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AmeriCU begins operations in new Onondaga Hill location
ONONDAGA — AmeriCU Credit Union is now operating in its new Onondaga Hill branch at 4865 West Seneca Turnpike in the town of Onondaga. The new office started operations in that location in late September, says Ron Belle, chief experience officer at AmeriCU. The branch had previously operated at Onondaga Community College (OCC) for the […]
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ONONDAGA — AmeriCU Credit Union is now operating in its new Onondaga Hill branch at 4865 West Seneca Turnpike in the town of Onondaga.
The new office started operations in that location in late September, says Ron Belle, chief experience officer at AmeriCU. The branch had previously operated at Onondaga Community College (OCC) for the past seven years.
“We feel that this location really provides us an opportunity to expand our presence on Onondaga Hill,” he adds.
When the space became available, AmeriCU wanted to take advantage of it, figuring it could continue providing service to the OCC campus but from another location. It gives the credit union a “better option” for its other members who are not coming to campus on a regular basis.
“[The new] location really kind of checked all the boxes for us,” says Belle, who spoke with CNYBJ on Oct. 22.
AmeriCU leases the space, and Belle describes the new office as bigger with more office space and a larger conference room and “new and more” technology.
He declined to disclose both how much it cost AmeriCU to prepare the new space for operations and the general contractor that handled the construction work.
AmeriCU has five employees in the new Onondaga Hill branch, and more than 300 employees overall, according to Belle.
“We could not be more excited to be open for business in Onondaga Hill,” Kyle Halpin, manager of the new financial center, said in a news release about the new branch. “AmeriCU is in a better position to serve our members, to serve this community, and to build new and lasting relationships with local residents and businesses.”
AmeriCU formally opened its new Onondaga Hill financial center on Oct. 9 with a ribbon-cutting ceremony.
“We’re able to offer more services, more convenience, and more value for our members,” Nicholas Cray, VP of member relations and marketing, added in the release.
The nonprofit AmeriCU first opened in 1950 at Griffiss Air Force Base in Rome. With more than 136,000 members, AmeriCU now has 19 branches across Central and Northern New York.
Jefferson County hotel occupancy rate falls nearly 6 percent in September
WATERTOWN — Hotels in Jefferson County welcomed significantly fewer guests in September than in the year-ago month, according to a new report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county declined 5.8 percent to 57 percent in September from 60.6 percent a year ago, according to STR, a
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WATERTOWN — Hotels in Jefferson County welcomed significantly fewer guests in September than in the year-ago month, according to a new report.
The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county declined 5.8 percent to 57 percent in September from 60.6 percent a year ago, according to STR, a Tennessee–based hotel market data and analytics company. That followed a 3.5 percent decrease in occupancy in August. Year to date, hotel occupancy in the county was down 0.7 percent to 54.8 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, fell 4.9 percent to $57.77 in September from $60.83 in September 2018. Through the first nine months of the year, the county’s RevPar increased 2.7 percent to $56.46.
Average daily rate (or ADR), which represents the average rental rate for a sold room, gained 1 percent to $101.32 in September from $100.31 a year prior. Year to date, Jefferson County’s ADR was up 3.5 percent to $103.06.
NYCUA board includes Summit, AmeriCU officials
Scholarship program helps 30 students ALBANY — Executives from federal credit unions operating in Central New York are serving on the board of directors of the New York Credit Union Association (NYCUA). NYCUA also announced that its scholarship program provided financial help to more than two dozen college-bound credit-union members this year.
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Scholarship program helps 30 students
ALBANY — Executives from federal credit unions operating in Central New York are serving on the board of directors of the New York Credit Union Association (NYCUA).
NYCUA also announced that its scholarship program provided financial help to more than two dozen college-bound credit-union members this year.
Board members
Laurie Baker, senior VP and COO of the Rochester–based Summit Federal Credit Union (FCU), is serving on the NYCUA board. Summit operates a half-dozen branch offices in Central New York.
The NYCUA board also includes Mark Pfisterer, president and CEO of Rome–based AmeriCU Credit Union.
Baker was elected to serve a three-year term in the more than $100 million asset category during NYCUA’s 2019 annual meeting held in June, per a news release on the NYCUA website. The board seat that Baker occupies was one of four seats for which NYCUA held elections during the annual meeting.
In addition, Mark Welshoff of O&R Utilities FCU in Orange County was elected in the $25 million asset category; Vicky Burdick of Jamestown Area Community FCU was selected in the $25 million to $100 million asset category; and Ann Hynes of SPX FCU in Chili, near Rochester, was also chosen in the $25 million to $100 million asset category. Hynes was also appointed board chairwoman, NYCUA said. Robyn Young of Great Erie FCU in Orchard Park was named vice chair and Tony Rohrmeier of Hudson Valley FCU was appointed treasurer. John Gibardi of Entertainment Industries FCU was again named secretary.
Besides AmeriCU’s Pfisterer, the 10-member board also includes Marie Betti of Western New York FCU, Barbara Dillon of SUNY Geneseo FCU, and Frank DeGraw of Sunmark FCU.
Scholarship program
NYCUA’s Statewide Scholarship Program provided $21,500 in financial assistance to 30 college-bound credit-union members this year. The students represent 18 New York credit unions and 10 regional chapters from throughout New York.
Nearly 1,500 students from more than 75 credit unions applied for the scholarships, which ranged from $500 to $1,250, NYCUA said.
The program was open to New York credit-union members who are high-school seniors planning to enroll in a two- or four-year college. Award recipients were selected based on academic performance, honors and awards, extracurricular activities, community activities, leadership roles, and an essay.
“As college costs continue to rise, families are being forced to look for alternatives to pay for higher education,” Tanya Buechner, director of marketing at the Albany–based SEFCU, which operates five branches in the Binghamton region and five offices in the Syracuse area. “The New York Credit Union Association’s scholarship program recognizes students who excel in the classroom, on the field, and as a leader, and students who receive these awards can focus on their studies and not how to pay tuition.”
In addition to the scholarships awarded through NYCUA’s statewide program, New York state credit unions awarded more than $2.7 million in total scholarships to college-bound members last year.

NBT Bank moving Maine regional HQ to new building in Portland
PORTLAND, Maine —NBT Bank is relocating its Maine regional headquarters office in Portland to a new building that has been constructed along the city’s waterfront. Norwich–based NBT Bank, a unit of NBT Bancorp (NASDAQ: NBTB), will move the Maine regional office from its current location at 254 Commercial St. in Portland to a location about
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PORTLAND, Maine —NBT Bank is relocating its Maine regional headquarters office in Portland to a new building that has been constructed along the city’s waterfront.
Norwich–based NBT Bank, a unit of NBT Bancorp (NASDAQ: NBTB), will move the Maine regional office from its current location at 254 Commercial St. in Portland to a location about two blocks away at 5 Widgery Wharf.
The bank’s staff of seven will occupy newly-developed space on the third floor of the three-story building. The new office is a “more visible and convenient location” that will “enhance the services we provide to our commercial customers and offer new options for retail customers,” Florence Doller NBT’s director of corporate communications, tells CNYBJ in an email. NBT will also have a new walk-up ATM nearby on Commercial Street.
NBT Bancorp’s EPIC Retirement Plan Services subsidiary, based in Rochester, also has 11 employees in Portland, who will move to new space on the second floor of the 5 Widgery Wharf structure, according to Doller.
These new NBT Bancorp offices will occupy a total of about 7,500 square feet in the 18,000-square-foot building and are on track to open in mid-November, she adds.
The new building will also be home to F.L.Putnam Investment Management Company, a New England–based investment management and financial planning firm. The building was constructed by Ducas Construction of Scarborough, Maine, while Archetype Architects of Portland was the project architect. Malone Commercial Brokers of Portland is the real-estate broker for the building.

CFCU Transformation Center Formally Opens
CFCU Community Credit Union on Sept. 19 celebrated the formal grand opening of its Transformation Center and administrative offices in the Bank Tower building on the Ithaca Commons. The new branch includes emerging banking technologies, such as palm readers, interactive touch tables, and virtual teller machines. The Transformation Center opened on June 3. Pictured in
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CFCU Community Credit Union on Sept. 19 celebrated the formal grand opening of its Transformation Center and administrative offices in the Bank Tower building on the Ithaca Commons. The new branch includes emerging banking technologies, such as palm readers, interactive touch tables, and virtual teller machines. The Transformation Center opened on June 3. Pictured in the traditional ribbon-cutting photo, from left to right are: CFCU Branch Manager Jason Conner, Downtown Ithaca Alliance Executive Director Gary Ferguson, City of Ithaca Mayor Svante Myrick, Community Foundation of Tompkins County Board of Directors Chair Susan Murphy, CFCU President & CEO Lisa Whitaker, Tompkins County Chamber of Commerce Director of Strategic Communications & Partnerships Dominick Recckio, and CFCU Executive Assistant Mallorie David.
PHOTO CREDIT: CFCU COMMUNITY CREDIT UNION & RIGER ADVERTISING

Visions FCU names Garcia regional member services officer for Pennsylvania region
ENDWELL —Visions Federal Credit Union announced it has appointed Derek Garcia as its new assistant vice president (AVP) and regional member services officer (RMSO) for its Pennsylvania region. Garcia has been with Visions for six years and was formerly the sales and training manager for CTCE Federal Credit Union of Reading, Pennsylvania until that credit
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ENDWELL —Visions Federal Credit Union announced it has appointed Derek Garcia as its new assistant vice president (AVP) and regional member services officer (RMSO) for its Pennsylvania region.
Garcia has been with Visions for six years and was formerly the sales and training manager for CTCE Federal Credit Union of Reading, Pennsylvania until that credit union merged with Visions.
As AVP/RMSO for Pennsylvania, Garcia will oversee Visions’ 10 branch offices in the state. That includes three branches in the northern part of the state — in Wysox, Montrose, and Sayre.
Garcia was born and raised in Reading, and remains active in the area, where Visions has five branches. Prior to his new position, he was “instrumental in revitalizing Visions’ Contact Center for the benefit of its members across all the regions it serves,” the credit union said.
Visions Federal Credit Union, headquartered in Broome County and established in 1966, is a nonprofit financial institution owned by its members. The credit union has assets of $4.2 billion and 650 employees. Visions serves more than 200,000 members through 51 branches across New York, Pennsylvania, and New Jersey. Its services include banking as well as auto, home, personal, and business loans.
Tompkins Financial boosts quarterly dividend by 4 percent
ITHACA — Tompkins Financial Corp. (NYSE: TMP) announced on Oct. 18 that its board of directors has approved a 4 percent increase in its quarterly dividend. Tompkins Financial will pay a regular quarterly cash dividend of 52 cents per share on Nov. 15. It is payable to common shareholders of record on Oct. 29. The
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ITHACA — Tompkins Financial Corp. (NYSE: TMP) announced on Oct. 18 that its board of directors has approved a 4 percent increase in its quarterly dividend.
Tompkins Financial will pay a regular quarterly cash dividend of 52 cents per share on Nov. 15. It is payable to common shareholders of record on Oct. 29.
The dividend is up 2 cents from the dividend of 50 cents a share that Tompkins Financial paid last quarter. At the banking company’s current stock price, the payment yields about 2.5 percent on an annual basis.
Tompkins Financial also announced that it generated $20.2 million in net income in the third quarter of this year, down from $20.9 million in the same quarter in 2018.
“Despite earnings being down slightly from the prior year, the quarter saw improvement over the second quarter of 2019 in terms of net interest margin, returns on equity and diluted earnings per share,” Stephen S. Romaine, president and CEO of Tompkins Financial, said in the earnings report. “Solid growth in deposits and reduced borrowing costs contributed to the overall improvement from the second quarter, as did higher revenue from insurance and wealth management businesses.”
Tompkins Financial is a financial-services firm serving the Central, Western, and Hudson Valley regions of New York and the Southeastern part of Pennsylvania. Headquartered in Ithaca, Tompkins Financial is parent to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, and Tompkins Insurance Agencies, Inc. It also offers wealth-management services through Tompkins Financial Advisors.
How Opportunity Zone investors can boost downtown Syracuse’s revival
Syracuse has proven itself a resilient city. This community has endured economic challenges, but together, we have kept pushing forward, committed to improving lives and livelihoods in every part of our city and region. By focusing on our strengths, fostering collaboration and emphasizing innovation, we have now found solid footing — a position from which
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Syracuse has proven itself a resilient city. This community has endured economic challenges, but together, we have kept pushing forward, committed to improving lives and livelihoods in every part of our city and region.
By focusing on our strengths, fostering collaboration and emphasizing innovation, we have now found solid footing — a position from which Syracuse can achieve growth.
With more work still ahead of us, stakeholders in business, government, and the nonprofit sector are working together to capitalize on the federal Opportunity Zones program, which presents another path to help accelerate downtown resurgence.
The 2017 Tax Cuts and Jobs Act created Opportunity Zones as a way to generate long-term investment and spark growth in economically distressed communities.
The City of Syracuse has 14 census tracts that have been designated as Opportunity Zones. Most are located in or around downtown.
The economic position of our region today — facing some headwinds but poised for growth — makes Syracuse a fascinating destination to consider for investors who are interested in the program. They can make an impact in the community while advancing a business objective.
M&T Bank and CenterState CEO recently teamed up with the law firms Bond, Schoeneck & King and Bousquet Holstein to host information sessions at the Marriott Syracuse Downtown. The day’s events gathered more than 70 people who attended on behalf of developers, investors, and other local businesses that recognize the program’s potential. Additionally, government officials and economic-development professionals brainstormed ways to eliminate hurdles that could threaten to slow down these projects.
The Opportunity Zones program requires investments be made through a Qualified Opportunity Fund (QOF), a partnership or corporation created for the purpose of investing in property or businesses located in an Opportunity Zone. It can be an attractive option for investors with existing capital gains.
That’s because investors who direct capital gains into QOFs and remain invested in those funds for at least five to seven years earn certain tax benefits, including the temporary deferral of capital-gains taxes and a permanent partial-tax exclusion of up to 15 percent on the gain. Furthermore, a full tax exemption is provided on any appreciation of a QOF investment that is held for 10 years or more — meaning that no capital-gains tax will ever come due on this investment regardless of how much its value grows.
Due to the tax benefits, QOF investments may offer competitive returns that could outperform other asset classes when capital gains are reinvested. To qualify for maximum benefits, investors will need to invest in QOFs by Dec. 31, 2019. While there are many factors to consider before investing, such as the risk associated with real estate or startups compared to blue-chip stocks, the tax benefits enhance the return on investments within Opportunity Zones.
Put more simply, the program provides incentives to inject long-term capital into projects and companies that can spark revitalization.
Investors who want to be a part of a great American comeback story may want to look to Syracuse. Investing in this city gets to the heart of what the Opportunity Zones program is all about — driving capital into communities that are hungry for revitalization.
With our growing ecosystem for tech startups, a skilled workforce that excels in advanced manufacturing and professional services, and an impressive network of 35 colleges and universities that develop top talent, Syracuse has all the right ingredients to generate growth. That’s especially the case when combined with an infusion of private capital.
This region is ready to collaborate with investors and become a national example of the positive impact that can be achieved through the Opportunity Zone program. Let’s get to work.
Lindsay Weichert is group manager for commercial real estate at M&T Bank. Ken Williams is group VP and market manager for wealth advisory services at Wilmington Trust, a subsidiary of M&T Bank. Weichert and Williams are both based in Syracuse.

Brown & Brown boosts dividend by 6 percent
Brown & Brown, Inc. (NYSE:BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, on Thursday announced that its board of directors has increased

Binghamton Chamber taps Duncan as new leader in alliance with the Agency
DICKINSON, N.Y. — The woman who leads The Agency, Broome County’s lead economic-development organization, will soon have some additional responsibilities. The Greater Binghamton Chamber of
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