LEGISLATIVE RESOLUTION congratulating Olum's, of Vestal, New York, upon
the occasion of celebrating its 100th Anniversary

WHEREAS, It is the sense of this Legislative Body to recognize those
businesses within the State of New York which distinguish themselves
through outstanding professional behavior, corporate innovation, and
enduring commitment to the community; and
WHEREAS, Attendant to such concern, and in full accord with its long-
standing traditions, this Legislative Body is justly proud to congratu-
late Olum's, of Vestal, New York, upon the occasion of celebrating its
100th Anniversary; a special event marking this impressive milestone
will be held on Thursday, May 22, 2014; and
WHEREAS, Olum's has been a major retailer in New York State's Southern
Tier Region since Founder Jacob Olum opened the doors of its first store
in 1914; and
WHEREAS, For 100 years, Olum's has provided its customers excellent
and personal service along with home furnishings, major appliances, and
audio-video equipment; and
WHEREAS, Olum's has been a true neighbor as well; in 1934, Jacob Olum
permitted customers to purchase items "on a handshake" to help them get
back on their feet after a flood devastated the community; this credit
system was formalized in 1939 as the Magic Circle Credit Plan, which, to
this day, allows customers to finance purchases interest-free; and
WHEREAS, Olum's soon expanded; in 1935, the Warehouse opened its doors
in Binghamton and Olum's Clearance Center opened in Johnson City; and
WHEREAS, When Jacob Olum retired, he retained brothers Ben and Gilbert
Rouff, who had experience in furniture retail, to run his stores; after
his death, the Olum children continued to be involved with the store's
operation; however, in 1989, they decided to sell the company; and
WHEREAS, Under the leadership of Ben Rouff, employees bought the busi-
ness from the Olum family and incorporated an Employee Stock Ownership
Plan; Gilbert Rouff took over the leadership of the company when Ben
Rouff retired; and
WHEREAS, Today, Olum's is led by President and CEO Keith Solomon, and
the Employee-Owners continue the corporation's fine tradition of
outstanding customer service and commitment to the community; and
WHEREAS, It is with great pleasure that this Legislative Body acknowl-
edges Olum's success, recognizing its many contributions to the local
and State economies, and extends its highest commendation to the corpo-
ration and its employee-owners, fully confident that this sparkling
business will enjoy the same success which has so characterized its
past; now, therefore, be it
RESOLVED, That this Legislative Body pause in its deliberations to
congratulate Olum's, of Vestal, New York, upon the occasion of celebrat-
ing its 100th Anniversary; and be it further
RESOLVED, That a copy of this Resolution, suitably engrossed, be tran-
smitted to Keith Solomon, President and CEO of Olum's.