Exhibit 99
FOR IMMEDIATE RELEASE
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First Albany Companies Elects Four New Board Members
(October 23, 2003, New York, NY) - First Albany Companies Inc. (NASDAQ:
FACT), a leading independent investment banking firm, announced today the
election of four new members to its Board of Directors, including two new
independent directors. The new directors are: Arthur J. Roth, former New
York State Commissioner of Taxation and Finance; Carl P. Carlucci, Ph.D.,
Executive Vice President and Chief Financial Officer of the University of
South Florida; Robert F. Campbell, Executive Managing Director and
Director of Taxable Fixed-Income for First Albany Corporation; and Arthur
T. Murphy, Executive Managing Director and Director of Municipal Capital
Markets for First Albany Corporation.
"We are very pleased to be expanding our Board with the addition of two
very distinguished independent members, Mr. Roth and Mr. Carlucci, both
of whom have a tremendous wealth of experience and knowledge that will
add greatly to the oversight and direction of our firm" said Alan
Goldberg, President of First Albany Companies Inc. "Arthur and Carl have
a depth of knowledge of the accounting field that is critical to the role
of boards of directors in this era. In addition, today we recognize the
substantial contributions by Bob Campbell and Art Murphy to the growth
and development of our firm. Their many years of industry experience and
deep knowledge of our firm will provide a solid grounding in industry
practice for all of our Directors and further our ability to capitalize
on the growth opportunities that exist for our firm as a leading
independent investment banking firm."
The First Albany Companies Board of Directors is now comprised of 11
members, the majority of whom are independent directors of the firm.
Arthur J. Roth was New York State Commissioner of Taxation and Finance
from 1999 through August 2003. Prior to his appointment as Commissioner,
Mr. Roth was Deputy Commissioner for Operations, New York State
Department of Taxation and Finance from 1996 until 1999. Mr. Roth is a
Certified Public Accountant and was Senior Consulting Director for
Coopers & Lybrand, LLP and a Director of their Financial Advisory
Practice for Upstate New York in the early 1990s. Mr. Roth was Chairman
of the Governor's Empire Zone Designation Board, the Special Commission
on Tax Exempt Property for the City of Albany, and the Albany Municipal
Water Finance Authority, among others. In addition, he has
been a board member of a number of civic organizations, including
The Center for Economic Growth and the New York State Society of
Certified Public Accountants.
Carl P. Carlucci has been Executive Vice President and Chief Financial
Officer of the University of South Florida since 2001. Prior to joining
the University of South Florida, Mr. Carlucci was appointed by H. Carl
McCall as the First Deputy Comptroller in the Office of the New York
State Comptroller. He has served as Secretary to the New York State
Assembly Ways & Means Committee and Director of the New York State
Assembly Higher Education Committee. His prior experience in higher
education has also included the positions of Executive Vice President,
University at Albany, State University of New York, Vice President for
Administration at Brooklyn College and serving on the faculty of the
Public Administration Departments of Baruch College of City University of
New York and the University at Albany's Rockefeller College.
Robert F. Campbell is Executive Managing Director and Director of Taxable
Fixed Income at First Albany Corporation, the Company's brokerage
operations. Mr. Campbell has more than 35 years of experience in the
taxable fixed-income markets and has particular expertise working with
complex securities that are difficult to market. He joined First Albany
in 1987 and established the Taxable Fixed Income division, one of the
firm's most successful divisions. Prior to joining First Albany, he was
with EF Hutton for 15 years in senior management roles in the taxable
fixed-income institutional sales and trading groups at that firm. He
began his career with R.W. Pressprich in 1968, and served in a number of
capacities until leaving to join EF Hutton in 1972. Mr. Campbell is a
past Board Member of the Bond Market Association, Co-Chair of their High-
Yield Committee and a member of the Regional Dealer Committee. Mr.
Campbell also serves as an Associate Trustee for Siena College and a
board member of Saint Anne's Institute Foundation.
Arthur T. Murphy is Executive Managing Director and Director of Municipal
Capital Markets at First Albany Corporation. Mr. Murphy joined First
Albany in 1980 as a Senior Vice President in charge of the Municipal
Capital Markets division and has grown the business into a powerful
national and regional municipal finance firm. Mr. Murphy has direct
responsibility for Municipal Sales, Trading, Underwriting and Public
Finance activity. Mr. Murphy is a member of the executive committee of
the Bond Market Association. Mr. Murphy served as a governor of the
Municipal Forum of New York from 1996-2001 and President 1999-2000. Mr.
Murphy is a trustee and treasurer of the Public Health Research
Institute, a
leading research institute in the area of infectious
diseases. Mr. Murphy also serves as a trustee and treasurer of the
Greyston Foundation.
About First Albany
Founded in 1953, First Albany Companies Inc. is a leading institutionally
focused independent investment bank and asset management firm. Through
its Taxable Fixed-Income, Municipal and Equity Capital Markets Divisions,
the firm focuses on serving the institutional market, the growing
corporate middle market and public institutions by providing its clients
with strategic, research-based, innovative investment opportunities.
First Albany offers a diverse range of products and advisory services in
the areas of corporate and public finance as well as fixed income and
equity sales and trading. FA Asset Management Inc. provides
institutional and individual clients with expert advice, personal and
tailored service and a diverse range of investment products to meet
client needs in all market conditions. FA Technology Ventures is a
leading early stage investor, providing venture capital, management and
guidance for companies in the emerging growth sectors of information
technology and energy technology. First Albany is traded on NASDAQ under
the symbol FACT and today has 18 offices in 12 states.
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Contacts: Whit Clay (media)
212-446-1864
wclay@sloanepr.com