Bousquet Holstein PLLC

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Bousquet Holstein PLLC has elected JOSEPH J. PORCELLO as a member of the firm, and PHILIP S. BOUSQUET has been re-elected to serve on the firm’s board of managers. Porcello joined Bousquet Holstein in 2018, after previously having practiced for more than a decade at the Pittsburgh–based law firm, K&L Gates LLP. He is a […]

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Massage Envy of Rochester / Syracuse

People on the Move, Subscriber Only

Massage Envy of Rochester / Syracuse has hired EMILY WALKER as a wellness consultant in its Fayetteville location; DANIELLE LEWIS as a wellness consultant in the Clay location; and STEPHANIE RICE as a licensed massage therapist in the Fayetteville location.

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MADISON DRESCHER

People on the Move, Subscriber Only

MADISON DRESCHER has joined the Syracuse University volleyball program as an assistant coach. After a successful playing career with the Oklahoma Sooners, Drescher begins her collegiate coaching career at Syracuse. She first tested the coaching waters in 2016 as the head coach of Oklahoma Elite, a club team based out of Norman, Oklahoma. From 2015-18,

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STEPHEN BURT

People on the Move, Subscriber Only

STEPHEN BURT has joined Pelco Component Technologies as operations manager. He will manage the utilization of equipment, facilities, and personnel and plan, schedule, and monitor production in Pelco’s Cazenovia and Mexicali locations. Burt succeeds Dale Henry, director of manufacturing, who has retired after 43 years of service and extensive growth at the company. Burt is

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Northland Communications

People on the Move, Subscriber Only

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Northland Communications has hired four new employees and implemented eight internal position transfers. KERI DIAMOND, formerly in the firm’s customer support department, has accepted the provisioning specialist position in the network services department. MAUREEN MCCARTHY TRACY is now the VP of community & connections. She oversees Northland’s Community sponsorship program and works to create connections between the firm’s partners in the not-for-profit community, as well as building and expanding relationships in the business community by leveraging the latest technologies through Northland’s fiber network, products, and services. JOHN MACLEAN has been appointed to the new position of technical project coordinator. He has worked at Northland Communications since 1995, starting in the Albany key department. MacLean was a technician for the first seven years and has since been a supervisor of multiple groups within the operations department. GARY DESTEFANIS recently accepted the service supervisor position. He has worked at Northland since 2009 in a variety of positions in the NOC and operations department, with his most recent position being the dispatch & CLEC supervisor within the network services department. KATY NETZBAND, former marketing coordinator, recently accepted the recruitment and training specialist position. She joined Northland last August. BRYON ADAMS recently assumed the role of installation technician. He has worked at Northland in the network operations center (NOC) for more than four years. PETER CANNELLA recently joined the firm as a technical support specialist. Prior to beginning his career at Northland, he worked for Visionworks for 10 years, first coordinating IT in new stores and then to the telecom department where he remotely supported 600 stores. MEGAN CHITTENDEN recently joined Northland as provisioning specialist. She received her bachelor’s degree in architectural business management from SUNY Cobleskill and gained experience working as a finance & accounting specialist for White’s Farm Supply. KEARA CONNERS joined Northland’s marketing team as marketing coordinator. She brings 10 years of combined sales experience in the telecom/tech industry, previously working for both Usherwood Office Technology and Verizon Wireless. Conners earned her bachelor’s degree in public relations from Utica College. JENNIFER MONTALBANO, previously inside sales specialist at Northland, recently accepted a new role as account representative. She will use her inside sales experience, as well as her 20 years of sales and marketing experience, in this new role. KANDY LEE-HAMMON joined Northland’s NOC as network services technician. She brings 18 years of experience, working in data processing at Walmart.

Chemung Financial profit doubles in 2nd quarter

Banks & Credit Unions, Subscriber Only

ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG), parent company of Chemung Canal Trust Company, reported that its net income jumped to $5 million, or $1.02 per share, in the second quarter, from $2.5 million, or 52 cents a share, in the year-ago quarter. “We are very pleased to report another quarter of strong earnings for 2019.

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“We are very pleased to report another quarter of strong earnings for 2019. Our results are a direct reflection of our focused approach to managing interest rate sensitivity, liquidity, and efficiency while positioning the balance sheet for the remainder of 2019 and into 2020,” Anders M. Tomson, Chemung Financial CEO, said in the banking company’s earnings report. “Our net interest margin remains steady, even though there is downward pressure due to the increasing costs of obtaining deposits. We are looking forward to the benefits of a stronger balance sheet and capital ratios that will provide us with the opportunity to support continued growth.”

Chemung Financial’s net interest income in the latest quarter edged up to $15.1 million from $15 million in the year-prior period.

The banking company’s fully taxable equivalent net interest margin dipped to 3.69 percent in the second quarter from 3.73 percent in the year-ago quarter.

Non-interest income at Chemung Financial declined 4.5 percent in the second quarter to $5.1 million from $5.3 million for the year-earlier period. The decrease was mostly attributed to a fall of about $400,000 in other non-interest income such as swap fees, offset by an increase of about $200,000 in Wealth Management Group fee (WMG) income, such as fees from terminating trusts.

The banking company’s non-interest expense for the latest quarter was $13.8 million, down almost 8 percent from $15 million in the prior-year period.

A decrease of $1 million in legal accruals and settlements, attributed to the settlement agreement in the case of Fane vs. Chemung Canal Trust Company in the second quarter of 2018, was a big factor in the non-interest expense decline. The closure of two branches in 2019 also trimmed some expenses.

Chemung Financial’s income-tax expense in the second quarter was $1.2 million, up from $0.5 million in the year-ago quarter. That increase was due primarily to rise of $3.2 million in income before income-tax expense in the second quarter, compared to the year-earlier quarter. The banking company’s effective income-tax rate increased from 16.1 percent in the second quarter of 2018 to 19.8 percent in this year’s second quarter.

Chemung Financial is a $1.8 billion financial-services holding company headquartered in Elmira, which operates 33 branches through its main subsidiary, Chemung Canal Trust Company, a full-service community bank with trust powers. Established in 1833, Chemung Canal Trust says it is the oldest locally-owned and managed community bank in New York state. Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services and insurance, and Chemung Risk Management, Inc., an insurance company based in Nevada.

Visions FCU to open new branch in Ithaca

Banks & Credit Unions, Construction, Design & Real Estate, Regional News, Subscriber Only

ITHACA — Visions Federal Credit Union plans to open a new branch at 410 Elmira Road in Ithaca this winter. That’s according to a news release the credit union posted on its website on July 19. The Endwell–based Visions sees the upcoming location as a “new banking option” for the Ithaca community. The organization will

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CFCU Community Credit Union opens Transformation Center on Ithaca Commons

Banks & Credit Unions, Construction, Design & Real Estate, Regional News, Subscriber Only

ITHACA — CFCU Community Credit Union’s new “Transformation Center” on the Ithaca Commons is now up and running. CFCU also relocated its administrative offices to the same location in the Bank Tower building on the Ithaca Commons at 202 E. State St. in Ithaca. The new facility opened June 3. CFCU believes banking technology is

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ITHACA — CFCU Community Credit Union’s new “Transformation Center” on the Ithaca Commons is now up and running.

CFCU also relocated its administrative offices to the same location in the Bank Tower building on the Ithaca Commons at 202 E. State St. in Ithaca. The new facility opened June 3.

CFCU believes banking technology is “constantly evolving,” so the Transformation Center provides a place for people to come in and test out the new technology and take a survey, says Beth Putnam, chief retail officer at CFCU Community Credit Union.

The person taking the survey can indicate which CFCU location they visit most often, and the credit union can determine if it wants to incorporate the technology at the survey taker’s location.

“So in that way see banking as always transforming,” says Putnam. She spoke with CNYBJ on July 23.

CFCU says its Transformation Center has the “latest in banking technologies,” including palm readers for identity verification and interactive touch tables. The new space also provides 24-hour access to virtual teller machines and a drive-up ATM. CFCU employees will teach members how to make the most of their digital-banking experience, such as depositing checks from home.

The Transformation Center is one of 10 CFCU branches, but it’s the only office that CFCU refers to with this name, she adds.

The credit union also operates a location at 1030 Craft Road in Ithaca, but the organization’s executive-leadership group has relocated from Craft Road to the Ithaca Commons office, says Putnam.

Preparing the space

The Ithaca Commons location was “years in the making,” considering all the planning and site searching involved, says Putnam.

“We completely remodeled the space but retained all the [Bank Tower’s] historic elements,” she notes.

McPherson Builders, Inc. of Ithaca handled the build-out work, while HOLT Architects of Syracuse completed the design work on the new facility.

CFCU didn’t disclose the cost of opening the new office.

CFCU’s location is on the first floor and it has space on the second floor as well, Putnam says.

“We’re excited to have the opportunity to be right on the Commons. There’s just so much going on there. It’s very vibrant,” she says.

The credit union has about 30 employees at the Ithaca Commons location.

“We’re excited to bring CFCU’s famous service and value directly to downtown Ithaca residents, students, and businesses,” Lisa Whitaker, president and CEO of CFCU Community Credit Union, said in a news release. “Their feedback on the Transformation Center’s new banking technologies will be crucial, as the CFCU leadership team continues to identify the ever-changing needs and technology preferences across the credit union’s service area.”

About CFCU

CFCU Community Credit Union was chartered in 1953 and says it currently has about 190 employees, over $1 billion in assets, and more than 75,000 members.

Originally known as Cornell Federal Credit Union, it served the employees of Cornell University. In 1997, it adopted a state charter and became Cornell FingerLakes Credit Union, per its website.

Then in 2003, the credit union converted to a community charter for Tompkins and Cortland counties and formally became CFCU Community Credit Union. As of 2017, CFCU expanded to serve individuals, business, and organizations in Tompkins, Cortland, Cayuga, Ontario, and Seneca counties, the website says.

N.J. real-estate investment firm buys former Sam’s Club property in Syracuse

Construction, Design & Real Estate, Insurance & Financial Services, New York News

SYRACUSE, N.Y. — A New Jersey real-estate investment firm has acquired the building at 2649 Erie Boulevard East in Syracuse, which was previously occupied by

Cornell to receive $54 million from NSF for new CHESS sub-facility

Construction, Design & Real Estate, Health Care, Manufacturing & Engineering, New York News, Regional News, Technology

ITHACA, N.Y. — The Cornell High Energy Synchrotron Source (CHESS) — a national research facility — will receive $54 million in federal funding over the

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