’s name changed to Marine Midland Trust Company of Northern New York in 1963. Mr. Duffy built a reputation of being a dependable friend of small businesses in far-flung upstate locales. His deal-making ability led to bigger leadership positions. He served as president of Marine Midland’s Watertown, Utica and Syracuse divisions before being promoted to holding company president, then CEO in 1973. Marine Midland had hundreds of offices in the state and was among the biggest banks in the country. But in the 1970s Marine Midland was in financial trouble and Mr. Duffy was tasked with turning it around. As the bank’s financial picture gradually improved under his leadership, it became a target for acquisition. In 1980, the Hongkong and Shanghai Banking Corp., now HSBC, acquired 51 percent ownership of Marine Midland, the 14th largest U.S. bank, in what was believed to be the largest bank combination to date. Mr. Duffy commented that Hong Kong’s investment was a "quantum step forward for Marine Midland" and one that will "vastly enhance our bank's competitive ability in the new environment of global banking." He continued to lead Marine Midland as it pursued a growth strategy of acquiring other banks. His role in righting the Marine Midland ship attracted the interest of The Wall Street Journal, which featured Mr. Duffy in a front-page article. In 1983 he took early retirement at age 57. As one of the most prominent upstate business and civic leaders, Mr. Duffy served in numerous positions outside the bank. He was a director of Niagara Mohawk Power Corp., HSBC, Dunlop Tire, W. R. Grace, Utica Mutual, Oneida Silver, Community General Hospital of Greater Syracuse, Greater Syracuse Chamber of Commerce, Utica College Foundation, Utica Chamber of Commerce, Utica Business Opportunities Corp., and the New York Business Development Corp. Mr. Duffy also was a Trustee of Syracuse University and Clarkson College, and served on the Board of Regents of LeMoyne College and the former Maria Regina College Advisory Board. He held honorary degrees from Hamilton College and Syracuse and Clarkson universities. Mr. Duffy served on President Ronald Reagan’s Private Sector Survey on Cost Control. He co-chaired the Onondaga United Way Campaign in 1972-73 and was president of Watertown’s United Way Fund in 1967. He had been a member of the Young Presidents’ Organization and the New York State Bankers Association, and was still a member of the Elks Club, Lodge 1762, Carthage. Mr. Duffy’s love for business was surpassed only by his love for his family. He met his wife, Jean M. Burns, at a hockey game in Clinton and they were married in May 1954. They loved participating in sports with their children, especially golf and skiing, and retreated most winter weekends to their 1809 house in Turin, home of Snow Ridge Ski Resort. Mr. Duffy also enjoyed sitting in cold duck blinds early in the morning with his sons and hunting friends, and after retirement eagerly anticipated yearly family fishing outings on Lake Ontario and spending summers at a family home on the scenic St. Lawrence River. Mr. and Mrs. Duffy loved their community of friends at The Glenridge on Palmer Ranch in Sarasota. Survivors in addition to Mrs. Duffy are sons Kevin Duffy, Atlanta, Brian Duffy, Fabius, Edward Duffy, Lake Bluff, Ill., James Duffy, East Aurora, and Peter Duffy, Chicago; daughters Patricia Constable, Carthage, and Sheila Duffy, Albuquerque, N.M.; sister Carol Burdick, Clinton; grandchildren Christopher Grosse, New York City, Kara Grosse, Durham, N.C., Katherine Duffy, Boston, James Duffy, Binghamton, William Duffy, Chicago, Monica Duffy, Denver, Renee Duffy, State College, Pa., Larkin Broussard, Boulder, Colo., Nelson Broussard, Albuquerque, and Lynn and Jean Duffy, East Aurora; brothers-in-law Bernard Burns and John Burdick, Clinton; sisters-in-law Barbara Duffy, Cortland, and Carol Burns, Clinton; son-in-law John Constable, Carthage; daughters-in-law Liz Condren, Lake Bluff, Tracey Duffy, East Aurora, Mary Ann Duffy, Fabius, and Moni Basu, Atlanta; and numerous nieces and nephews. Mr. Duffy was preceded in death by his parents, Leo and Marion Duffy, his brothers, Gerald and Leo Duffy Jr., and his nephew, Benjamin Burdick. Mr. Duffy’s funeral will be held on Tuesday, April 12 at 9:30 a.m. at St. Mary’s Catholic Church, 13 Marvin St., Clinton. Calling hours are Monday, April 11 from 4 p.m. to 7 p.m. at Heintz Funeral Service, Inc. 10 E. Park Row, Clinton. In lieu of flowers, donations in Edward W. Duffy’s memory can be made to Utica College’s Annual Fund, 1600 Burrstone Road, Utica, N.Y. 13502, or to a charity of your choice.
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Visitation

Heintz Funeral Service, Inc., Clinton Monday, April 11, 2016 04:00 PM - 07:00 PM Email Details 10 East Park Row Clinton, NY 13323 Directions

Interment

St. Mary's Cemetery, Clinton, NY Tuesday, April 12, 2016 Email Details , Directions

Funeral Mass

St. Mary's Church, 13 Marvin St., Clinton, NY 13323 Tuesday, April 12, 2016 09:30 AM Email Details , Directions
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Edward Duffy

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Edward Duffy

1926 - 2016

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