Dominick Falcone Agency, Falcone Associates sold to Illinois firm

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SYRACUSE, N.Y. — Dominick Falcone Agency, Inc. and affiliate Falcone Associates, Inc., of Syracuse, have been acquired by Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm headquartered near Chicago, Illinois, Gallagher announced this week. Financial terms of the transaction were not disclosed in Gallagher’s Feb. 3 […]

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Financial terms of the transaction were not disclosed in Gallagher’s Feb. 3 announcement.

Dominick Falcone Agency provides property/casualty insurance products to commercial and personal-lines clients primarily in Central New York, and its affiliate Falcone Associates provides employee-benefits services to businesses and individuals.

Michael Lavalle and David MacLachlan, partners in the Dominick Falcone Agency, and Renee Guariglia and Chris Marshall, partners in Falcone Associates, and their teams will remain in their current office location, Gallagher said. The firms, which had about 15 employees before the sale, according to the Falcone website, have an office at 507 Plum St. in the Franklin Square area of Syracuse.

The Falcone staff will now be under the direction of Brendan Gallagher, head of Gallagher’s Northeast region retail property/casualty brokerage operations, and Scott Sherman, head of Gallagher’s Northeast region employee benefits consulting and brokerage operations, the acquiring firm said.

“Dominick Falcone Agency and Falcone Associates have a strong market reputation and will further enhance our retail brokerage capabilities in Central New York,” J. Patrick Gallagher, Jr., chairman and CEO, said in a statement. “I am delighted to welcome Michael, David, Renee, Chris and their associates to Gallagher.”

Arthur J. Gallagher & Co. — based in Rolling Meadows, Illinois (near Chicago) — provides insurance services in 130 countries around the world through its owned operations and a network of correspondent brokers and consultants. The company, which has about an $80 billion market capitalization, generated total revenue of more than $9.9 billion in 2024. It employs about 56,000 people across the globe.

Acquisitions are a key part of Gallagher’s growth strategy, as it completed 20 new mergers last quarter and 48 mergers for the full year, according to its latest earnings report.

Most CNY regions posted job gains in December

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The Syracuse, Utica–Rome, Binghamton, and Elmira regions all gained jobs in December compared to December 2023. However, the Watertown–Fort Drum and Ithaca areas lost jobs in the same 12-month period. That’s according to the latest monthly employment report that the New York State Department of Labor (NYSDOL) issued on Jan. 23. December jobs data The

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NYSTEC contributes $500,000 to business center project at SUNY Poly

Mohawk Valley, Construction, Design & Real Estate, Education & Training, Employee Benefits & Human Resources, Featured, New York News, Nonprofits, Small Business, Technology

UTICA, N.Y. — New York State Technology Enterprise Corporation (NYSTEC) has pledged $500,000 to SUNY Polytechnic Institute to establish a cutting-edge, interdisciplinary business center, the

Tompkins Financial to pay Q1 dividend on Feb. 21

Banks & Credit Unions, Insurance & Financial Services, New York News, Southern Tier

ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors has approved payment of a regular quarterly cash dividend of

NBT Bancorp boosts quarterly dividend by more than 6 percent

Banks & Credit Unions, Southern Tier, Subscriber Only

NORWICH — The board of directors of NBT Bancorp, Inc. (NASDAQ: NBTB), parent of NBT Bank, N.A., recently approved a first-quarter cash dividend of 34 cents per share. The new payment is an increase of 2 cents a share, or 6.3 percent, over the dividend of 32 cents that the banking and financial services company

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LGS names three new board members

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DeWITT — Leadership Greater Syracuse (LGS) has announced three new members of its board of directors: John Daniel of Usherwood Office Technology, Gina Rapasadi of Friends of the Rosamond Gifford Zoo, and Pete Wiezalis from Mower. Daniel is the director of IT services at Usherwood. He has previously served as a member of the Manufacturers

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New startup Arcovo AI seeks to help small and mid-size firms

Technology, Small Business, Subscriber Only

SKANEATELES — A new Central New York artificial intelligence (AI) startup has a bold goal. “We are on a mission to save businesses 1.5 million hours in productivity and create $100 million in profitability for our partners by 2030,” the website of Arcovo AI proclaims. The business, which is described as an AI-automation agency, has

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SKANEATELES — A new Central New York artificial intelligence (AI) startup has a bold goal.

“We are on a mission to save businesses 1.5 million hours in productivity and create $100 million in profitability for our partners by 2030,” the website of Arcovo AI proclaims.

The business, which is described as an AI-automation agency, has launched operations with the backing of three area entrepreneurs.

Arcovo AI was co-founded by Jeff Knauss and Jake Tanner, the entrepreneurs who previously co-founded Digital Hyve, a Syracuse–based digital-marketing agency and then sold it to Butler/Till of Rochester in 2021. Knauss is Arcovo AI’s CEO while Tanner is the new firm’s COO.

Besides Knauss and Tanner, the Arcovo AI website lists four employees.

Adam Weitsman — a local billionaire, entrepreneur, restaurateur, and philanthropist who is owner/CEO of Upstate Shredding — is also a co-founder and strategic advisor for Arcovo AI.

The new venture says it is “dedicated to leveling the playing field for local and regional businesses by providing advanced workflow AI automation solutions tailored to their unique needs to help them save time and money.”

“We’re incredibly excited to help small and medium-sized businesses unlock the potential of AI,” Knauss said in the firm’s announcement. “Our mission is to empower these businesses with solutions that were once only accessible to larger corporations. Watching businesses thrive by leveraging cutting-edge technology is what drives us every day.”

Arcovo AI specializes in workflow automation designed to streamline repetitive tasks, reduce inefficiencies, and free up teams to focus on “strategic, high-value activities.” The agency focuses on helping businesses thrive in three critical areas: sales and marketing, customer support, and operations.

By automating tasks such as data entry, lead follow-ups, ticket routing, chatbots, and cross-system communication, Arcovo AI contends it ensures that businesses achieve cost savings, improved productivity, and faster results.

“At Arcovo AI, we believe that AI should augment human capabilities, not replace them,” Knauss said. “Our human-in-the-loop approach ensures that AI systems work alongside human teams, enhancing efficiency and freeing up valuable time for employees to focus on the things that matter most. This collaboration leads to improved productivity and job satisfaction, as employees can dedicate more time to strategic and creative tasks.”

Tanner added that the time is now for smaller businesses to embrace AI.

“AI is advancing at an unprecedented pace, and small to medium-sized businesses often feel like they’re being left behind,” he said. “At Arcovo AI, we are here to change that. By providing accessible and tailored automation solutions, we ensure our clients stay competitive and ahead of the curve in today’s AI-driven market.”

Community Financial is bullish after strong 2024 performance

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DeWITT — Improving interest rates, robust markets, new product offerings, and more helped boost earnings at Community Financial System, Inc. (NYSE: CBU) in 2024. The DeWitt–based company reported record revenue across its four business lines — banking, employee benefits, insurance services, and wealth management. “Reflecting on 2024, there is a lot to be pleased about

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DeWITT — Improving interest rates, robust markets, new product offerings, and more helped boost earnings at Community Financial System, Inc. (NYSE: CBU) in 2024.

The DeWitt–based company reported record revenue across its four business lines — banking, employee benefits, insurance services, and wealth management.

“Reflecting on 2024, there is a lot to be pleased about such as margin expansion and excellent liquidity, robust fee income performance, strong credit quality, and well-managed expenses,” Community Financial President/CEO Dimitar A. Karaivanov said in the earnings report. “All four of our businesses … achieved record revenues while our core operating performance improved.”

In the fourth quarter of 2024, Community Financial reported net income of $49.8 million, or 94 cents per share, on revenue of $196.3 million — a new quarterly record — compared with net income of $33.7 million, or 63 cents, on revenue of $177 million in the same quarter a year earlier.

For the full year, Community’s net income was $182.5 million, or $3.44 per share, up from $131.9 million, or $2.45 a share, in 2023, a year that included a $52.3 million realized loss on sales of investment securities.

The growth is attributable to a number of factors, Community Financial executive VP and CFO Joseph Sutaris tells CNYBJ.

“We have had a challenging interest rate environment for a number of years prior to 2024,” he notes. When interest rates decreased last year, it provided relief for short-term interest rates on borrowings between financial institutions and allowed Community to level off its funding costs.

Community Financial reported net interest income of $120 million for the fourth quarter and $449.1 million for the full year.

“That’s one side of the equation,” Sutaris says. On the other side, Community saw a fair amount of loan turnover with old loans with lower interest rates closing and being replaced by new ones with higher rates. “That allows for net interest income expansion.”

Community Financial also grew its total loans by 7.5 percent to $10.43 billion at the end of 2024.

The company also saw increased revenue across its other business lines. Its Benefits Plan Administrative Services, Inc., subsidiary reported $131 million in revenue, an 11 percent increase. “We’ve been very successful in picking up new plans and growing participants,” he notes. Robust equity markets also spurred growth.

OneGroup NY, the company’s insurance-agency subsidiary, generated revenue of $50.2 million, a 6.7 percent increase. “Some of that is just a combination of acquisitions and insurance premiums have continued to trend up,” Sutaris says.

Community’s wealth management operating unit produced revenue of $36.7 million, an increase of 4.8 percent, primarily tied to market performance. The unit also added more than a billion dollars in funds under advisement, he notes.

“In addition, we also introduced some new products on the banking side that generate fees,” he says. Community Financial is the holding company for Community Bank, N.A.

On the heels of the strong fourth-quarter and full-year performance, Sutaris says he is very bullish about 2025. The net interest environment remains favorable, asset and credit quality is good, and “the economy overall is doing pretty well.”

The change of federal administration in the wake of the November elections has created a perception of opportunity, he adds. With an eye to mergers and acquisitions, the industry thoughts lean toward some deregulation that would speed up the timeline for such deals. That makes them more favorable because the acquiring institution can be more certain of the value of the asset it is acquiring if the timeline is shorter, Sutaris explains.

Looking ahead, he expects the growing Central New York economy will provide even more opportunity for Community Financial to grow.

“I’m pretty bullish on our company, for the sector, and for the local economy for 2025 and hopefully beyond that,” he says.

Community Financial’s stock got off to a good start in 2025, increasing nearly 9 percent year to date, as of midday trading on Feb. 5. The S&P 500 index, measuring the broader market, was up 3 percent in the same period.

Headquartered in DeWitt, Community Financial operates 200 Community Bank branches across New York, Pennsylvania, Vermont, and Massachusetts.

New Syracuse Stage managing director starts position March 1

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SYRACUSE — Syracuse Stage is getting ready to welcome its next managing director, who assumes the role on March 1. The performing-arts organization has hired Carly DiFulvio Allen to fill the position previously held by Jill Anderson. DiFulvio Allen currently serves as associate general manager at Disney Theatrical Group for the productions of “Aladdin” and

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SYRACUSE — Syracuse Stage is getting ready to welcome its next managing director, who assumes the role on March 1.

The performing-arts organization has hired Carly DiFulvio Allen to fill the position previously held by Jill Anderson.

DiFulvio Allen currently serves as associate general manager at Disney Theatrical Group for the productions of “Aladdin” and “Beauty and the Beast” worldwide.

DiFulvio Allen’s arrival at Syracuse Stage is a “homecoming of sorts.” A Rochester native, she earned her theatre management and integrated marketing communications degrees from Ithaca College.

“We are thrilled to welcome Carly to Syracuse Stage,” Bob Hupp, artistic director, said in a Jan. 28 statement. “Her background in New York City nonprofit theatres, and her recent work with Disney Theatrical Group, are perfectly suited to the leadership role she’ll assume when she joins us in March. Carly’s experience, her Central New York roots, and her people-centered approach to our work make her a dynamic and exceptional addition to Stage leadership. We’re excited to introduce her to everyone this spring, and I very much look forward to partnering with her to help Syracuse Stage make the strongest possible contribution to the cultural life of Central New York.”

Prior to Disney Theatrical Group, DiFulvio Allen was the company manager for Roundabout Theatre Company at the Todd Haimes Theatre (formerly the American Airlines Theatre) for 25 Broadway productions. Highlights from her tenure at Roundabout include the original Broadway production of “The 39 Steps,” the Broadway revival of “On the Twentieth Century” with Kristen Chenoweth and the original Broadway production of “Violet,” starring Sutton Foster.

“I am thrilled to be joining the remarkable team at Syracuse Stage and returning to Central New York,” DiFulvio Allen said. “Syracuse Stage’s now 50-year legacy of quality and inspired storytelling is a testament to the support, enthusiasm and engagement of this vibrant community. I look forward to working together to explore new opportunities for expanding Stage’s Vision of reimagining what is possible for regional theatre.”

DiFulvio Allen is an “ideal match” for Syracuse Stage with its relationship to both Central New Yorkers and the professional theatre community, Richard Driscoll, who chairs the Syracuse Stage board of trustees, said in the announcement.

“Her deep experience in the theatre industry and ties to Central New York will make her a perfect partner with our Artistic Director Bob Hupp and the rest of Stage’s amazing staff,” Driscoll said.

Herm Frazier, president of the Syracuse Stage board of trustees, echoed Driscoll’s sentiment.

“I am confident Carly’s enthusiasm, coupled with her experience in theater will make her a perfect fit for Syracuse Stage,” Frazier said.

The hiring of DiFulvio Allen concluded an “extensive” nationwide search led by Management Consultants for the Arts, with Nancy Green, longtime Syracuse Stage board of trustees member and former board chair, chairing the search committee, Syracuse Stage said.

Ask Rusty: About When to Claim SS & Taxation of Benefits

Business Mentors, Subscriber Only

Dear Rusty: I am 65 and currently working full time. Can I apply for and start receiving my Social Security (SS) benefit? I’d expect to have to pay income tax on it if and when I do. Signed: Curious Worker Dear Curious Worker: If you are working full time, you should likely delay claiming Social

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Dear Rusty: I am 65 and currently working full time. Can I apply for and start receiving my Social Security (SS) benefit? I’d expect to have to pay income tax on it if and when I do.

Signed: Curious Worker

Dear Curious Worker: If you are working full time, you should likely delay claiming Social Security at this time. At age 65, you haven’t yet reached your SS full retirement age (FRA), so you will be subject to Social Security’s “annual earnings test,” which limits how much you can earn from work while collecting early benefits. The earnings limit for 2025 is $23,400 and if you earn more than the annual limit, the Social Security Administration (SSA) will take away $1 in benefits for every $2 you are over the limit. If you earn significantly over the limit, you may even be temporarily ineligible to collect SS benefits. FYI, the annual earnings limit goes away when you reach your FRA, which for you is 66 years and 10 months, or March 2026.

As you obviously already know, a portion of your Social Security may be subject to income tax after you start collecting. The threshold for taxation of SS benefits depends on your IRS filing status — if you file your taxes as a single and your combined income from all sources (including half of the SS benefit you received during the tax year) exceeds $25,000 then 50 percent of your received SS benefits are taxable. But if you file taxes as “married/jointly” and your combined income is over $32,000, then up to 85 percent of your received SS benefits are taxable. Thus, whenever you claim SS, you may wish to consider having income tax withheld from your SS benefit. This is optional, and you can do this by submitting IRS Form W-4V to your local Social Security office, or you could choose to increase your income-tax withholding at work or, alternatively, pay estimated income taxes quarterly.

So, whether you can claim Social Security now depends entirely on how much you will earn from working full time prior to your FRA. If you exceed the annual earnings limit before your FRA, the SSA will take away some of your benefits or, if you greatly exceed the earnings limit, you may even be temporarily ineligible to get benefits (until you either reach your FRA or earn less). But note, if you decide to claim early and any SS benefits are withheld because you exceeded the earnings limit, you will get credit for that (in the form of a slightly increased benefit) after you reach your FRA.

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained, and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

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