SYRACUSE — M&T Bank Corp. (NYSE: MTB), the largest bank in the 16-county Central New York region by deposits, says it made more government-guaranteed loans to small businesses in the Syracuse/Utica region in one week than it did nationally in all of 2019.

Buffalo–based M&T Bank approved 1,660 loans, totaling $371 million, in the Syracuse/Utica area under the Paycheck Protection Program (PPP), the emergency forgivable loan program designed to help small companies keep their employees during the coronavirus shutdown. That’s more than the 1,449 total Small Business Administration (SBA)-backed loans M&T processed under all SBA loan programs across the bank last year, according to Julia Berchou, a VP with M&T in Buffalo. 

The average loan size of M&T’s PPP loans in our area was nearly $223,500.

M&T Bank approved $6.4 billion in PPP loans for 27,711 companies, employing more than 600,000 people, across its eight-state footprint plus the District of Columbia. The average loan amount was about $233,000. All the loans were to existing M&T customers.

Berchou says M&T deployed a legion of 2,000 employees (most working from home) from across the regional bank to help process the PPP loans over the April 6-13 period. Its usual SBA loan team has 25 employees.

The $349 billion Paycheck Protection Program ran out of money on April 16 after almost 1.7 million loans were made nationally in a mad dash to provide small businesses with emergency relief amid the COVID-19 pandemic that has shut down much of business and daily life in America and New York. The 1 percent loans do not have to be paid back if companies use 75 percent of the money to cover payroll costs and meet other conditions.

The SBA announced it would stop processing PPP loan applications until Congress provided more funding. The Senate on April 21 approved an additional $310 billion for  a second round of PPP loans, and the House was expected to approve it on April 23. 

This will likely set off a scramble to get a loan by small businesses that were left out of round one and are struggling to stay afloat during the pandemic shutdown. 

“… There are still many businesses who were not able to participate. They still need funding to pay their employees and sustain their operations,” Allen Naples, M&T Bank’s Central New York regional president, told CNYBJ in a statement before the 2nd round of funding was approved. “[We are] in constant contact with the Treasury Department, SBA, members of Congress and other government officials to advocate for additional funding and ensure that our customers are not left out of the process because of funding capacity issues at the SBA.”

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.

M&T Bank reported $269 million in net income in this year’s first quarter, down from $493 million in the prior quarter and $483 million in the year-ago earnings period.

The Summit Federal Credit Union plans to install updated ATMs at all its locations at various times in 2020. 

These new ATMs bring a “new level of convenience to users while using the latest safety features” for personal safety and account security, the Rochester–based credit union announced.

“Over 2019 and 2020, The Summit Federal Credit Union is replacing all ATMs with the latest state-of-the-art systems. Our new fleet of ATMs provides members and guests improved card security, larger colored screens, an improved user interface and enhanced deposit capabilities. We are very excited to make new ATM technologies available to our members and others who may use them,” Dave Harnish, VP of information technology at the Summit Federal Credit Union, said in a statement forwarded to CNYBJ.

The machines have a 19-inch display for “easy viewing” as well as a more “intuitive” interface, with Actiview technology for secure data input and quicker navigation, the Summit said. The machines also “take advantage” of the financial industry’s “leading” data-security enhancements, including upgraded physical security technology and cameras, plus the industry’s first anti-skimming ActivEdge card reader. 

No envelopes are needed to deposit cash or checks, the credit union noted.

Each machine upgrade will require “minimal downtime.” 

Members of the Summit have access to more than 55,000 surcharge-free ATMs nationwide, the credit union said. 

Founded in 1941, the Summit Federal Credit Union is a nonprofit, member-owned financial cooperative. With about $1 billion in assets, the Summit has more than 230 employees and provides financial products and services to more than 85,000 members in Central and Western New York. Its Central New York branches includes offices in Syracuse, Clay, Camillus, Cortland, and Seneca Falls.

The Summit’s president and CEO is Laurie Baker. She took over the credit union’s top job on Feb. 1, after having worked at the Summit for more than 25 years, including as COO since 2001. Baker replaced Mike Vadala, who retired after working at the Summit for more than 35 years, including 25 years as CEO. 

OWEGO — The Tioga County Chamber of Commerce recently recognized one of the top officials at Visions Federal Credit Union (Visions FCU) for his years of service on its board of directors.

Edward Butler, executive VP and COO of Visions FCU, had served on the board since 2007 — mostly as treasurer on the executive board, from 2008 to 2019.

Board members gathered for the acknowledgment, thanking him for his service. Butler was “instrumental” in helping the chamber reach its goals, Gwen Kania, president and CEO of the Tioga Chamber, said in an Visions FCU news release.

“Ed worked with us for years, both with me and our former president, Martha Sauerbrey, and helped us to be fiscally stable,” Kania said. “Ed was wonderful to work with and had a great understanding of how the Tioga Chamber ran.”

“It was my pleasure to serve on the board for the Tioga Chamber,” said Butler. “Their team makes such a great difference in the lives of those in Tioga County, and it’s been a privilege to help advance their mission.”

Established in 1966, the nonprofit Visions Federal Credit Union serves more than 210,000 members throughout New York, New Jersey, and Pennsylvania. 

The nonprofit Tioga County Chamber of Commerce says it works to “create a climate in which business will grow and prosper.” Chamber projects include numerous networking opportunities during the year; business counseling and referrals; “member-centric” events; seminars and workshops; a business directory; weekly e-blasts; newsletter; tourism promotion; and welcome packages. 

The Tioga Chamber also offers on-the-job training funds through a grant with the New York State Department of Labor.

SOLVAY — Solvay Bank Corp. announced April 21 that shareholders will not be permitted to attend its shareholders annual meeting in person on April 28. 

The bank cited the ongoing coronavirus pandemic and public-health guidelines issued by New York State and the Centers for Disease Control and Prevention.

Only directors and a select number of Solvay Bank employees will be present at the shareholders annual meeting, the bank said. All items of business for the meeting will be voted on by proxy votes. The bank encouraged shareholders to return their completed proxy cards as soon as possible. 

Solvay Bank, founded in 1917, has 10 branches in the greater Syracuse area.