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Lights on the Lake set for 35th season at Onondaga Lake Park
SALINA — As the early darkness descends in mid-November, Onondaga Lake Park will again welcome drivers for the 35th season of Wegmans Lights on the Lake, nightly from 5-10 p.m., beginning Nov. 18 and continuing through Jan. 13, 2025. Onondaga County Executive Ryan McMahon, Onondaga County Parks Commissioner Brian Kelley, and Galaxy Media COO Carrie […]
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SALINA — As the early darkness descends in mid-November, Onondaga Lake Park will again welcome drivers for the 35th season of Wegmans Lights on the Lake, nightly from 5-10 p.m., beginning Nov. 18 and continuing through Jan. 13, 2025.
Onondaga County Executive Ryan McMahon, Onondaga County Parks Commissioner Brian Kelley, and Galaxy Media COO Carrie Wojtaszek announced the upcoming season on Oct. 15 at Onondaga Lake Park.
“This holiday tradition continues to grow and remain a favorite event for so many people,” McMahon said in the announcement. “We appreciate the collaborative effort of the Parks Department and Galaxy to continuously improve the show and look forward to celebrating the 35th anniversary.”
“We are so proud to continue our partnership with Onondaga County for year 35 of Lights on the Lake,” Carrie Wojtaszek, COO of Galaxy Media, said. “This is a great family tradition that thousands from our community enjoy.”
Drive-throughs for charities, Salute the Troops night, a 5K run, and an early-morning opening are scheduled as part of this year’s season.
Lights on the Lake will again include charity drive-throughs to begin and conclude the season. Visitors can support local charities by driving through the show on Nov. 18 and Nov. 19 for the reduced rate of $5 per car.
Lights on the Lake will also be extended by one final day this year to support nonprofits. On Monday, Jan. 13, visitors can see the lights for the reduced rate of $5 per vehicle to help four worthy organizations. These tickets must be purchased online and in advance with proceeds going directly to the charities.
Local 501(c)(3) charities that would like to benefit from the charity drive-throughs can apply through Nov. 1 at www.lightsonthelake.com by clicking on the “Charity Submissions” tab, per the announcement.
Salute the Troops Night is set for Nov. 20 when any active military or veteran can drive through, free-of-charge. Online reservations are not needed but a military ID will be required at the ticket booth.
Lights on the Lake will once again be conducting a food drive during the Salute the Troops Night. The organization Feed Our Vets organization will be at the event collecting canned goods at the ticket booth.
Lights on the Lake will open at 6 a.m. on Saturday, Nov. 23 for those looking to take a walk or stroll through Lights on the Lake in the morning. The early time will allow walkers to enjoy the view of lights before sunrise. Tickets must be purchased in advance for this event and can be bought on the Lights on the Lake website.
The Lights on the Lake 5K race will return to Onondaga Lake Park on Nov. 24, beginning at 6 a.m. The race will be capped at 750 runners. Registration for the walk and 5K run is now available at https://www.lightsonthelake.com/lol-5k.
N.Y. home sales slide more than 5 percent in September
ALBANY — New York realtors sold 9,352 previously owned homes in September, a drop of 5.5 percent from the 9,900 existing homes sold in the year-ago month. Pending sales, however, increased more than 2 percent in September, foreshadowing a rise in closed sales in the next couple of months. That’s according to the New York
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ALBANY — New York realtors sold 9,352 previously owned homes in September, a drop of 5.5 percent from the 9,900 existing homes sold in the year-ago month.
Pending sales, however, increased more than 2 percent in September, foreshadowing a rise in closed sales in the next couple of months. That’s according to the New York State Association of Realtors (NYSAR) housing report issued on Oct. 23.
“Median home prices rose for the 13th consecutive month across New York while sales of existing homes dropped in September,” NYSAR said to open its report.
NYSAR also cited Freddie Mac as indicating mortgage rates on a 30-year fixed-rate mortgage fell to their lowest rate in September in two years at 6.08 percent, averaging 6.18 percent for the month. For comparison, the interest rate in September 2023 averaged 7.20 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
Pending home sales totaled 9,122 in New York in September, up 2.6 percent from 8,887 pending sales in the same month in 2023, according to the NYSAR data.
The inventory of homes for sale in the Empire State totaled 29,198 in September, down 5 percent from the September 2023 figure of 30,730. New listings rose 2.7 percent to 12,957 in September from 12,618 in the year-ago month.
The months’ supply of homes for sale in New York at the end of September stood at 3.3 months’ supply, down from 3.4 months’ supply at the end of September 2023, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association said.
Amid the continuing tight supply of homes, prices in New York continued to climb. The September 2024 statewide median sales price rose to $420,000, up 8.4 percent from the September 2023 median sales price of $387,500.
All home-sales data is compiled from multiple-listing services in New York, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
Generations Bank to be acquired by Rochester credit union
SENECA FALLS — The transaction that involves a Rochester–based credit union acquiring substantially all the assets and liabilities of Generations Bank in Seneca Falls is expected to become official in the middle part of 2025. ESL Federal Credit Union, Generations Bank, and its parent company Generations Bancorp NY, Inc. (NASDAQ: GBNY) on Sept. 24 announced
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SENECA FALLS — The transaction that involves a Rochester–based credit union acquiring substantially all the assets and liabilities of Generations Bank in Seneca Falls is expected to become official in the middle part of 2025.
ESL Federal Credit Union, Generations Bank, and its parent company Generations Bancorp NY, Inc. (NASDAQ: GBNY) on Sept. 24 announced their purchase and assumption agreement. Under the pact, ESL Federal Credit Union will acquire substantially all the assets and liabilities of Generations Bank in an all-cash transaction, or what the parties involved refer to as the P&A transaction.
As consideration for the P&A transaction, ESL Federal Credit Union will pay Generations $26.2 million in cash and Generations Bank will retain its equity at the effective time of the P&A transaction, “less certain reductions and additions,” per the announcement.
The boards of directors of ESL Federal Credit Union and Generations Bank unanimously approved the agreement. The P&A transaction is expected to close late in the second quarter or in the third quarter of 2025, subject to receiving all regulatory approvals, approval by Generations Bancorp’s shareholders and other customary closing conditions.
This transaction allows ESL Federal Credit Union to “significantly grow” its presence throughout the Greater Rochester and Finger Lakes region, bringing personal banking, business banking, mortgage services, and wealth management to customers throughout Seneca, Cayuga, and Orleans counties, while expanding its footprint in Ontario County as well. Upon completion of the P&A transaction, ESL is anticipated to have total assets of about $9.6 billion and will increase its footprint to more than 30 full-service branches throughout the Greater Rochester and Finger Lakes region.
“This deal is a strong fit for ESL and Generations because both organizations are committed and dedicated to serving their employees, customers and their communities,” Faheem Masood, president and CEO of ESL Federal Credit Union, said in the announcement. “We look forward to our future as a stronger, growing financial institution, and bringing the superior experiences we are known for to employees and customers in new communities.”
Angela Krezmer, president and CEO of Generations Bank, had the following comment about the transaction. “We are very excited about our new partnership with ESL Federal Credit Union. The synergy created by combining these two companies coupled with the financial strength of the combined institution will [ensure] that our customers, our employees and our communities have expanded financial services and membership benefits going forward. We also believe it reflects our commitment to enhance the value to our shareholders,” she said.
Following the completion of the P&A transaction and after all of the respective obligations of Generations Bancorp and Generations Bank are settled or otherwise accounted for, Generations Bank will liquidate and Generation Bancorp will distribute its assets to its shareholders, likely in two separate payments
Generations Bancorp’s shareholders are currently estimated to receive an aggregate of between $18 and $20 in cash in exchange for each share of Generations Bancorp common stock owned, or the “per share consideration.” It is expected that the per share consideration will be distributed in two payments with the substantial majority of the total per share consideration expected to be distributed within six to nine months following the closing of the P&A transaction, and the balance of the per-share consideration to be distributed six to nine months after the first payment.
In the P&A transaction, ESL was advised by Performance Trust Capital Partners of Chicago, Illinois, as exclusive financial advisor; and Harter Secrest & Emery LLP of Rochester and Detroit, Michigan–based Honigman LLP, as legal counsel. Generations was advised by Keefe, Bruyette & Woods of New York City, a Stifel Company as exclusive financial advisor, and Luse Gorman, PC of Washington, D.C., as legal counsel.
Canandaigua National Bank & Trust plans Syracuse branches
CANANDAIGUA — Canandaigua National Bank & Trust says its plans for 2025 include opening multiple branches in the Syracuse market. Canandaigua National Bank & Trust will announce individual locations in the Syracuse area as details are finalized, but the expectation is to add multiple branches over the next one to three years, with at least
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CANANDAIGUA — Canandaigua National Bank & Trust says its plans for 2025 include opening multiple branches in the Syracuse market.
Canandaigua National Bank & Trust will announce individual locations in the Syracuse area as details are finalized, but the expectation is to add multiple branches over the next one to three years, with at least one office anticipated to open next year.
As branches draw nearer to opening, Canandaigua National Bank & Trust says it will begin hiring to staff those locations and to support other services and banking operations, according to the bank’s Sept. 30 announcement.
Canandaigua is a city in Ontario County located at the northern end of Canandaigua Lake.
Along with retail-banking services, Canandaigua National Bank & Trust will offer financial services that include business banking, commercial lending, mortgage lending and loan origination, wealth-management services, estate and trust services, and insurance.
Frank Hamlin III, the bank’s president and CEO, views this announcement as the “next exciting evolution for an organization that has made consistent and considerable growth throughout its history.”
“This decision is the result of extensive research and thoughtful consideration by our leadership team,” Hamlin said in the bank’s announcement. “It reflects the strength of our bank as a business, along with the steadfast work and commitments in the Syracuse area that are yielding promising growth from the designated national tech-hub corridor that will connect Rochester, Syracuse, and Buffalo to the development of job training skills and housing.”
Canandaigua National Bank & Trust has “expanded its footprint substantially” in the past 35 years. In 1989, the bank opened its first branch in Monroe County, eventually adding 15 branches there by 2020. The Brockport branch (its location farthest to the west) was opened in 2020, followed by one in Geneva — its farthest location to the east — in 2021.
The bank says it has been providing commercial loans to a growing list of customers in the Syracuse area in recent years, laying the groundwork for the eventual brick-and-mortar presence.
Gwen Crawford, chief retail banking officer, believes that Canandaigua National Bank & Trust’s culture will “translate seamlessly” to the communities in and around the new branch locations.
“We are immensely proud that as we continue to grow, we remain an employer of choice — consistently rated as one of the top workplaces in the region,” Crawford contended. “This company is rooted in the belief that exceptional customer service is only possible by listening to and valuing our employees, first and foremost.”
Founded in 1887, Canandaigua National Bank & Trust has 25 branches in Ontario and Monroe counties, as well as financial-services offices located in Canandaigua, Bushnell’s Basin, downtown Rochester, and downtown Sarasota, Florida.
OneGroup names employee benefits practice leader
SYRACUSE — OneGroup NY, Inc., a subsidiary of Community Financial System, Inc. (NYSE: CBU), recently appointed Melissa Zornes as senior VP and employee benefits practice leader. Zornes brings two decades of experience and extensive knowledge of leading diverse teams, employee benefits, and organizations to OneGroup. She has held numerous leadership positions within the insurance industry,
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SYRACUSE — OneGroup NY, Inc., a subsidiary of Community Financial System, Inc. (NYSE: CBU), recently appointed Melissa Zornes as senior VP and employee benefits practice leader.
Zornes brings two decades of experience and extensive knowledge of leading diverse teams, employee benefits, and organizations to OneGroup. She has held numerous leadership positions within the insurance industry, demonstrating a collaborative approach that has driven positive company performance and innovation, according to a OneGroup news release.
In her new role at OneGroup, Zornes is leading the expansion of the employee benefits division across the company’s entire footprint. She is developing and implementing a multi-year strategic plan to grow the division — both in size and expertise.
“Melissa’s experience and leadership are invaluable as we expand and enhance our employee benefits offerings. Her guidance will elevate our capabilities and enrich our collective expertise,” Pierre Morrisseau, CEO of OneGroup, said in the release. We are on the brink of an exciting new chapter, ready to deliver outstanding service to our employees and clients with unwavering dedication and excellence.”
Zornes holds an MBA from Georgia College & State University and is a board member of the Applied Client Network.
OneGroup, based at 706 N. Clinton St. in Syracuse, is a risk management and insurance broker, offering employee benefits, business and personal insurance, HR consulting, risk-management consulting, and claims management. It employs more than 260 people.
Community Bank parent to pay Q4 dividend of 46 cents a share
DeWITT — Community Financial System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently announced that it has declared a quarterly cash dividend of 46 cents per share of its common stock for the fourth quarter. The dividend will be payable on Jan. 10, to shareholders of record as of Dec. 13.
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DeWITT — Community Financial System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently announced that it has declared a quarterly cash dividend of 46 cents per share of its common stock for the fourth quarter.
The dividend will be payable on Jan. 10, to shareholders of record as of Dec. 13.
The quarterly payment equates to an annualized yield of about 3.2 percent, based on the banking company’s current stock price.
DeWitt–based Community Financial System is a diversified financial-services company with total assets of more than $15 billion focused on four main business lines — banking, employee-benefit services, insurance services, and wealth-management services. Community Bank, N.A. is among the nation’s 100 largest banking institutions and operates about 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts.
Pathfinder Bancorp insurance unit is now under new ownership
OSWEGO — The insurance subsidiary of Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is now owned by a company in the Hudson Valley. Pathfinder says it has sold the assets of its subsidiary, FitzGibbons Agency LLC, to Marshall + Sterling Enterprises, Inc., an insurance broker headquartered in Poughkeepsie. Through its subsidiary, Pathfinder Risk Management Company, Inc., Pathfinder
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OSWEGO — The insurance subsidiary of Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is now owned by a company in the Hudson Valley.
Pathfinder says it has sold the assets of its subsidiary, FitzGibbons Agency LLC, to Marshall + Sterling Enterprises, Inc., an insurance broker headquartered in Poughkeepsie.
Through its subsidiary, Pathfinder Risk Management Company, Inc., Pathfinder owned a 51 percent interest in the Oswego–based FitzGibbons Agency, a third-generation independent insurance agency serving the Oswego and Onondaga communities.
Pathfinder didn’t disclose the financial terms of the sale in its Oct. 15 announcement.
“FitzGibbons Agency has been an outstanding partner for the past 13 years, and together we’ve determined that Marshall+Sterling is the ideal partner for us,” James Dowd, president and CEO of Pathfinder Bancorp and its subsidiary Pathfinder Bank, said. “Their dedication to the communities they serve and their culture of providing the very best service to their customers is exactly what built the success of FitzGibbons Agency. We’re excited about our future and what our teams will be enabled to deliver to our clients and customers.”
Following the transaction, all nine FitzGibbons Agency employees, including John and Tara FitzGibbons, will join Marshall+Sterling. Pathfinder intends to enter into an enterprise referral agreement with Marshall+Sterling, “solidifying a valued partnership, and paving the way for continued collaboration,” per Pathfinder’s announcement.
Pathfinder Bank is a state chartered commercial bank headquartered in Oswego. It has 12 offices located in its market areas in Oswego and Onondaga counties and one limited purpose office in Oneida County.
Community Financial reports flat Q3 results
DeWITT — Community Financial System, Inc. (NYSE: CBU), the parent company of Community Bank N.A., reported third quarter net income of $43.9 million, down slightly from $44.1 million a year ago. Earnings per share rose to 83 cents in the third quarter from 82 cents in the same quarter last year, according to the banking
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DeWITT — Community Financial System, Inc. (NYSE: CBU), the parent company of Community Bank N.A., reported third quarter net income of $43.9 million, down slightly from $44.1 million a year ago.
Earnings per share rose to 83 cents in the third quarter from 82 cents in the same quarter last year, according to the banking company’s Oct. 22 earnings report.
“Our banking business had a strong quarter,” Community Financial System President/CEO Dimitar Karaivanov said during an Oct. 22 conference call with investors, analysts, and the media. “Net interest income surpassed the prior peak from the fourth quarter of 2022, and we’re not up on a year-to-date basis compared to 2023.”
Community Financial System’s net interest income totaled $112.7 million in the third quarter, up 4.6 percent in the same quarter in 2023.
“This positions us well for the fourth quarter, and I expect that we will continue our annual net interest income growth streak, which dates back to 2006,” Karaivanov said. “Balance sheet growth was excellent on both sides and pipelines remain in good shape. I will note that loan growth this quarter was a bit higher than trend, driven by a couple of larger closings which are relationships we’ve been working on for multiple quarters.”
Community Financial System increased its total revenue by 7.7 percent to $188.9 million in the third quarter, a fourth straight new quarterly record for the banking company.
Along with Community Bank, Community Financial also operates Benefit Plans Administrative Services Inc., which provides employee-benefits administration, trust services, collective investment fund administration, and actuarial consulting services; OneGroup NY, Inc., an insurance agency; and Community Bank Wealth Management, a financial planning, trust administration, and wealth-management operating unit.
Employee-benefit services revenue grew $3.2 million to $33.2 million during the third quarter, driven by new business and increase in the total participants under administration. Insurance revenue increased $1.5 million to $13.7 million for the quarter, up from a year ago due to organic and acquired growth in commission revenues. Wealth-management revenue was $8.9 million in the third quarter, up $1 million from a year ago, reflecting a more favorable investment market that drove increases in assets under management.
Non-interest expenses also increased during the third quarter, increasing from $116.5 million a year ago to $124.2 million this year. About $7.7 million of the increase was due to higher salaries and benefit costs as well as data processing and communications expenses.
Community Financial also opened the its first new branch as part of its strategic branch expansion plan announced last year.
“Our Hanover Square branch in Syracuse is now open and off to a great start, and we’re progressing well on the other 17 locations,” Karaivanov said. “In aggregate, I would say that I’m particularly encouraged by two things. Number one, our ability to continue to attract both leadership and execution talent with a few key hires this quarter across all businesses. And number two, the momentum with new client acquisition across all businesses. We continue to operate from a position of strength and actively gain market share.”
Community Bank had total deposits of $13.48 billion on Sept. 30, up from $13.03 billion on Dec. 31, 2023.
Community Bank operates about 200 branches across New York, Pennsylvania, Vermont, and Massachusetts.
Visions Federal Credit Union awards $25K grant to Astor D. Rice Foundation
BINGHAMTON — Visions Federal Credit Union has provided a $25,000 grant to the Astor D. Rice Foundation to support and expand the foundation’s Families Achieve Community Empowerment (FACE) program that serves the East Middle School community in Binghamton, the credit union announced. The FACE program is a 12-week opportunity for the families of middle-school students
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BINGHAMTON — Visions Federal Credit Union has provided a $25,000 grant to the Astor D. Rice Foundation to support and expand the foundation’s Families Achieve Community Empowerment (FACE) program that serves the East Middle School community in Binghamton, the credit union announced.
The FACE program is a 12-week opportunity for the families of middle-school students during after-school hours. Its mission is to aid families with early intervention, mental-health support, academic enhancement, and increased family engagement.
“I am very humbled by such a generous gift to help the Astor D. Rice Foundation,” King Rice, foundation president, said in a news release. “This gift will help ensure that the families in our FACE program receive the support they need.”
The FACE program provides services including childcare and transportation, shared meals to reduce food insecurity and build family bonds, and a variety of activities and resources for students and families. Visions’ contribution will help fund these services.
The grant comes from Visions Cares, the credit union’s charitable giving initiative.
“Through their FACE program, the Aster D. Rice Foundation is filling many important needs in this district,” Jocelyn Bailey, community development liaison for Visions Cares, said. “We’re proud to provide support as they uplift students and families in our Binghamton community.”
Tompkins Financial slightly boosts quarterly dividend
ITHACA — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors has approved an increase of its quarterly cash dividend to 62 cents for the fourth quarter — up 1.6 percent from 61 cents in the third quarter, and up 3.3 percent from 60 cents in the fourth quarter of 2023. The
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ITHACA — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors has approved an increase of its quarterly cash dividend to 62 cents for the fourth quarter — up 1.6 percent from 61 cents in the third quarter, and up 3.3 percent from 60 cents in the fourth quarter of 2023.
The new dividend is payable on Nov. 15, to common shareholders of record on Nov. 8. At Tompkins Financial’s stock price, the new payment yields about 4.1 percent on an annual basis.
Tompkins Financial also recently reported net income of more than $18.6 million in the third quarter, compared to a net loss of $33.35 million in the third quarter of 2023.
Tompkins Financial is a banking and financial-services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, Tompkins Financial is parent to Tompkins Community Bank and Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors.
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