ENDWELL — Visions Investment Services (VIS), the wealth management arm of Visions Federal Credit Union (FCU), announced it has acquired the Glen Wood Financial Group, Inc.

The transaction closed on Dec. 31, Mandy DeHate, associate VP of marketing at Visions FCU, tells CNYBJ in an email.

The acquisition comes as Glen Wood prepared for retirement, also on Dec. 31, according to DeHate. VIS didn’t release any financial terms of its acquisition agreement.

The Glen Wood firm, which has offices in both Chenango and Ithaca, is now operating as Visions Investment Services, says DeHate. Those offices are located at the Chenango Commons Golf Course in Chenango and in the Gateway Plaza in Ithaca.

In the deal, VIS retained one employee, who works at the Chenango office. Sessions at the Ithaca location are by appointment only, says DeHate. She also notes that Visions has two wealth-management advisors, Richard Barber and Kevin Porter, working from both offices. 

“We’re committed to being our member’s financial partner and serving them at every stage of life” Ty Muse, president & CEO of Visions FCU, said in a news release. “This acquisition made strategic sense and will only strengthen Visions Investment Service’s ability to serve our members financial needs. We thank Glen for entrusting us with his clients and wish him the very best in his retirement.”

Visions FCU described the acquired company as a “well recognized and trusted financial firm in the area.” The Glen Wood Financial Group, Inc. was founded in 2002. 

“After a great deal of research and comparison, I decided to partner with Visions Investment Services. Having spent a great deal of time working with VIS in preparation for my retirement, they have become decidedly familiar with the level of professionalism, knowledge and support my clients have grown to expect. I’m confident our clients will be in very good hands,” Glen Wood, president of the Glen Wood Financial Group, Inc., said in a statement.

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.

The Assembly version of the bill was introduced by Assemblyman Kenneth Zebrowski, (D–New City), while Sen. Velmanette Montgomery (D–Brooklyn) introduced the Senate version.

“Passage of this law is a major victory for credit unions and a major victory for New Yorkers — especially those who reside in underserved and under-banked areas,” William J. Mellin, president and CEO of NYCUA, contended. “With this new law, more New Yorkers will have critical access to the credit union and financial system.”

New York created the BDD program in 1997 to encourage financial institutions to establish branches in “economically distressed” communities across the state that have a “demonstrated need” for banking services. 

Banks and trust companies have “largely underutilized” the program, NYCUA contends. At the same time, credit unions weren’t able to participate “due to the language” in the original legislation establishing the program.

Financial institutions that are approved for a BDD designation are eligible to receive up to $10 million in subsidized public deposits and other benefits, including below market-rate deposits from New York State. These deposits are intended to lower the financial risk that the branch may incur when opening in an underserved community, “usually” comprised of low- and moderate-income households.

The legislation also represents the “first time in state history” that credit unions are permitted to accept public deposits, NYCUA said. The organization “continues to advocate” for additional legislation that would expand credit union deposit access to state and local governments.  

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 will occupy the entire 35,000-square-foot fourth floor of the six-story, 180,000-square-foot 250 S. Clinton St. building for office space. 

“The large floor plate will allow us to position entire departments in the same area and upgrade the work environment for our employees, which we think will ultimately also benefit our customers,” Allen Naples, M&T Bank’s Central New York regional president tells CNYBJ in an email. 

In a previous interview in November, as M&T Bank was still looking for its new office, Naples told CNYBJ that being able to have all of the bank’s staff on one floor, with an open-floor design with “a lot of ambient light” was important. The bank chose this building from among three sites in the city of Syracuse that made its final list, after looking at a total of 12 locations, per Naples.

The previous tenant of the fourth-floor space was an AT&T call center.

M&T Bank will also use 2,800 square feet on the building’s first floor for branch space. The new branch will feature an array of consumer and commercial products and services, as well as an onsite expert in small business and SBA lending, the bank says. It will also have a 24-hour ATM vestibule available to customers after branch hours.

All of M&T Bank’s 140 employees at its CNY regional HQ at 101 S. Salina St. will be moving to the new office at 250 S. Clinton St.

M&T says it will invest about $7 million to renovate both the fourth floor and first-floor spaces, as well as upgrade them with the latest in technology, furniture, and equipment. The bank has yet to bid the renovation work out to construction contractors.

Current building sale

M&T Bank on Jan. 21 announced that it has agreed to sell its current, regional headquarters office at 101 S. Salina St. to Douglas Development Corp., a Washington, D.C.– based real-estate developer. The bank didn’t disclose the price or other financial terms. 

The 10-story office building — which was one of Syracuse’s first steel-frame structures, built in 1897 — has about 120,000 square feet of space in total. It also has an attached parking garage that has more than 500 parking spaces.

Douglas Jemal, principal of Douglas Development, said he plans to create a mix of apartments and ground floor retail spaces, with the details to be worked out once he takes ownership. The sale is expected to be completed in the second quarter of this year, M&T Bank said.

“This gorgeous building near Clinton Square sits at the heart of the city’s center, and we intend to return it to glory, and to help contribute to the rejuvenation that’s happening in downtown Syracuse,” Jemal said in an M&T news release.

Douglas Development is currently redeveloping several buildings in downtown Buffalo, including the city’s tallest building, known as Seneca One, into commercial space and residential units.

“Douglas has decades of experience thoughtfully preserving and remaking large, historic buildings like ours with truly revolutionary results,” Naples added. M&T Bank worked with Cushman & Wakefield/Pyramid Brokerage Co. on the building sale.

Buffalo–based M&T Bank Corp. (NYSE: MTB) has 45 offices and 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 largest share of deposits in the Syracuse metro area and the broader 16-county Central New York region that CNYBJ covers.