SENNETT — Construction continues on Lyons National Bank’s new branch office in the town of Sennett, which will be the community bank’s second location in the Auburn area.

The 10,000-square-foot building at 311 Grant Ave. (Route 5), just outside the Auburn city line, will be completed in mid-December, Thomas Kime, president of Lyons National Bank (LNB), tells CNYBJ. It will be about two miles away from the bank’s first Auburn office at 63 Genesee St. 

Auburn is an attractive market for LNB. It is a $725 million marketplace, making Auburn the bank’s largest market outside of Monroe County, Robert Schick, chairman and CEO of LNB and its holding company Lyons Bancorp, Inc., said in a letter accompanying the bank’s 2016 annual report.

LNB’s first Auburn branch, which opened in late April, is a leased space downtown. It allowed the community bank to enter the market sooner than waiting on construction of a new building, but the space has limitations, Kime says. That branch does not have drive-thru lanes or a community room, both of which will be part of the Grant Avenue branch. 

“The Grant Avenue office gives us a facility that’s more in line with what we typically offer,” Kime says.

Eight to 10 employees will work at the new branch, including a full-time residential mortgage lender, a mortgage processor, an employee handling commercial loans, and a financial advisor, Kime says.

Bouley & Associates, a construction firm based in Auburn, is managing the project, which broke ground in July. Auburn–based firm Beardsley Architects & Engineers designed the two-story building. The space was previously home to a La-Z-Boy furniture store before LNB bought the property and demolished the building.

LNB paid $639,000 to buy the 1.13 acre property from Andrew R. Goldberg in a sale that closed on May 24, according to Cayuga County online property records. The previous building that LNB knocked down encompassed more than 23,500 square feet. The demolition was completed in early June, according to an LNB news release.

About the bank 

Lyons National Bank was founded in 1852 and is based in Lyons. Once the Sennett branch opens, the community bank will have 15 branches in Monroe, Wayne, Ontario, Yates, Seneca, Cayuga, and Onondaga counties. Its Onondaga County office is in Jordan.

Lyons Bancorp was formed in 1987 as a holding company for both the bank and Lyons Realty Associates Corp, a real-estate investment trust, according to the company’s website. Lyons Bancorp (OTC: LYBC) is publicly traded over-the-counter.

LNB has generated steady growth in the past 20 years, increasing loans, deposits, and its investment portfolio while gradually expanding its geographic market, according to Lyons Bancorp’s 2016 annual report. 

In 2016, the banking company generated nearly $7.6 million in net income, up 3 percent from almost $7.4 million in 2015, according to the report. Lyons Bancorp’s net income totaled $7.2 million in 2014, $7 million in 2013, and $6.2 million in 2012.

The banking company’s total assets have also steadily grown from $665 million in 2012 to $733 million in 2013, $807 million in 2014, $868 million in 2015, and $956 million last year.

LNB says it grows largely by capturing business from its rivals.

“Upstate New York is hardly a growth area, so most of our gains come at the expense of our competitors. Even when we expand our footprint by opening new branches, our growth in these de novo branches comes from other banks and financial services companies,” Schick said in the letter accompanying the report.

LNB will face no shortage of competitors near its newest branch. It has branch offices of AmeriCU Credit Union, KeyBank, Chemung Canal Trust, M&T Bank, and Generations Bank all located within walking distance of its new branch, along that busy stretch of Route 5.         

ENDWELL — Visions Federal Credit Union (FCU) on Oct. 1 began offering access to a team of Medicare advisors as a benefit to its members in Onondaga, Broome, Tioga, Chemung, and Chenango counties. 

“All they’re getting with the relationship here at Visions is our expertise and help in sitting down and reviewing their options and helping them make the right choice,” says Robert (Rob) Hennessy, insurance manager for Endwell–based Visions FCU.

Visions members aren’t getting a discount or “negotiated better plan options” under this benefit, he notes. Hennessy spoke with CNYBJ on Oct. 23.

He joined Visions at the end of July, but the discussions on offering the Medicare-consulting service started in 2016. Visions management had been thinking about what additional services the credit union could be offering its members “and the term Medicare has come up several times,” according to Hennessy.

Hennessy, along with two colleagues, is helping the Visions members who have questions about Medicare plans — such as Medicare Supplement, Medicare Advantage, and Part D drug coverage — and their eligibility.

“We’re appointed with Excellus [BlueCross BlueShield] to be able to not only consult with our members but be able to enroll them and help them make the decisions on their health-care needs for next year,” says Hennessy. Excellus is Central New York’s largest health insurer.

A Visions member can enroll in Medicare through Excellus, another insurance agent, or through Medicare.gov and select their own coverage.

“All we’re providing our members is education and assistance and helping sort all this out,” says Hennessy.

Visions is initially working with its New York members with their questions on Medicare but eventually wants to “branch out” the consulting services to members in Pennsylvania and in New Jersey.

Medicareful

In offering the consultation benefit, Visions is also working with Harrisburg, Pennsylvania–based Ritter Insurance Marketing on a website called Medicareful (medicareful.com). Ritter works with several credit unions nationwide, according to Hennessy.

“This is one of the niches they provide, Medicare assistance,” he adds.

He describes Medicareful as a custom-made Medicare portal on which Visions members can insert their ZIP codes, and the website generates all the plans for which the member is eligible based on the ZIP code. They can also set up appointments with Visions for questions about the various Medicare plans, says Hennessy.

Adding states

Visions also wants to provide the consulting service in Pennsylvania and New Jersey through the insurers Aetna and UnitedHealthcare, as well as with SilverScript Insurance Company, a CVS Health company. SilverScript describes itself as “one of America’s largest Medicare Part D insurers,” according to its website. 

The current focus is on Excellus and SilverScript for Visions’ New York members, according to Hennessy. As it works to offer the consultation service in New Jersey and Pennsylvania, Visions will again turn to Ritter for help. 

“They’re the broker that’s attaching us and helping us get appointed with these carriers. We process all the enrollments through Ritter and then Ritter submits them on to the carriers for us,” says Hennessy.

When asked how much it is costing Visions to offer the service, Hennessy said, “There is no cost.”

“Ritter is receiving compensation directly from the carriers that they work with, but we are paying no direct fees to either Excellus or Ritter for this arrangement,” he adds.

“Forgotten component”

Visions has a division focused on investment services, which includes a group of financial planners that consult with the credit union’s members.

“Medical insurance is a huge component, and it’s often a forgotten component, of that complete retirement-planning wheel,” says Hennessy.

He knows people focus on investments, mutual funds, and having money to spend, but asserts that not managing medical expenses properly “can put a drain” on your investment savings and your retirement savings.

Medicare consulting is “becoming more and more a trend” in the financial-services industry with banks and credit unions, Hennessy contends.

“This was born out of a member need and we’re doing this to help service the members,” he adds.

ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG), parent of Chemung Canal Trust Company, reported net income of $3.65 million, or 76 cents a share, in the third quarter, up 33 percent from $2.75 million, or 58 cents, in the year-ago period. 

Strong loan growth that boosted interest income contributed to the profit increase, the Elmira–based banking company said in its Oct. 19 earnings report.

“Our continued focus on our customers and clients produced another quarter of strong results, recognizing solid growth in net interest income, earnings, loans, and deposits. To continue our growth in loans and deposits, we are excited to be opening a new branch in Schenectady … during the fourth quarter of 2017,” Anders Tomson, CEO of Chemung Financial, said in the report.

In the third quarter, Chemung Financial’s loans, net of deferred fees, increased by more than $88 million, or over 7 percent. Its commercial loans rose by more than $81 million, or nearly 11 percent. 

Deposits at Chemung Canal Trust increased by almost $81 million, or 5.5 percent.

Chemung Financial reported that its net interest income grew by $1.8 million, or 13 percent, in the third quarter. Its non-interest expense decreased by $200,000, or 1.4 percent, led by a $600,000 decline in pension and other employee benefits, as Chemung Financial froze accruals for its pension and post-retirement health-care plans in the fourth quarter of 2016. That was partially offset by increases in salaries and wages, marketing and advertising, and other non-interest expenses.

The banking company’s assets totaled $1.73 billion as of Sept. 30, up 4.5 percent from $1.66 billion at the end of 2016. The growth was due primarily to increases of $8.8 million in securities available for sale and the $88.5 million increase in the loan portfolio, offset by a decrease of $17.8 million in cash and cash equivalents, Chemung Financial noted.

The increase in total loans mostly resulted from increases of $81.3 million in commercial loans and $8.5 million in consumer loans, offset by a $1.3 million decrease in residential mortgages. 

The increase in securities available for sale mostly resulted from additional purchases of municipal securities and SBA loan pools, the banking company said. 

The decrease in cash and cash equivalents stemmed from an increase in securities available for sale and total loans, offset by an increase in deposits. 

Chemung Financial operates 33 bank branches through its main subsidiary, Chemung Canal Trust. Started 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 mutual funds, annuities, brokerage services, tax preparation services, and insurance, as well as Chemung Risk Management, Inc., an insurance company based in Nevada.                                       

DeWITT — The 2017 Central New York Best Places to Work Awards event on Oct. 19 recognized 35 organizations from the region.

A crowd of about 300 people attended the event at the Drumlins Country Club in the town of DeWitt.

The 35 winners in rank order by category were as follows:

Companies with 5-50 Employees 

1. Aerotek

2. ISSI Technology Professionals

3. The Marrone Law Firm

4. Dwyer Architectural, LLC

5. Grandjean & Wagner, Inc. / Choicepay, Inc. 

6. CPS Recruitment

7. Site-Seeker

8. ABC Creative Group

9. Delmonico Insurance Agency

10. Turner Construction Company

11. Image Auto LLC/Congruent Story

12. HOLT Architects

13. The Digital Hyve

14. Xavier & Associates

15. IV4 

Firms with 51-150 Employees

1. BCI-Empire Division

2. Servomation Refreshments

3. Miller Mayer, LLP

4. Crest Cadillac-Acura

5. Usherwood Office Technology

6. Bankers Healthcare Group

7. Metro Fitness Clubs

8. Girl Scouts of NYPENN Pathways, Inc.

9. ICS

10. Dermody, Burke & Brown, CPAs, LLC

11. The Bonadio Group

12. Galaxy Communications

13. Delta Engineers, Architects and Land Surveyors, DPC

14. Generations Bank

15. Bowers & Company CPAs, PLLC

Companies with more than 150 Employees

1. Driver’s Village (tie)

1. Haylor, Freyer & Coon, Inc. (tie)

2. Hearth Management, LLC

3. DUMAC Business Systems, Inc. 

4. CXtec & Teracai

For much more information on each of the honored companies and why they are a great place to work, see the special commemorative publication in the Oct. 16 issue of CNYBJ. The event was presented by the Business Journal News Network and produced by BizEventz. They partnered with Research & Marketing Strategies, Inc. (RMS) to conduct the CNY Best Places to Work survey. The study identifies and recognizes the best places of employment in Central New York, based upon a survey of employees to gauge workplace satisfaction. In addition to being honored at the awards gathering, organizations received a report of their individual findings. 

The event’s platinum sponsor was CH Insurance. Matt Park, the voice of the Orange and Cuse TV host, was the evening’s emcee.