Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Short lane reduction on Onondaga Lake Parkway near low railway bridge begins Tuesday
SALINA, N.Y. — A portion of the Onondaga Lake Parkway (State Route 370) in the town of Salina on Tuesday will be reduced to one

SUNY union ratifies new contract with New York State
ALBANY, N.Y. — Gov. Kathy Hochul on Friday announced the ratification of a four-year labor agreement with United University Professions (UUP), which includes more than

People news: Herkimer College appoints new assistant professor
HERKIMER, N.Y. — Herkimer County Community College announced it has appointed Lynn Kattato, of Frankfort, as assistant professor of business. Kattato has served as an

Why ESG and Sustainability Reporting Matters for Your Business
As the landscape of financial reporting has evolved, the concept of environmental, social and governance (ESG) and sustainability has grown exponentially. In 2011, only 5%

Oswego dean selected for Impact Academy fellowship by DFI
OSWEGO — SUNY Oswego School of Education Dean Laura Spenceley was recently named an Impact Academy fellow through the national nonprofit organization Deans for Impact (DFI). Spenceley and 23 other leaders, selected for their commitment to improving educator preparation, are part of the fellowship’s eighth cohort. “For the eighth year in a row, we welcome
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
OSWEGO — SUNY Oswego School of Education Dean Laura Spenceley was recently named an Impact Academy fellow through the national nonprofit organization Deans for Impact (DFI).
Spenceley and 23 other leaders, selected for their commitment to improving educator preparation, are part of the fellowship’s eighth cohort.
“For the eighth year in a row, we welcome a diverse group of outstanding leaders to Impact Academy who are steadfast in their commitment to ensuring all PK-12 students access well-prepared teachers,” DFI Executive Director Valerie Sakimura said. “As communities respond to shortages of skilled educators, there is no more crucial time to ensure that we’re building pathways into teaching that are accessible, practice-based, and focused on equitable instruction. Leaders in educator preparation play an essential role in charting the future of the teaching profession.”
Through its Impact Academy Fellowship, DFI aims to fill the need for leaders who can strengthen and diversify the educator workforce. To date, the program has provided more than 130 dean-level leaders with skills, knowledge, and strategies to prioritize instructional quality and build more equitable systems of teaching and learning.
“Throughout my career, it has been important to me to find a strong group of mentors,” Spenceley said in a press release. “This opportunity really was serendipitous as I learned about this fellowship at a conference when a DFI staff member was on a panel. What spoke to me about it is that, as a newer dean, I was looking for a cohort of both novice and more experienced deans who could provide knowledge and support, as well as a sense of community.”
Fellows will participate in monthly learning sessions through the summer of 2024, receive one-on-one coaching from seasoned leaders, and engage in peer consultancies to address field-facing challenges in real time. Through the fellowship, they will hone their abilities with stakeholders in a shared vision for change grounded in a scientific understanding about how students learn. Each fellow will work on an adaptive challenge their institution’s education program faces.
DFI is a nonprofit organization that says it is committed to ensuring every child is taught by a well-prepared teacher. It supports preparation programs to bring the science of learning into teaching practice, partners with policymakers, and equips leaders with tools to address today’s challenges.

Chemung Financial to pay Q3 dividend of 31 cents in early October
ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) announced that its board of directors has approved a quarterly cash dividend of 31 cents per share of its common stock. The banking company will pay the dividend on Oct. 2, to shareholders of record as of the close of business on Sept. 18. At Chemung Financial’s
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) announced that its board of directors has approved a quarterly cash dividend of 31 cents per share of its common stock.
The banking company will pay the dividend on Oct. 2, to shareholders of record as of the close of business on Sept. 18.
At Chemung Financial’s current stock price, the payment yields about 3 percent on an annual basis.
Chemung Financial is a $2.7 billion financial-services holding company headquartered in Elmira and operates 31 offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers.
The company operates 31 offices through its main subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Founded 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 ser vices including mutual funds, annuities, brokerage services, tax-preparation services, and insurance, as well as Chemung Risk Management, Inc., an insurance company based in Nevada.
New York egg production dips 1.5 percent in July
Farms in New York state produced 147.7 million eggs in July, down 1.5 percent from 149.9 million eggs in the year-ago month, the USDA’s National Agricultural Statistics Service (NASS) recently reported. The number of layers in the Empire State averaged 5.75 million in the seventh month of this year, up 0.5 percent from 5.72 million
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Farms in New York state produced 147.7 million eggs in July, down 1.5 percent from 149.9 million eggs in the year-ago month, the USDA’s National Agricultural Statistics Service (NASS) recently reported.
The number of layers in the Empire State averaged 5.75 million in the seventh month of this year, up 0.5 percent from 5.72 million layers in the year-prior month. Egg production per 100 layers slipped 2 percent to 2,569 eggs in July compared to 2,621 eggs in July 2022.
In neighboring Pennsylvania, egg production rose almost 8 percent to more than 715 million eggs in July from just under 660 million eggs a year before.
U.S. egg production totaled 9.37 billion eggs in July, up 3.5 percent from nearly 9.06 billion eggs in July 2022.

Syracuse University EBV program graduates 25 in latest class
SYRACUSE — This year’s Entrepreneurship Bootcamp for Veterans (EBV) program at Syracuse University ended in late July with 25 graduates. The initiative leverages the skills, resources, and infrastructure of higher education to offer training in entrepreneurship and small-business management at no cost to all post-9/11 veterans, Syracuse said in an Aug. 1 news release about
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SYRACUSE — This year’s Entrepreneurship Bootcamp for Veterans (EBV) program at Syracuse University ended in late July with 25 graduates.
The initiative leverages the skills, resources, and infrastructure of higher education to offer training in entrepreneurship and small-business management at no cost to all post-9/11 veterans, Syracuse said in an Aug. 1 news release about the program.
During the graduation ceremony at the National Veterans Resource Center, J. Michael Haynie, IVMF’s co-founder and executive director, shared his personal opinion on what makes the program a success in preparing veterans for the challenges of entrepreneurship.
The IVMF is a shortened way of referring to Syracuse’s D’Aniello Institute for Veterans and Military Families.
“The EBV program really embodies the convergence of two truths that I hold very closely. The first of those is the power of business ownership to change the trajectory of lives and families,” Haynie said. “The second truth is the resiliency, the grit, and the selflessness of those who have served, and how those attributes translate to the relentless pursuit of the next big challenge, however daunting that challenge may be.”
Haynie is also a U.S. Air Force veteran and Syracuse University’s vice chancellor for strategic initiatives and innovation.
John Wildhack, Syracuse director of athletics, served as the guest speaker during the graduation ceremony. Wildhack shared some of his personal insight from his time during the startup of ESPN and provided some of his own advice to guide them on their path upon leaving campus and returning to their entrepreneurial journey.
“As you embark on your next chapter or continue to grow the business you’ve already established, identify what motivates you, what drives you, and what’s most important to you both in your work and as an individual,” Wildhack said in the Syracuse University release. “For me, it’s the three F’s: Family, Faith and Friends.”
Spreading the word
The EBV program also calls upon previous graduates who have seen significant success after attending one of the IVMF’s entrepreneurial-training programs. One such graduate is U.S. Marine Corps veteran Chris Dambach, owner of Industry Standard USA in the town of Clay.
Dambach’s business provides construction and facility-support services for government projects and has been featured on the Inc. 5,000 list celebrating the fastest-growing businesses in the U.S.
Dambach also had a hand in recruiting one of this year’s graduates, Brandon Johnson, a Syracuse business owner and U.S. Air Force veteran. Johnson is the owner of Crossett Property Management, which manages several properties located primarily in the Strathmore area of the city.
“I met [Dambach] at a veteran-focused conference a few years ago, and we were talking about getting into the government contracting space eventually, and he told me I had to do the EBV program,” Johnson said in the Syracuse news release. “Just feeling the energy in the room and being exposed to the faculty that’s here, it’s just a great refresher to keep our tools sharpened to go out there and be successful in business.”

NBT’s Q2 earnings dip, but outlook remains positive
NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) closed out the second quarter of 2023 with about a 20 percent decline in profit amid a volatile market, but banking-company executives expressed a positive outlook for the remainder of the year. NBT reported that net income fell to $30.1 million, or 70 cents a share, in
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) closed out the second quarter of 2023 with about a 20 percent decline in profit amid a volatile market, but banking-company executives expressed a positive outlook for the remainder of the year.
NBT reported that net income fell to $30.1 million, or 70 cents a share, in the second quarter of this year, from net income of $37.8 million, or 88 cents per share, in the same quarter a year prior. The latest quarter’s results were also down from NBT’s first-quarter net income of $33.7 million, or 78 cents a share.
In an Aug. 1 conference call with analysts, investors, and the media, NBT officials attributed the lower earnings to higher funding costs, amid higher interest rates. NBT also experienced $4.5 million, or 8 cents per share, in securities losses during the second quarter and incurred $1.2 million, or 2.3 cents per share, in expenses related to its acquisition of Salisbury Bancorp, Inc.
NBT formally completed that merger on Aug. 11, according to a company news release. Salisbury transitioned to NBT that day, with all 13 Salisbury branches in northwestern Connecticut, the Hudson Valley region, and southwestern Massachusetts opening as NBT branches on Aug. 14.

While noting there was a lot of volatility during the second quarter, John H. Watt, Jr., NBT president and CEO, remained positive. “Throughout this period, NBT focused on our customers and our communities, and our results demonstrate the success of this approach,” he contended.
With the Salisbury acquisition under its belt, Watt said NBT is on offense for the second half of the year.
“We are well positioned with strong liquidity and capital levels, a diversified business mix, highly effective risk-management practices, and a team of experienced professionals,” he said.
Q2 earnings details
Highlights of the second quarter include loan growth on both the commercial and consumer sides of 5 percent. Loans totaled $8.36 billion at the end of the quarter, up $208 million from Dec. 31, 2022.
“We grew loans in all our core portfolios in the second quarter, and our funding sources remained resilient. Our credit performance remained consistent and favorable, and we continued to grow capital,” Watt said in NBT’s earnings report issued on July 31.
The banking company’s deposits climbed by $34 million, or 0.4 percent, to $9.53 billion as of June 30, compared to the end of 2022. NBT also continued to experience a migration from noninterest-bearing and low-interest checking and savings accounts into higher-cost money market and time-deposit instruments as interest rates rose.
In July, NBT’s EPIC Retirement Plan Services subsidiary acquired the assets of North Carolina–based Retirement Direct, LLC, a move that added more than $2 billion in assets and more than 500 individual retirement plans to EPIC’s portfolio.
NBT Bancorp also reported that it bought back 87,000 shares of its common stock in the second quarter of 2023 at an average price of $31.94 per share under its previously announced share repurchase program. The banking company said it may buy back shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of June 30, 2023, NBT had 1.5 million shares available for repurchase under this plan authorized on Dec. 20, 2021 and set to expire on Dec. 31, 2023.
NBT’s stock price has declined about 15 percent year to date, as of the close on Aug. 14. The stock had a solid 2022 year, rising nearly 12 percent.
Norwich–based NBT Bancorp, with total assets of $11.9 billion, is a financial holding company that operates NBT Bank, N.A., a full-service bank, as well as Rochester–based EPIC Retirement Plan Services, a benefits-administration firm, and NBT Insurance Agency, a full-service insurance agency.

Nonprofits can apply for Excellus HEIA funding until Sept. 14
Regional nonprofits have until the end of the day on Sept. 14 to apply for 2023 Health Equity Innovation Award (HEIA) funding from Excellus BlueCross BlueShield. The awards help pay for health and wellness programs that address racial and ethnic health disparities in upstate New York. Nonprofits can apply for funding up to $30,000, Excellus
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Regional nonprofits have until the end of the day on Sept. 14 to apply for 2023 Health Equity Innovation Award (HEIA) funding from Excellus BlueCross BlueShield.
The awards help pay for health and wellness programs that address racial and ethnic health disparities in upstate New York. Nonprofits can apply for funding up to $30,000, Excellus said in its Aug. 14 announcement.
The online-application period is now open and continues through 11:59 p.m. on Thursday, Sept. 14. Excellus will announce the HEIA winners in late October.
“Excellus BlueCross BlueShield Health Equity Innovation Award funding aims to support initiatives, programs, and research that specifically target and address the root causes of health inequities, with a focus on addressing structural racism,” Dr. Lisa Harris, Excellus’ senior VP and chief medical officer, said in a news release. “We believe that by investing in projects that tackle the underlying social, economic, and systematic factors that contribute to health disparities, we can work towards creating a more just and equitable healthcare system.”
Excellus will consider application proposals for initiatives or projects that have “proven data outcomes and can be expanded.” Proposals for HEIA funding must include “clear, defined” goals for reducing health disparities and the burden of health inequities and social disadvantages, Excellus said. It will require organizations to specify how funding will “measurably” assist in improving racial and ethnic health-equity outcomes.
Health Equity Innovation Award categories include, but are not limited to: reducing health disparities in racial, ethnic, LGBTQIA+ communities; people with disabilities; people living in rural or urban communities; or other groups of people that may be at a higher health risk for medical issues and conditions (chronic or acute), behavioral health or mental-health conditions, and negative outcomes from the above, including death or suicide.
Excellus BlueCross BlueShield operates in 31 upstate New York counties organized into four regions: the Central New York region, which includes Cayuga, Cortland, Onondaga, Oswego and Tompkins counties; the Southern Tier region, including Broome, Chemung, Chenango, Tioga, Schuyler and Steuben counties; and the Utica region, comprising Clinton, Delaware, Essex, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Oneida, Otsego and St. Lawrence counties; and the Rochester region, encompassing Livingston, Monroe, Ontario, Seneca, Wayne, and Yates counties.
The application portal to apply for the HEIA funding is available online at https://news.excellusbcbs.com/news-room/community-investments-partnerships.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.