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CFCU Community Credit Union names assistant VP of business lending
ITHACA, N.Y. — CFCU Community Credit Union has promoted Margo Korowajczyk to assistant VP, business lending. She oversees the business-loan portfolio and is responsible for analyzing all business-lending documentation, the credit union said in a release. As part of her new role, Korowajczyk will annually obtain and analyze financial statements and current tax returns in […]
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ITHACA, N.Y. — CFCU Community Credit Union has promoted Margo Korowajczyk to assistant VP, business lending.
She oversees the business-loan portfolio and is responsible for analyzing all business-lending documentation, the credit union said in a release. As part of her new role, Korowajczyk will annually obtain and analyze financial statements and current tax returns in order to evaluate cash flow and viability of the business. She will also work toward limiting CFCU’s risk of losses by monitoring the quality of the loan portfolio while keeping management informed of potential losses, trends, and compliance problems, CFCU said.
Korowajczyk will train, support, and oversee the activities of the credit analyst(s), documentation specialist, and administrative assistant positions at the credit union.
Outside of work, Korowajczyk volunteers as the chairperson of the Town of Harford Zoning Board. She also serves as a member of the State Theater of Ithaca’s Finance Committee.
CFCU Community Credit Union is a nonprofit financial institution serving residents in Tompkins, Cortland, Seneca, Cayuga, and Ontario counties.
VIEWPOINT: Key Elements of a Successful Credit-Union Strategy for 2024
Strategy is a big word. It has different meanings for different people. Most credit unions have a strategy, or at least something they refer to as a strategy. Some think of a strategic plan as a document that is produced in a nice binder and goes on a shelf. Others think of a plan with
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Strategy is a big word. It has different meanings for different people. Most credit unions have a strategy, or at least something they refer to as a strategy. Some think of a strategic plan as a document that is produced in a nice binder and goes on a shelf. Others think of a plan with metrics that are measured every so often to chart progress toward goals.
It is likely that your credit union has revisited strategy a number of times in recent years. The disruption of COVID led to significant changes in approach, different considerations of risk, and unexpected opportunities in 2020. The last three years have continuously brought challenges that require strategic response, including embracing new ways to interact with members, challenges related to too much liquidity (then later too little liquidity), personnel management in a tight job market, on-going cybersecurity threats and risks, and a host of others. Whether you updated the documents in your strategy binder or not, you no doubt adjusted your credit union’s strategy.
Emerging from the COVID disruption has included a series of fast-paced changes. The changes themselves are important but even more critical is the pace of change. Has your credit union kept up? How do you compare to other financial institutions? Are you able to assess your strategic positioning and shift strategy as circumstances change?
Often, the biggest question posed by credit-union leaders is regarding what topics a credit union should strategize about. Or what the future will hold in terms of interest rates, inflation, etc. However, before you get into specific strategic topics, and before there is an attempt to execute a strategy, you need to think about how you “do” strategy.
To get started, there are three factors that are seen more often in high performing credit unions and not as often in credit unions that are not as high performing. Furthermore, these characteristics tend to indicate higher performance regardless of the credit union’s strategic objectives or initiatives. The three factors are:
1. Relentless Execution. High performing credit unions likely have both strategy components of a nicely put together strategy document and quantitative metrics against which progress is measured. But the reason they are high performing is that they consistently embrace the strategy as an integral part of everyday operations.
Most often, successful strategy is one or two “big” decisions followed by relentless day-to-day execution. It’s almost more of an attitude. Think: “We’re doing this. Everyday. All the time.”
There is a strong temptation to “do” strategy and put the nice document on a shelf for occasional admiration. Check it off the list and be “done.” Giving in to this temptation dooms your organization to continue doing what it’s been doing, the way it’s been doing it, and renders the strategic thought worthless as it will not convert to strategic action.
High performing credit unions emphasize the need to change behavior. This includes consistent communication about what you’re trying to do and why. It includes pointing out what behavior is expected and calling out when that behavior is not happening.
This is not easy. This is why high performing credit unions look different than the rest of the bunch.
2. Agility. High performing credit unions are organized in a manner that allows them to gather information effectively, evaluate that information, consider stakeholder input, make decisions, and execute.
Think about March 2020. Like just about every organization of any kind, your credit union probably made decisions to change procedures and practices incredibly quickly. You had no choice at that time. You just did it. Now that we’re three-plus years removed from that disruption, do you decide and execute with a sense of urgency and importance, or are you more casual about it?
High performing credit unions have embraced the idea that decision-making, even for big decisions, doesn’t have to be a long, drawn-out process. Some credit unions used to make strategic decisions with multiple board-meeting presentations and discussions over a series of months. Some of those credit unions have moved to a quicker process designed around committee work and fewer board discussions. This hasn’t diminished the role of the board. If anything, board members who participate in the committee work are more engaged than they were before.
The pace of change is simply too fast in the current environment to allow your credit union’s tradition or some pre-set board meeting schedule to force you to wait to make a strategic move.
3. Focus on People. A lot of strategy discussions, and strategy documents, have a lot of content in the form of facts and figures. Even more often, they have numbers and graphs focused on predicting the future. What’s going to happen with interest rates? Is there going to be a recession? etc.
High performing credit unions think about those things too, but they roll out a strategy that focuses on the people. Most often, the people in this context are the credit union’s employees. What impact does this strategy have on employees? To the extent employees must change their behavior, is credit-union leadership preparing all personnel for that change? Are you communicating the “why” effectively? Are you making it matter to the individuals who will actually execute the strategy?
This must go well beyond handing out a sharp-looking strategy document or making an announcement at a staff meeting. And it must be consistently part of every communication with all personnel, not just the leadership team. High performing credit unions celebrate the strategy as something that makes the credit union a great place to be. They include elements specifically related to the strategy in every person’s performance objectives and goals, and evaluate people in all roles against those expectations.
There are a lot of specific strategic topics with which credit unions must deal in the current environment. But regardless of your credit union’s specific strategy elements, how you formulate and roll out the strategy is what ultimately determines that strategy’s success. There is a huge opportunity to move your credit union forward in a high-performing manner.
Jeff Paille is a partner at The Bonadio Group accounting and consulting firm. He is focused on serving credit unions and tax-exempt organizations.

Peoples Security Bank appoints Earley as assistant branch manager in Binghamton office
BINGHAMTON, N.Y. — Peoples Security Bank & Trust recently announced that it has promoted Duane Earley to assistant branch manager of its Binghamton office. With this new position, Earley will take on a more active role in establishing a team-based culture and developing positive sales growth at the branch, the bank said in a release.
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BINGHAMTON, N.Y. — Peoples Security Bank & Trust recently announced that it has promoted Duane Earley to assistant branch manager of its Binghamton office.
With this new position, Earley will take on a more active role in establishing a team-based culture and developing positive sales growth at the branch, the bank said in a release. Earley will be responsible for ensuring area customers receive the best in banking services, offering personal financial guidance, and developing relationships with area businesses.
Earley has nine years of banking experience with Peoples Security Bank. He has certifications in bank operations, general banking, customer service, and notary. Earley graduated from SUNY Oneonta with a bachelor’s degree in business economics.
Peoples Security Bank & Trust — headquartered in Scranton, Pennsylvania — operates 28 full-service branches in 13 counties across Pennsylvania, New York, and New Jersey. The bank has two Southern Tier of New York branches — the office in Binghamton, plus another in Conklin. It also has a pair of offices just across the border in northern Pennsylvania, in Hallstead and Susquehanna, respectively.

New York Attorney General Letitia James on Thursday filed a lawsuit against William D’Angelo — and his company Marpat LLC — for “repeatedly and persistently”

Syracuse-led group of schools to use $2.5M NSF grant to connect the “underserved” to STEM careers
SYRACUSE, N.Y. — A Syracuse University-led group of upstate New York schools will use a federal grant to help “increase access for underserved populations and

Hundreds in Oswego County now eligible for high-speed fiber internet service
FULTON, N.Y. — More than 1,700 homes, businesses, and schools in Fulton and nearby parts of southern Oswego County are now eligible for high-speed fiber

Slocum-Dickson adds weight-loss program
NEW HARTFORD, N.Y. — Slocum-Dickson Medical Group has added a medical weight-loss program to its services. The new program provides diet, fitness, and healthy behavior
OPINION: New Election Laws Should Have New Yorkers Concerned
What Democrats say about creating fair and equitable elections in New York and what Democrats do regarding those elections are growing increasingly further apart. While claiming recent changes in election laws are to improve turnout and democracy in the state, it is clear the motivation behind many of these policies is to suit their agenda.
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What Democrats say about creating fair and equitable elections in New York and what Democrats do regarding those elections are growing increasingly further apart.
While claiming recent changes in election laws are to improve turnout and democracy in the state, it is clear the motivation behind many of these policies is to suit their agenda. The only thing worse than blatantly political-driven policy is doing so under the guise of democracy.
The trend began several years ago when the majority conferences decided to ignore a bipartisan, voter-approved constitutional amendment passed in 2014 designed to guide the Independent Redistricting Commission’s work. Instead, they used their newfound majority in the Senate as an impetus to completely rewrite redistricting procedures, which ultimately allowed them to draw their own lines. What an incredible coincidence the merits of the amendment they helped negotiate and pass no longer met muster once the legislature saw a change in its composition.
Now, after New York Republicans won Congressional seats in 2022, helping to flip control of the U.S. House of Representatives, Democrats are ignoring the will of the people and establishing their own electoral lines. The Appellate Division of the State Supreme Court recently ordered the state’s congressional maps to, again, be redrawn. An appeal of this decision is imminent, but it should never have been necessary in the first place.
Making matters worse, several other pieces of highly suspect legislation were recently passed including measures to expand absentee voting, move local elections to even-numbered years, and dictate where constitutional challenges to election law can be heard. On the surface, these bills might sound benign. Of course, near-universal absentee ballots will greatly increase the risk of election fraud, changing the election cycle will undoubtedly drown local issues out at the expense of national ones and micromanaging court venues means cases will be heard in a select few venues that just so happen to have extremely high concentrations of Democrat representation.
These changes are too obvious to ignore. The Democrats’ defense of these moves has been, unsurprisingly, shrouded in political double-talk about democratic ideals. None of that is the case. These measures are a clear assault on fair elections. Ignoring the will of the people and concentrating decision-making into the hands of a select few in charge flies in direct opposition to the democratic principles guiding equitable elections. I am appalled at the audacity of these measures and will continue to fight passionately for representative elections in New York state.
William (Will) A. Barclay, 54, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
OPINION: NATO’s relevance no longer in question
All eyes were on NATO [recently] as leaders of its member nations met in Lithuania to debate key issues, including their response to Russia’s war against Ukraine. That marked quite a change — a positive one — in the status of the 74-year-old organization. Just a few years ago, critics were writing NATO off as
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All eyes were on NATO [recently] as leaders of its member nations met in Lithuania to debate key issues, including their response to Russia’s war against Ukraine. That marked quite a change — a positive one — in the status of the 74-year-old organization.
Just a few years ago, critics were writing NATO off as an institution that had served its purpose. The Soviet Union, its old nemesis, had collapsed. Donald Trump, as president, bashed NATO allies for not carrying their weight and reportedly threatened to pull the U.S. out of the alliance. French President Emmanuel Macron famously remarked that NATO was experiencing “brain death.”
But everything changed on Feb. 24, 2022, when Vladimir Putin sent Russian troops into Ukraine. NATO Secretary General Jens Stoltenberg, writing recently in Foreign Affairs, called the invasion “a turning point in history.” Now there was no question about NATO’s relevance.
The alliance has been the framework for nations to oppose Russian expansionism, and the United States has played a leadership role. While Ukraine isn’t yet a NATO member, it sees a revitalized alliance and deepening Western cooperation, as the WSJ notes.
At the summit in Lithuania, NATO members agreed to what Stoltenberg called a “strong package” of support for Ukraine, including a multi-year plan for strengthening Ukraine’s military, creation of a NATO-Ukraine Council to consult on issues, and a pathway for Ukraine to become a NATO member. President Joe Biden, in a speech at the end of the summit, praised NATO unity and said Putin is “making a bad bet” by doubting its staying power.
NATO was created in 1949, in response to the devastation of Europe caused by World War II. An estimated 36.5 million Europeans had been killed and millions were displaced. There were real concerns that national rivalries would reassert themselves and another war would break out. The Soviet Union posed a clear threat.
The NATO treaty bound the initial 12 nations to mutual self-defense, declaring that an attack on one would be considered an attack on all. The pact deterred Soviet aggression and did so without warfare. NATO has rightly been called the largest and most successful military alliance in history.
With the collapse of the Soviet Union, NATO focused on terrorism, ethnic violence, and civil war. It grew to include dozens of nations, several former Soviet republics among them. But, under Putin, Russia stepped up its aggression, fighting with the Republic of Georgia and Chechnya separatists and annexing parts of Ukraine, including Crimea, in 2014. When Russia troops drove into Ukraine proper last year, a line was crossed.
More nations sought NATO membership and the security it would bring. Finland, a formerly nonaligned state that shares an 830-mile border with Russia, became the 31st member this year. Sweden will soon become No. 32 now that Turkey has dropped its objections.
Ukraine, for obvious reasons, is eager to join as well. In the leadup to last week’s summit, Zelensky expressed impatience and said NATO’s criteria for membership were vague and “absurd.” But with the promise in Lithuania of more support, he appeared to be satisfied.
NATO has worked hard to project unity. That may be hard to maintain. Europe has relied on Russia and Ukraine for energy and food, and the war has had economic consequences. Some NATO countries, particularly those in Russia’s shadow, were ready to admit Ukraine to membership now. The U.S. and other members have been cautious, concerned that admitting Ukraine could provoke a wider conflict with Russia.
These kinds of disagreements among friends are to be expected in any large alliance. What’s important is that NATO members work through them and stay focused on our common interests. A strong and unified NATO has made the world safer for almost 75 years. We must work so that it continues to do so.
Lee Hamilton, 92, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.

MATTHEW LUMMIS has joined the FustCharles certified public accounting firm as an associate. He will provide performance audit services to health care and not-for-profit organizations. Lummis received his bachelor’s degree in accounting from SUNY Oswego. He previously interned with the firm. SARAH FAZIO has joined FustCharles as an audit associate. Fazio received her bachelor’s degree
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MATTHEW LUMMIS has joined the FustCharles certified public accounting firm as an associate. He will provide performance audit services to health care and not-for-profit organizations. Lummis received his bachelor’s degree in accounting from SUNY Oswego. He previously interned with the firm.
SARAH FAZIO has joined FustCharles as an audit associate. Fazio received her bachelor’s degree in accounting from SUNY Oswego and previously interned with the firm. She is currently working to complete the examination requirements to earn her certified public accountant (CPA) license.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.