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Chemung Financial profit jumps in 3rd quarter
ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG), parent company of Chemung Canal Trust Company, recently reported that its net income soared to $5.7 million, or $1.19 per share, in the third quarter from $2 million, or 40 cents, in the year-ago period. “Third quarter results included a 4.8 percent increase in net interest income and […]
NCUA board approves rules on derivatives, corporate credit- union regulation
The board of directors of the National Credit Union Administration (NCUA) on Oct. 15 held its monthly meeting, unanimously approving a proposed rule on derivatives and a final rule regarding corporate credit unions. The group also heard a cybersecurity briefing. Details on the NCUA board meeting were posted on the Oct. 16 New York Minute
AmeriCU names new chief experience officer
ROME — AmeriCU Credit Union has hired a new chief experience officer as the credit union celebrates seven decades of operation. The nonprofit AmeriCU serves nine counties in Central and Northern New York. The organization has grown to more than 140,000 members, 19 locations, and $2 billion in assets. AmeriCU Credit Union is headquartered in
Renovation project at Syracuse Fire Department Credit Union continues
Besides the renovation project, the credit union’s board of directors in late July announced the appointment of Andrea Thune as its new CEO. Thune began her duties Aug. 3 following the retirement of then CEO Jeffrey Fragale. “After an extensive search, the board of directors is pleased to announce the appointment of Ms. Thune to
Brown & Brown Insurance boosts quarterly dividend by nearly 9 percent
Brown & Brown, Inc. (NYSE: BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, recently announced that its board of directors has declared a regular quarterly cash dividend of 9.25 cents a share. The dividend is payable on Nov. 18 to shareholders of record on Nov. 4, the insurance agency said in a news
Summit FCU board of directors appoints new chair
Since 2019, Modesti has been the executive VP and CFO of Sweeteners Plus, LLC, a manufacturer and distributor of sugar products in Lakeville in Livingston County. Formerly president of Biomaxx, Inc., he remains on the company’s board. Modesti is also a director on the boards of Highland Hospital in Rochester and the Rochester chapter of
SBA simplifies PPP loan-forgiveness application for borrowers of $50K or less
The U.S. Small Business Administration, in consultation with the Treasury Department, recently rolled out a simpler loan-forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The application, called SBA Form 3508S, requires fewer calculations and less documentation for eligible borrowers. Perhaps most importantly, borrowers that use SBA Form 3508S are exempt from
CG Capital settles into new office in New Hartford
NEW HARTFORD — Financial-services firm CG Capital (formerly CoughlinGiambrone, LLC), recently announced its new office at 139 Genesee St. in New Hartford, after completing a restoration of the exterior and interior of the century-old building. The new office encompasses 3,000 square feet. CG Capital was previously situated in a 1,500-square-foot leased space at 610 French Road in
Chemung Canal Trust expands lending operations into Buffalo market
ELMIRA — Chemung Canal Trust Company, a unit of Chemung Financial Corp. (NASDAQ: CHMG), announced on Oct. 21 that it will expand its lending operations to serve the City of Buffalo, as well as Erie and Niagara Counties. “I am happy to announce that the bank will be entering the Western New York market with
Community Banks Can Leverage Unique Benefits to Gain and Keep Customers
The Federal Reserve’s 2019 Small Business Credit Survey (https://www.fedsmallbusiness.org/survey/2019/report-on-employer-firms) shows that 79 percent of independent businesses that used small banks were satisfied with their overall experience, compared with 67 percent for large banks and just 49 percent for online lenders. As experienced by many business leaders and entrepreneurs during the recent Paycheck Protection Program (PPP) loan
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