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Community Bank System acquires Salina financial firm for $1.2 million
SALINA — Community Bank System, Inc. (NYSE: CBU) in early January acquired a Salina–based financial-services firm as it continues to add to its non-banking business portfolio. On Jan. 2, the DeWitt–based banking company — through its subsidiary, Community Investment Services, Inc. (CISI), which is part of Community Bank Wealth Management — completed its acquisition of […]
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SALINA — Community Bank System, Inc. (NYSE: CBU) in early January acquired a Salina–based financial-services firm as it continues to add to its non-banking business portfolio.
On Jan. 2, the DeWitt–based banking company — through its subsidiary, Community Investment Services, Inc. (CISI), which is part of Community Bank Wealth Management — completed its acquisition of certain assets of Wealth Resources Network, Inc. That firm provides wealth-management services including financial, retirement, and estate planning.
Community Bank System paid $1.2 million in cash to acquire the assets of Wealth Resources Network, according to Community Bank’s Form 10-K filed with the U.S. Securities & Exchange Commission on March 1. The banking company recorded a $1.2 million customer-list intangible asset on its balance sheet in conjunction with the acquisition.
Wealth Resources Network (WRN) is headquartered at 406 Old Liverpool Road. The firm’s president is Jeffrey Layhew.
A total of six WRN employees joined CISI, including Layhew. “Everyone was retained,” Paul A. Restante, president and CEO of Community Bank Wealth Management, tells CNYBJ in an email.
All clients have transitioned over to CISI, but they continue to be serviced by the WRN team. No WRN buildings or equipment were purchased in the acquisition, he says.
“Community Bank Wealth Management is always looking for acquisition or affiliation opportunities with financial firms that have a similar business and growth model as we have, if it is additive for all involved,” Restante says in explaining the rationale for the acquisition. “We have been engaged in conversations with WRN for some time but, both parties felt that joining together best served their clients using a calendar year move,” he adds, explaining the timing of the deal, at the start of 2019.
The acquisition increases Community Bank Wealth Management’s concentration in the Central New York marketplace, he says.
The company plans to continue using the Wealth Resources Network name “to avoid client confusion,” and will evaluate it after year one, per Restante.
WRN joins the Community Bank Wealth Management umbrella, which consists of Community Investment Services (brokerage), Community Bank Trust Services (trust administration and investment management), Nottingham Advisors (RIA and money manager), One Group Retirement Advisors (401(k) and retirement-plan consulting firm) and, Carta Group (fee-based planning and executive benefits firm), he explains.
The WRN acquisition came a year after Community Bank System, through, CISI, paid $700,000 in cash to acquire a customer list from Styles Bridges Associates, a financial-services business headquartered in Canton, according to the 10-K filing.
Community Bank System says the acquisition of financial-services businesses is part of its objective to increase the noninterest component of its revenue.
Oneida County hotel occupancy rate falls more than 3 percent in January
UTICA — Hotels in Oneida County were less full in January compared to a year ago, according to a recent report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county declined 3.6 percent to 38.8 percent in January from 40.2 percent in the year-ago month, according to STR, a
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UTICA — Hotels in Oneida County were less full in January compared to a year ago, according to a recent report.
The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county declined 3.6 percent to 38.8 percent in January from 40.2 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. That broke a string of 10 straight months of occupancy-rate increases in the county.
Revenue per available room (RevPAR), a key industry indicator that measures how much money hotels are bringing in per available room, fell 2 percent to $39.04 in January from $39.86 in January 2018. Oneida County’s RevPAR had increased for 10 months in a row before this decline.
Average daily rate (or ADR), which represents the average rental rate for a sold room, gained 1.6 percent to $100.70 in January from $99.12 a year prior, per STR.
ConMed to pay quarterly dividend of 20 cents a share in early April
UTICA — ConMed Corp. (NASDAQ: CNMD), a Utica–based medical-device maker, recently announced that its board of directors has declared a quarterly cash dividend of 20 cents per share for the first quarter. The dividend will be payable on April 5 to all shareholders of record as of March 15. At the company’s current stock price,
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UTICA — ConMed Corp. (NASDAQ: CNMD), a Utica–based medical-device maker, recently announced that its board of directors has declared a quarterly cash dividend of 20 cents per share for the first quarter.
The dividend will be payable on April 5 to all shareholders of record as of March 15.
At the company’s current stock price, the dividend yields just over 1 percent.
ConMed says it’s a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The firm’s products are used by surgeons and physicians in specialties including orthopedics, general surgery, gynecology, neurosurgery, and gastroenterology. ConMed has a direct selling presence in 19 countries, and international sales make up about half of its total sales. The company employs about 3,100 people globally.
Community Bank to pay dividend of 38 cents per share
DeWITT — Community Bank System, Inc. (NYSE: CBU) recently announced that it has declared a quarterly cash dividend of 38 cents a share on its common stock. The dividend will be payable on April 10, to shareholders of record as of March 15. The dividend yields 2.5 percent on an annual basis, based on the
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DeWITT — Community Bank System, Inc. (NYSE: CBU) recently announced that it has declared a quarterly cash dividend of 38 cents a share on its common stock.
The dividend will be payable on April 10, to shareholders of record as of March 15. The dividend yields 2.5 percent on an annual basis, based on the bank’s current stock price.
Community Bank also paid out a quarterly dividend of 38 cents per share in each of the last two quarters. Before that, it paid 34 cents.
DeWitt–based Community Bank System has more than $10 billion in assets and over 230 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts.
Ithaca College president named to CICU Board of Trustees
ITHACA — Ithaca College announced that its president, Shirley M. Collado, has been named to the Board of Trustees of the Commission on Independent Colleges and Universities of New York (CICU). CICU represents the public-policy interests of more than 100 private, not-for-profit colleges and universities in New York State and advocates for programs that help
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ITHACA — Ithaca College announced that its president, Shirley M. Collado, has been named to the Board of Trustees of the Commission on Independent Colleges and Universities of New York (CICU).
CICU represents the public-policy interests of more than 100 private, not-for-profit colleges and universities in New York State and advocates for programs that help students access higher-education opportunities.
“As an innovator and expert on collaborations, President Collado will be an asset to our board,” CICU President Mary Beth Labate said in a news release. “Her commitment to increasing access, diversity, and equity in higher education aligns with CICU’s mission, and we look forward to adding her dynamic perspective to our board.”
The CICU board has 24 members, all chief executives of a member college or university. Collado will attend her first meeting with the group on May 2.
Collado has held a range of executive leadership positions during her 17 years in higher education. She served as executive vice chancellor and chief operating officer at Rutgers University-Newark and professor of psychology, dean and VP of student affairs at Middlebury College. Collado has also taught at George Mason University, Georgetown University, Lafayette College, the New School, and New York University.
Collado is a first-generation college graduate who received a bachelor’s degree in psychology from Vanderbilt and earned master’s and doctorate degrees in clinical psychology from Duke University.
Some recent tweets that came across the @cnybj Twitter feed, offering various small business, tech, HR, career, and personal tips. Sherylhardin @sherylhardinEncore Entrepreneurship for Women. Are you interested in pursuing a second career? Take @SBA’s FREE self-paced training course designed for women over the age of 50 who are interested in starting a business. https://buff.ly/2GDrI0j SBA
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Some recent tweets that came across the @cnybj Twitter feed, offering various small business, tech, HR, career, and personal tips.
Sherylhardin @sherylhardin
Encore Entrepreneurship for Women. Are you interested in pursuing a second career? Take @SBA’s FREE self-paced training course designed for women over the age of 50 who are interested in starting a business. https://buff.ly/2GDrI0j
SBA @SBAgov
Be your own boss. The SBA provides resources to help women start, grow, expand or recover a business — http://ow.ly/USAD30nXtEU .
NFIB @NFIB
Our monthly #jobs report revealed that #SmallBiz job creation is at an all-time high, but with 49% of owners reporting few or no qualified applicants for open positions, finding qualified workers remains a top concern for #SmallBiz. Full report: https://www.nfib.com/content/press-release/economy/small-business-job-creation-breaks-45-year-record/ …
Bonadio Group @bonadiogroup
The R&D Credit’s special benefit for startups: https://www.accountingtoday.com/opinion/the-r-d-credits-special-benefit-for-startups
Small Biz Connection @sbizconnection
The best ways to make YOUR website running perfectly: https://buff.ly/2tQUAN6
GeekyPlug @geekyplug
11 Quick SEO Tips To Rank Your Website Higher On Search Engines https://geekyplug.com/quick-seo-tips/
MARK BRITZ@britz
Providing Employees Flexibility in Workplace Tools Doesn’t Mean It’s a Free-For-All http://bit.ly/2tZ86ya via @chieftech /Tolerance for Change
HRCurator @HRCurator
Effectiveness Audit for Your #HR Department https://www.linkedin.com/pulse/effectiveness-audit-your-hr-department-dave-ulrich/ … @dave_ulrich #HCM #FutureofHR #SmarterHR
Staff One HR, an Oasis Outsourcing company @staffonehr
A great lesson in emotional intelligence from employer Trader Joe’s. http://ht.ly/GvRQ30nM1PJ #culture #emotionalintelligence #HR
Hannah Morgan @careersherpa
Wondering How To Use Instagram for Job Search? Here are some ideas for status updates, plus more helpful tips on optimizing your profile / @careersherpa https://buff.ly/2SeThlj #jobsearch
Keyrus @Keyrus_group
“Career management isn’t just the employee’s job” @mitsmr https://bit.ly/2H2HdRS
Jacob Burke@jacobburke
“Obsessed is a word that the lazy use to describe the dedicated.” —Unknown
Sven @SvenRoyalChef
Kitchen #Tips for #HealthyEating – Make Frozen Cubes – Instead of watching the bunch of parsley go bad, chop it up and mix with a tiny bit of oil and then freeze as ice cubes that you can throw into soup later. Or sauces for quick, individual meals
Kevin Watts @KevinWattss
A #delicious #balance of #cooking #tips and have #nutrition #features, https://amzn.to/2UlEeaT
The Agency seeks developers for former BAE site
UNION — Companies interested in helping in the redevelopment of the former BAE site in the town of Union have until April 22 to make their interests known. The Agency on March 8 released a request for expressions of interest (REI) for the redevelopment of the property at 600 Main St. Those interested can download
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UNION — Companies interested in helping in the redevelopment of the former BAE site in the town of Union have until April 22 to make their interests known.
The Agency on March 8 released a request for expressions of interest (REI) for the redevelopment of the property at 600 Main St. Those interested can download the document at the “News & Resources” page of the Agency’s website.
The Agency is the entity that governs the Broome County Industrial Development Agency and the Broome County Local Development Corporation.
The Agency has issued the REI in order to identify “one or more” private development partners to move the redevelopment forward. Agency representatives view the site as a “critical gateway” to planned investment in both Johnson City and Endicott.
“We are very excited to begin this next critical phase of the redevelopment of 600 Main St,” Stacey Duncan, deputy director at the Agency, said in a news release. “Redeveloping this site demonstrates the physical and economic resilience of Broome County and will serve as a wonderful gateway into the continued investment in our urban corridor.”
The Agency took title of the 27-acre property in 2018. The U.S. Air Force in 2017 demolished the BAE building, which was devastated by flooding from Tropical Storm Lee in 2011, according to the Agency.
The Agency at that time announced that Saratoga–based Elan Planning, Design and Landscape Architecture would complete a redevelopment study on the property. Elan representatives feel “confident” about the redevelopment of this site based on a number of “attractive” site characteristics, the Agency said.
“After a careful analysis of existing conditions and potential market opportunities, our team was able to prepare a master plan that illustrates the opportunity to redevelop this site as a mixed-use development offering a product that is not found elsewhere in the Triple Cities area. The proximity of this site to Interstate 86 and NY Route 201, the Binghamton Health Science Campus and UHS Wilson Hospital only strengthens the opportunity for redevelopment,” Lisa Nagle, principal with Elan Planning, Design, & Landscape Architecture, said in the Agency’s news release.
The Town of Union has recognized the redevelopment of 600 Main St. as a priority in its ability to bring new tax revenue and potential jobs to the community. In addition, the site serves as one of the last large parcels available for redevelopment in Broome County’s urban corridor.
“The Town is committed to bringing a renaissance to our community. It is our hope that in repurposing this vacant site, we are beginning a rebirth of commerce and good fortune for the area and its residents,” Rick Materese, supervisor of the Town of Union, said.
About the study
The Elan study included participation and input from the Town of Union; Broome County Department of Planning and Economic Development; and a “number” of community stakeholders including Binghamton University; UHS, a Binghamton–based health system; and the Greater Binghamton Convention and Visitors Bureau. The study’s goal was to “identify potential redevelopment uses garnering the greatest opportunity for tax generation, economic impact and job creation,” the Agency said.
The conceptual site plan also included requirements to bring the development site out of the flood plain to prevent a future flooding event from impacting development. The Agency anticipates the need for assistance in addressing the overall site-development costs and is seeking a private developer to create a public-private partnership.
The U.S. Department of Defense’s Office of Economic Adjustment provided grant assistance to help pay for the redevelopment study, the Agency said. U.S. Senate Minority Leader Charles Schumer (D–N.Y.) helped secure the grant funding.
The Agency credits Schumer’s help as “vital” to the redevelopment of this site.
“Today the former BAE moves from a story of loss and inactivity to a clean redevelopment site brimming with potential energy and job growth. That is why I fought to make sure the feds helped Broome County in its time of need, cleaned up this site and provided assistance to plan for its redevelopment. Today’s news means we are one step closer to a vibrant project and I am proud to have been part of this effort,” Schumer said in the release.
History from OHA: The story of the Syracuse radio station, WAGE
Syracuse’s WAGE radio station made its debut on Monday, April 14, 1941 at 7 a.m. Located at 620 on the AM dial, it was the fourth radio station in the Syracuse market, coming after WFBL and WSYR in 1922, and WOLF in 1940. Frank G. Revoir, president of Sentinel Broadcasting Corporation, had applied for a
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Syracuse’s WAGE radio station made its debut on Monday, April 14, 1941 at 7 a.m. Located at 620 on the AM dial, it was the fourth radio station in the Syracuse market, coming after WFBL and WSYR in 1922, and WOLF in 1940.
Frank G. Revoir, president of Sentinel Broadcasting Corporation, had applied for a broadcast license with the Federal Communications Commission (FCC), three and a half years earlier in 1937. Revoir also was president and treasurer of Revoir Motors, Inc., located at 700 West Genesee St. in Syracuse, and had been the local Hudson automobile dealer since 1918. William T. Lane, who had recently sold his interest in his advertising agency, became the WAGE station’s executive VP and general manager. Revoir also enticed Howard C. Barth, a manager at WSYR, to become secretary and director of technical operation; and John Curren, an announcer at WFBL, to become program director. Sentinel Broadcasting also hired Mrs. Helen Shaffer as women’s editor and Thelma MacNeil as musical director, as well as Jack Deal, Lawrence Tefft (aka, Larry Lawrence), and others as announcers.
Sentinel Broadcasting had renovated 4,500 square feet of the fifth floor of the Loew’s Theater building on South Salina Street (now the Landmark Theater) for its studio and office space. Revoir and his staff outfitted the radio station with the latest radio technology available in the spring of 1941. The 1,000-watt transmitter tower was located in Liverpool.
When WAGE first went on the air, the station was associated with the Mutual Broadcasting System as a network news and program affiliate, later switching to NBC, and then ABC. In 1941, WAGE could only broadcast during the daytime, but by the mid- 1940s, the station received permission to broadcast 24 hours per day. In 1949, WAGE increased its daytime broadcast output to 5,000 watts, but still was required to reduce its output to 1,000 watts overnight so that it did not interfere with other radio stations.
On Jan. 26, 1949, Ted Mack, the host of the popular talent show, “National Amateur Hour,” brought his show to Syracuse and broadcast it directly from WAGE’s studio. Mack acclaimed Syracuse as the “Hub City of the Empire State”, as well as “the home of the Iroquois union, the salt city, the convention city, the city of diversified industry, the electronics capital of the world, home of Syracuse University, and center of New York’s vacation spots!” Akin to today’s TV talent shows, “American Idol” and “America’s Got Talent,” National Amateur Hour attracted thousands of listeners each week. The show’s staff chose Syracuse resident, Miss Anne Marie Genovese, a victim of infantile paralysis, to represent the “center of New York’s vacation spots” on the show; she sang the song, “Come Back to Sorrento.” Syracuse officials reciprocated the high praise by presenting show executives with two dinner plates made by Onondaga Pottery Company, commemorating Syracuse’s centennial as a city in 1948.
Locally produced shows on WAGE included “House Beautiful,” hosted by Thelma MacNeil, the station’s musical director; “Inside of Sports” with Sam Balter; and “Showboat” with Captain Jack and his Crew of 22.
Jack Curren, the station’s program director, produced and hosted several shows during his tenure at WAGE. Along with his responsibilities as program director, Curren became an announcer and the station’s resident tenor, dubbed “Syracuse’s Favorite Tenor.” He teamed with musical director, Thelma MacNeil, to sing on his show, “Memory Lane.” Curren and MacNeil married in 1937 and embarked on a long marital and musical relationship. In 1949, Jack Curren told Nevart Apikian, a reporter for the Post-Standard, about his days at WAGE: “In those days, I might work from 6 a.m. to 1 a.m., taking a break during the day. At any time I could be called on to take part in a show. We’d ad lib and our programs might not have been up to today’s standards. But people who turned on the radio then weren’t particular; just the wonder of picking voices out of the air was enough.” In 1945, the Currens opened their own music studio where Jack taught voice and microphone technique, and Thelma taught piano and organ lessons.
Another, undoubtedly, popular local show on the station was “WAGE Winners.” Announcers, Jack Deal and Larry Lawrence, hailed as “clowns of the air,” gave away cash by randomly calling citizens listed in the local phone book.
Deal, a veteran radio announcer, grew up in Syracuse and attended Syracuse University, where he studied journalism. He is credited with being the first voice heard on WAGE in April 1941. Like Curren, Deal also sang on the radio; he also played the organ and read poetry on his show, “Mood at Midnight.” Deal retired from radio announcing at WHCU in Ithaca in 1981.
Lawrence Tefft, known as Larry Lawrence to his radio audience, came to Syracuse in 1934 and graduated from Syracuse University in 1938 with a degree in music. Along with announcing on WAGE, Tefft worked on radio stations in Auburn, Rochester, and Niagara Falls. He also was a World War II veteran, serving with the Armed Forces Radio in Europe. Along with his radio duties, Tefft was active in community events. He left WAGE in 1951 to join the sales staff at WSYR. When queried about this change, Tefft remarked that after 10 years of meeting entertainers and celebrities he wanted to meet businessmen. Tefft remained as a sales representative at WSYR until he retired in 1979. He passed away at age 77 in 1991.
The WAGE radio station lasted until early 1954 when Frank G. Revoir sold it to the Meredith Syracuse Radio Corporation, an affiliate of WHEN-TV, for $200,000 (Meredith Corp. had founded WHEN-TV as Syracuse’s first television station in 1948). Meredith acquired all the physical assets of WAGE and changed its call letters to WHEN. Frank Revoir retained the WAGE name and corporate stock. The station became affiliated with CBS Radio News and played popular music such as “Little Things Mean A Lot” by Kitty Kallen, “Wanted” by Perry Como, and “Hey There” by Rosemary Clooney.
Frank G. Revoir was a lifelong resident of Syracuse. As a local business and civic leader, Revoir was committed to the economic success and cultural well-being of the community. He was instrumental in convincing the Jersey City Skeeters baseball team to move to Syracuse to become the Chiefs in 1934. He also played a role in attracting the American Bowling Congress to Syracuse in 1935. As director of the Syracuse Bureau of Business Relations, Revoir was integral to local industrial expansion in the 1930s. He also helped organize the local chapter of the Cerebral Palsy Association and raised money for local sports teams. When Revoir died in 1967, more than 50 business and civic leaders served as honorary pall bearers at his funeral.
WHEN radio station still exists today and has retained its location at 620 on the AM dial. Today, the station’s format is urban adult contemporary. Known as Power 620, it is owned by iHeartMedia. Its broadcast output remains at 5,000 watts during the day and 1,000 watts at night.
Thomas Hunter is museum curator at the Onondaga Historical Association (OHA) (www.cnyhistory.org), located at 321 Montgomery St. in Syracuse.
FuzeHub to hold solutions forum for manufacturers in Utica
UTICA, N.Y. — FuzeHub will hold what it calls a solutions forum on Tuesday in Utica that seeks to address manufacturing-employment issues in the Mohawk
Great Place to Work Exec to Speak at CEO’s Annual Meeting, April 24
We are extremely fortunate and excited to welcome Tony Bond, executive VP and chief innovation officer of Great Place to Work, to deliver the keynote address at CenterState CEO’s 2019 Annual Meeting on Wednesday, April 24, at the Oncenter in Syracuse. In his role at Great Place to Work, Tony shapes the organization’s culture-transformation work,
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We are extremely fortunate and excited to welcome Tony Bond, executive VP and chief innovation officer of Great Place to Work, to deliver the keynote address at CenterState CEO’s 2019 Annual Meeting on Wednesday, April 24, at the Oncenter in Syracuse.
In his role at Great Place to Work, Tony shapes the organization’s culture-transformation work, and has served as a trusted adviser for some of the most successful global organizations, including the National Basketball Association, AT&T, Daimler, Coca-Cola, Indeed, Whole Foods, Dow Chemicals, and American Express.
He will share how their research has long demonstrated that a winning workplace culture is “better for business, better for people and better for the world.”
Bond’s focus on the need for businesses to remain agile, embrace change, and evolve their workplace culture is particularly relevant as we explore the theme of “Lead with Intention” at the event. Intentional leadership is the necessary force for linking programs, policies, and systems to achieve true impact. When we maximize business success, and human potential at all levels, we can drive greater economic prosperity for our region.
I hope you will join us on April 24 and be part of our efforts. Register on our website or contact Lisa Metot at (315) 470-1870 or lmetot@centerstateceo.com [for more information].
Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on March 7.
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