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Binghamton University named a cyber research center
VESTAL, N.Y. — The National Security Agency (NSA) and the U.S. Department of Homeland Security (DHS) recently named Binghamton University a National Center of Academic
Oneida County reports 17 COVID-19 cases, one death in last day
UTICA, N.Y. — Oneida County on Friday reported that 17 people tested positive for the coronavirus, compared to 6 and 22 positives, respectively, the previous
SBDC at Binghamton University extends PPP application assistance through August 8
VESTAL — The New York State Small Business Development Center (SBDC) at Binghamton University is available to assist small businesses throughout the region with applying for and “understanding the forgiveness process” for PPP loans now through Aug. 8. PPP is short for Paycheck Protection Program, an initiative of the U.S. Small Business Administration (SBA). The
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VESTAL — The New York State Small Business Development Center (SBDC) at Binghamton University is available to assist small businesses throughout the region with applying for and “understanding the forgiveness process” for PPP loans now through Aug. 8.
PPP is short for Paycheck Protection Program, an initiative of the U.S. Small Business Administration (SBA). The federal CARES Act created programs to help businesses deal with the challenges of COVID-19, including financing options, like PPP, designed to help keep employees on the payroll during the pandemic.
Through July 10, more than 4.9 million PPP loans had been approved nationally, totaling more than $517 billion, according to the U.S. Treasury Department. The loans came through nearly 5,500 lenders. In New York state, nearly 326,000 PPP loans had been approved, totaling $38 billion.
Small businesses may still apply for PPP funding if they have not previously received support from the program.
President Donald Trump on July 4 signed into law an extension of the program through Aug. 8. In many cases, lenders will continue accepting applications until the end of July, the SBDC said. As of July 10, more than $132 billion in PPP funding remained available nationally, per the Treasury Department.
The PPP offers small businesses the chance to obtain a loan that is “potentially forgivable,” provided they use at least 60 percent of the funding for payroll, and the remainder for other allowed expenses. The advisors at the Binghamton University SBDC can assist with both the application process and in understanding the process for forgiveness.
Since mid-March, Binghamton SBDC advisors have worked with 720 small businesses on various forms of assistance specific to COVID-19. In that time, they provided more than 10,000 hours of service, resulting in more than $16 million in loans for area small businesses, Binghamton University said. More than $10 million came in the form of PPP loans.
“Our team has worked tirelessly to help the many businesses who came to us for assistance. Our team members have been the small business first responders,” Rochelle Layman, director of the Binghamton SBDC, said in a statement. “We believe that our assistance had a real impact on helping to keep small businesses open and to keep employees on payrolls. At the same time, we recognize that our work is not yet done. Small businesses will continue to need assistance through this challenging time.”
Since its inception in 1984, the SBDC at Binghamton University says it has assisted 28,480 clients and helped to raise more than $433 million in private and public funding for their businesses, and has helped create or save 19,147 jobs across the Southern Tier of New York.
The SBDC regional office at Binghamton provides support for 12 New York counties: Broome, Chenango, Cortland, Delaware, Otsego, Tioga, Tompkins, Allegany, Chemung, Schuyler, Steuben, and Yates counties.
AmeriCU wins award for Salute to the Troops concert at Fort Drum’s Mountainfest
ROME — The Credit Union National Association (CUNA) has honored AmeriCU for organizing the 2019 Salute to the Troops Tribute Concert at Mountainfest. Held annually as part of the Fort Drum Family and Morale, Welfare, and Recreation’s Mountainfest, AmeriCU presents this concert to thank the U.S. Army 10th Mountain Division and their families for their
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ROME — The Credit Union National Association (CUNA) has honored AmeriCU for organizing the 2019 Salute to the Troops Tribute Concert at Mountainfest.
Held annually as part of the Fort Drum Family and Morale, Welfare, and Recreation’s Mountainfest, AmeriCU presents this concert to thank the U.S. Army 10th Mountain Division and their families for their service to the country.
Last year’s concert featured country music duo LOCASH with opening act Parmalee.
“AmeriCU is honored to present this event each year,” Julie Tramacera-Miri, marketing and events coordinator at AmeriCU, said in a statement. “This concert is just one small way we can thank these brave men and women and their families for all the sacrifices they have made for our community and our country.”
AmeriCU won in the ongoing-event category during the CUNA Marketing & Business Development Council’s annual Diamond Awards ceremony. American Heritage Credit Union of Philadelphia; America’s First Federal Credit Union of Birmingham, Alabama; and Georgia United Credit Union of Duluth, Georgia also won in the category, per the website of CUNA Councils.
The Diamond Awards event recognizes “outstanding achievements” in the credit union industry, AmeriCU said.
The Salute to the Troops Tribute Concert is organized in cooperation with co-sponsors Carthage Area Hospital, Fort Drum Mountain Community Homes, Kinney Drugs, Lockheed Martin Corp. (NYSE: LMT), Martin’s Point, the USO, Waite Toyota, Wahl Media, Community Broadcasters, Lamar Advertising, and NBC Watertown.
Rome–based AmeriCU is a nonprofit credit union that is owned by its members and serves nine counties in Central and Northern New York. AmeriCU has more than 138,000 members, 19 branches, and $1.9 billion in assets.
The Madison, Wisconsin–based Credit Union National Association (CUNA) is a national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members.
Woodrow takes over as M&T Bank’s new CHRO
BUFFALO —Tracy Woodrow is the new chief human resources officer (CHRO) at M&T Bank and a member of the banking company’s management committee, following the retirement of Janet Coletti after a 35-year career. Woodrow joined Buffalo–based M&T Bank in 2013, and served as Bank Secrecy Act Officer, responsible for overseeing the enterprise-wide anti-money-laundering program, according
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BUFFALO —Tracy Woodrow is the new chief human resources officer (CHRO) at M&T Bank and a member of the banking company’s management committee, following the retirement of Janet Coletti after a 35-year career.
Woodrow joined Buffalo–based M&T Bank in 2013, and served as Bank Secrecy Act Officer, responsible for overseeing the enterprise-wide anti-money-laundering program, according to a June 19 news release from the banking company. Before M&T, she worked as in-house counsel and a senior compliance leader with HSBC Bank USA, NA, focusing on commercial, anti-money-laundering and employment-law matters.
Woodrow is a member of M&T Bank’s Diversity & Inclusion Council, which works to ensure diversity within the workplace.
“In her time at M&T, Tracy has been a vocal champion for diversity, inclusion and belonging. Her passion for employee development and her focus on preparing her colleagues to take the next step in their careers makes her ideally suited to advocate for the more than 18,000 colleagues across the M&T community,” René F. Jones, chairman and CEO of M&T Bank, said in the release.
Coletti joined M&T Bank in 1985 as part of the bank’s management development program and held numerous leadership positions within retail and business banking until February 2015, when she was named M&T’s CHRO and appointed to its management committee.
“[Coletti] has been especially instrumental in the bank’s successful mergers and conversions during her career. She also drove significant transformational change to enhance the employee experience,” said Jones.
M&T Bank operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia.
M&T Bank employs nearly 500 people in its Central New York region, which includes Onondaga, Cayuga, Oswego, Madison, Herkimer, Jefferson, Lewis, Oneida, and Seneca Counties. It holds the No. 1 share of deposits in the Syracuse metro area and the broader 16-county Central New York region that CNYBJ covers.
TCAD says PPP loans saved thousands of jobs in Tompkins County
“We were just interested to … see what the impacts potentially could be [on the community],” says Heather McDaniel, president of TCAD. She called the U.S. Treasury’s decision to release the PPP data a “pretty unprecedented move.” McDaniel spoke with CNYBJ on July 21. In response to the COVID-19 pandemic, the U.S. Small Business Administration
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“We were just interested to … see what the impacts potentially could be [on the community],” says Heather McDaniel, president of TCAD.
She called the U.S. Treasury’s decision to release the PPP data a “pretty unprecedented move.” McDaniel spoke with CNYBJ on July 21.
In response to the COVID-19 pandemic, the U.S. Small Business Administration (SBA) implemented the PPP loan program to help small businesses survive and retain jobs “in very uncertain times.”
The SBA will forgive the loans if employee-retention criteria are met and the funds are used for eligible expenses.
“Talking to businesses, I’ve heard several times that [PPP loans were] absolutely critical for essential businesses to keep operating in a reduced-revenue climate; to keep employees on the payroll while they might have been closed in those first few weeks even,” says McDaniel.
She says she knows from experience that when a business sees a downturn and reduces operations and staff, it takes a “really long time” for it to come back and “a lot of times” hire new people to fill those positions and then have to train the new employees.
“My assumption is that it really helped to keep businesses at a stable level so that when the economy does start to come back, they’ll be able to continue to grow,” McDaniel adds.
About the PPP loans
The PPP loan information was sorted into two classes, including loans of $150,000 or more (class I) and loans less than $150,000 (class II).
Class I includes the names of recipient businesses but categorizes their loans into five different ranges ($150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million).
Class II omits names but includes precise loan amounts. Additional information, including industry, lender, and jobs retained, is provided for all loans and offers a glimpse into “just how critical the PPP was in enabling businesses to retain jobs in Tompkins County,” TCAD contends.
Although class I loans comprised only 13.6 percent of all loans in Tompkins County, they contributed to 57.4 percent of jobs retained in the county, with an average retention of 44 jobs per loan.
More than half of the 171 class I loans were in the $150,000 to $300,000 range. Conversely, class II loans comprised the “vast majority” of all loans at 86.4 percent yet contributed to only 42.6 percent of jobs retained.
They had an average loan size of $36,925 and retention of 5.5 jobs per loan, TCAD said.
Industries impacted
The professional, scientific, and technical services; health care and social assistance; accommodation and food services; other services; and retail trade industries all exceeded 100 loans approved.
Industries that surpassed 1,000 jobs retained were accommodation and food services; health care and social assistance; retail trade; and professional, scientific, and technical services.
“PPP helped keep The Computing Center’s 21 staff members employed and benefits fully paid,” Larry Baum, TCAD board chair and founder of The Computing Center, said in a release. “It also allowed many of our clients to continue operations and keep their staff in place as well. The entire program assisted us to stay fully operational throughout and able to deliver computer products as well as onsite and remote services to clients.”
Industries that TCAD supports — including manufacturing, wholesale trade, transportation and warehousing, information, and professional, scientific, and technical services — comprised nearly one-quarter of all loans and jobs retained, with an average retention of 10 jobs per loan.
Among those industries, the number of the smaller class II loans exceeded the larger class I loans by a ratio of more than 5-to-1, yet jobs retained by class I loans nearly doubled that of class II loans.
Class I had an average retention of 40 jobs per loan, whereas class II retained only 4 jobs per loan.
Banks involved
Many local banks “stepped up” to be a conduit for the SBA program, TCAD notes.
Tompkins Trust Company approved a total of 414 loans, which are projected to retain 6,049 jobs, with an average retention of nearly 15 jobs per loan.
Both Elmira Savings Bank and M&T Bank (NYSE: MTB) each approved more than 100 loans and each projected the retention of over 1,000 jobs.
The local lenders also included Alternatives Federal Credit Union, CFCU Community Credit Union, Chemung Canal Trust Company (NASDAQ: CHMG), and KeyBank (NYSE: KEY). Combined, the local lenders approved nearly three-quarters of all loans with a projected job retention of 82 percent within Tompkins County.
“The Paycheck Protection Program has been an important resource to help small businesses remain open and keep people working,” Peter Newman, president of the Binghamton region of M&T Bank, said.
Here are some recent tweets that came across the @cnybj Twitter feed, offering small business, COVID-19, HR, leadership, and career tips. NFIB @NFIB“More than $500 billion has already been loaned, and more than half of small companies that got loans say they have spent all the money, according to a survey by @NFIB.” More results
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Here are some recent tweets that came across the @cnybj Twitter feed, offering small business, COVID-19, HR, leadership, and career tips.
NFIB @NFIB
“More than $500 billion has already been loaned, and more than half of small companies that got loans say they have spent all the money, according to a survey by @NFIB.” More results from the survey: https://nfib.com/content/press-release/economy/ppp-loans-largely-effective-for-small-businesses-many-still-need-more-financial-assistance/
SBA @SBAgov
Eyes Looking for federal #COVID19 resources for your #smallbusiness? There’s a site for that: https://covid-sb.org/
Jumbiz @JumbizNews
Don’t Work With Clients Who Show These 5 Warning Signs http://dlvr.it/RbM4xg #Entrepreneur #SmallBiz
Hancock Estabrook @HancockLawLLP
Learn more about creditors’ rights in our series of publications. The lawyers in our #CreditorsRights practice have the experience to help you navigate the labyrinth that the Bankruptcy Code poses for any business to whom money or obligations are due. https://bit.ly/2WCCcr5 #law
The Bonadio Group @bonadiogroup
During this #COVID-19 crisis, organizations are faced with figuring out how to operate in a way that is aligned with #regulatory requirements. To learn how to improve your organization’s #Compliance Program today, click: https://bit.ly/32kxiBH
HR Dive @hrdive
How COVID-19 has impacted L&D and adoption of learning technology. https://www.hrdive.com/news/pandemic-likely-to-accelerate-learning-tech-adoption-sources-say/581592/
Small Business Expo @SmallBizExpo
Why Your Mentor Should Be Nothing Like You http://twib.in/l/jpnobK8qejA8
Mark C. Crowley @MarkCCrowley
A reason to #LeadFromTheHeart When people feel they have a caring boss, research in Entrepreneur shows they are 10x more likely to recommend their firm as a great workplace, 9x more likely to stay at their firm. 3+ years, & 4x less likely to suffer from stress & burnout. #HR
Lolly Daskal @LollyDaskal
11 Things Employees Complain Most About Their Leaders — @LollyDaskal http://bit.ly/2QCippO
Hannah Morgan @careersherpa
11 Ways Emotionally Intelligent People Communicate Better Than the Rest | https://buff.ly/3eZejQJ @TheMuse
UnretirementProject @UnretirementPro
How to Help a Colleague Who’s Been Laid Off https://buff.ly/2W6pQq2 (via @HarvardBiz) #jobs #careers
Brandable & Co @brandableandco
Career advancement relies heavily on self-advocacy — and having a firm grip on your professional value proposition is one way to successfully self-advocate. https://swaay.com/personal-value-proposition-career-strategy
KeyCorp to pay Q3 cash dividend of 18.5 cents a share in September
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 a share on its common stock for the third quarter of 2020. The dividend is payable on Sept. 15, to shareholders of
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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 a share on its common stock for the third quarter of 2020.
The dividend is payable on Sept. 15, to shareholders of record as of the close of business on Sept. 1.
Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of $171 billion as of June 30 of this year. Its roots trace back 190 years to Albany.
In the 16-county CNY region, KeyBank had 66 branches and $4.6 billion in deposits, good for a 15.07 percent market share, according to FDIC statistics as of June 30, 2019.
Pathfinder Bancorp to pay quarterly dividend on Aug. 14
OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), holding company for Pathfinder Bank, recently declared a quarterly cash dividend of 6 cents per share on its common stock for the fiscal quarter ending June 30. The dividend will be payable to all Pathfinder shareholders of record on July 17 and will be paid on Aug. 14,
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OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), holding company for Pathfinder Bank, recently declared a quarterly cash dividend of 6 cents per share on its common stock for the fiscal quarter ending June 30.
The dividend will be payable to all Pathfinder shareholders of record on July 17 and will be paid on Aug. 14, the banking company announced.
At Pathfinder’s current stock price, the dividend payment yields about 2.5 percent on an annual basis.
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego that has six branches in Oswego County and three branches in Onondaga County. The bank is ranked first in market share in Oswego County with a 46 percent share of total market deposits, according to FDIC statistics.
Thomas W. Schneider is president and CEO of Pathfinder Bancorp.
CFCU Credit Union CEO named to State Charter Advisory Board
ITHACA, N.Y. — Linda Lacewell, superintendent of the New York State Department of Financial Services (DFS), has appointed Lisa Whitaker, president and CEO of Ithaca–based CFCU Community Credit Union, to serve a three-year term on the department’s New York State Charter Advisory Board. The board seeks to foster economic development in New York through “prudent”
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ITHACA, N.Y. — Linda Lacewell, superintendent of the New York State Department of Financial Services (DFS), has appointed Lisa Whitaker, president and CEO of Ithaca–based CFCU Community Credit Union, to serve a three-year term on the department’s New York State Charter Advisory Board.
The board seeks to foster economic development in New York through “prudent” regulations and supervision, consumer protection against fraud or unethical conduct, and consumer education.
“I’m honored to serve on the advisory board and look forward to assisting with the continued strengthening of our local economy and protection of consumers,” Whitaker said in a news release from the New York Credit Union Association (NYCUA).
Board members consider and make recommendations to the DFS superintendent on the following matters:
• Preserving the New York State Charter for depository financial-services institutions as a viable and attractive option to current and potential state-chartered financial institutions;
• Promoting state-charter retention and new charters;
• Encouraging the offerings of diverse financial products and services throughout the state;
• New laws, rules, or regulations; and,
• Amendments or repeals of current laws, rules, or regulations.
CFCU Community Credit Union serves residents in Tompkins, Cortland, Seneca, Cayuga, and Ontario counties. Whitaker also serves on the Federal Reserve Bank of New York’s Depository Institutions Advisory Committee. NYCUA named her the 2013 Outstanding Professional for credit unions with more than $250 million in assets.
Whitaker has a lot of board member and committee experience. She served nine years on the United Way of Tompkins County board of directors and is currently serving on the Tompkins Cortland Foundation board and the Investment Committee at the Sciencenter in Ithaca.
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