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Banks & Credit Unions
New state law gives credit unions access to BDD program
ALBANY — A new state law allows credit unions to take part in New York’s banking development district (BDD) program. State lawmakers approved the bill earlier in 2019 and Gov. Andrew Cuomo signed it in December. The New York Credit Union Association (NYCUA) “strongly supported” its passage, per a news release on the association’s website. […]
2020 Economic Forecast Calls for Progress and Optimism
During our annual Economic Forecast breakfast [on Jan. 22], we highlighted new optimism that is being felt in our community as we start this new decade. Members of the business community who contributed to this year’s Economic Forecast Report described our regional economy using words like vibrant, evolving, growing, progress, strong, robust, and diverse. This
NBT adds student-loan repayment program to employee benefits
NORWICH — NBT Bank has launched a student-loan repayment program in response to what it calls a “troubling trend.” The program seeks to help reduce the outstanding balance on qualifying student loans for full-time employees as part of its financial-wellness initiatives. The bank says student loan debt is a “challenge gripping the nation with
Chemung Canal Trust to close Towanda, Pennsylvania branch
TOWANDA, PA. — Elmira–based Chemung Canal Trust Company recently announced that it will be closing its branch office on Main Street in Towanda, Pennsylvania at the close of business on Thursday, April 30. The bank says it expects to work closely with employees of the Towanda office, “in hopes of retaining them in other positions
M&T targets early Q3 for moving CNY regional HQ to 250 S. Clinton St.
SYRACUSE — M&T Bank expects to move its Central New York regional headquarters office and main local branch to 250 S. Clinton St. at the end of the second quarter or early third quarter. The leased space will replace the bank’s current historic home overlooking Clinton Square, which it has agreed to sell. M&T Bank
Community Bank’s Q4 net income rises 5 percent
DeWITT — Community Bank System, Inc. (NYSE: CBU) recently reported that its net income increased more than 5 percent to $42.9 million in the fourth quarter from $40.8 million in the fourth quarter of 2018. The DeWitt–based banking company’s earnings per share (EPS) rose to 82 cents a share from 78 cents a year prior.
KeyCorp to pay cash dividend of 18.5 cents a share in March
KeyCorp (NYSE: KEY) — parent of KeyBank, the No. 2 bank ranked by deposit market share in the 16-county Central New York area — has declared a quarterly cash dividend of 18.5 cents per share of its common stock for the first quarter of 2020. The dividend is payable on March 13, to shareholders of
Citizens Bank names Le Moyne graduate president of its upstate New York region
SYRACUSE, N.Y. — Citizens Bank announced it has named J. Theodore Smith as president of its upstate New York region. Smith, a graduate of Le
People news: Generations Bank promotes Maltman to VP, residential sales manager
GENEVA, N.Y. — Generations Bank announced it has promoted Bernyce Maltman to VP and residential sales manager. Maltman joined Generations in 2017 and “quickly became
Summit FCU taps COO as its next CEO
ROCHESTER, N.Y. — The Summit Federal Credit Union (FCU) announced it has chosen Laurie Baker as its next president and CEO, effective Feb. 1. Baker
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