Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Tioga State Bank adds Hoyt to commercial- lending team
SPENCER, N.Y. — Tioga State Bank recently announced the addition of Joseph Hoyt to its commercial-lending team. As a small-business lender, Hoyt works with individual businesses to help find financial solutions tailored to specific needs to help those businesses succeed. He is located at the bank’s branch on Fifth Avenue in Owego. Hoyt brings to […]
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.
SPENCER, N.Y. — Tioga State Bank recently announced the addition of Joseph Hoyt to its commercial-lending team.
As a small-business lender, Hoyt works with individual businesses to help find financial solutions tailored to specific needs to help those businesses succeed. He is located at the bank’s branch on Fifth Avenue in Owego.
Hoyt brings to Tioga State Bank more than eight years of experience in banking and lending, including working with school districts, not-for-profits, health-care organizations, and small businesses.
Tioga State Bank, with 100 employees, provides financial services to the Southern Tier of New York and northern Pennsylvania through its 11 branch locations in Broome, Tioga, Chemung, and Tompkins counties.
Burnout hitting consumer confidence, KeyBank survey finds
The KeyBank 2023 Financial Mobility Survey, released Jan. 9, finds Americans are in a “difficult” financial position as 55 percent faced financial challenges over the past year. The finding represents a “substantial” increase from the year prior (37 percent), with more than double the number of respondents saying their biggest financial faux pas involved budgeting issues
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.
The KeyBank 2023 Financial Mobility Survey, released Jan. 9, finds Americans are in a “difficult” financial position as 55 percent faced financial challenges over the past year.
The finding represents a “substantial” increase from the year prior (37 percent), with more than double the number of respondents saying their biggest financial faux pas involved budgeting issues (89 percent vs. 35 percent, respectively).
Yet, even as Americans face these challenges, the majority (85 percent) strongly desire to become more aware of their financial picture.
“After the rollercoaster of the last three years, Americans are much more aware of the financial challenges they face and are seeking ways to manage their lives better,” Mitch Kime, executive VP of consumer client growth at KeyBank, said. “More people have experienced a loss of income, fewer feel financially savvy, and burnout is rising among younger respondents. Given the current economic climate, it’s no surprise that Americans want to take control of their finances.”
The survey polled more than 1,000 Americans on their financial, life and work-related priorities after a year of market volatility and uncertainty, revealing the steps they have taken to become more financially mobile.
Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial-services companies, with assets of about $190 billion. Its roots trace back nearly 200 years to Albany. KeyBank has a network of about 1,000 branches and 1,300 ATMs in 15 states. It is ranked No. 2 in deposit market share in the 16-county Central New York region.
Findings breakdown
The report found two in five people (42 percent) reported feeling overwhelmed or burned out regularly, with Millennials or younger (53 percent) “experiencing burnout more acutely.” To cope with this feeling, 39 percent of Americans are spending less and budgeting more, followed closely by 25 percent of those who spend more frequently on everyday items.
Compared to last year, a good night’s sleep is “no longer sufficient” when it comes to feeling financially resilient.
The top three things that will make consumers feel more financially resilient in 2023 are financial information (55 percent, up from 48 percent); digital banking tools (47 percent, up from 39 percent); and advice from a financial advisor (36 percent, up from 29 percent) — edging out a good night’s sleep (30 percent, down from 43 percent).
One in three (33 percent) consumers are protecting themselves from making financial faux pas by “better identifying and prioritizing needs versus wants,” but with plans to spend more money on experiences or events, what constitutes a must-have versus a nice-to-have “may be changing,” KeyBank said.
“The last several years have taken a toll on individuals, impacting their financial and mental well-being,” Jamie Warder, head of digital banking at KeyBank, said. “Yet, despite all this, Americans find themselves much more mindful about money going into 2023.”
Methodology
Schmidt Market Research conducted the online survey. A total of 1,018 Americans — ages 18-70 with sole or shared responsibility for household financial decisions, who own a checking or savings account — completed the survey between Sept. 8 and Sept. 16, 2022.
The survey asked respondents about their financial attitudes, understanding, awareness, and actions over the prior year.
New CFO of Berkshire Bank parent begins his position
David Rosato — who served most recently as CFO of People’s United Financial, Inc., and prior to that as treasurer at Webster Financial Corporation — was set to join Berkshire on Feb. 6, as senior executive VP and CFO. In his new role, Rosato will serve as Boston–based Berkshire Hills Bancorp’s top financial leader. He
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.
David Rosato — who served most recently as CFO of People’s United Financial, Inc., and prior to that as treasurer at Webster Financial Corporation — was set to join Berkshire on Feb. 6, as senior executive VP and CFO.
In his new role, Rosato will serve as Boston–based Berkshire Hills Bancorp’s top financial leader. He will work closely with senior management to meet the banking company’s short and long-term objectives, regulatory requirements, and evaluate current and future operating performance. Rosato will report directly to Berkshire CEO Nitin Mhatre.
Previous Berkshire CFO Subhadeep Basu resigned last October for personal reasons and to subsequently pursue other career interests. In the interim, Senior VP and Chief Accounting Officer Brett Brbovic served as interim CFO while the banking company searched for a new permanent CFO. Brbovic will now return to his regular position, which he has held since 2015.
In all, Rosato brings more than 35 years of experience driving profitable growth within regional financial institutions. He spent the last 15 years with People’s United Financial, eight of those years as CFO. During his time at People’s United, the banking company grew from $14 billion in assets to more than $65 billion. Prior to that, Rosato worked at Webster Financial, including serving as its treasurer, and at M&T Bank Corp. He holds an MBA degree with a concentration in finance and a bachelor’s degree in business and economics from the University of Maryland.
Berkshire Bank has about $11.3 billion in assets and a community-based footprint of 100 financial centers in Massachusetts, New York, Vermont, Connecticut, and Rhode Island. Locally, Berkshire has branches in DeWitt, Rome, Whitesboro, New Hartford, North Utica, Ilion, and West Winfield.
Visions FCU plans to build a new branch office in Oneonta
ONEONTA, N.Y. — Visions Federal Credit Union (FCU) says construction will start soon on its first branch in Oneonta. The new office will be located in the WellNow Plaza at 5001 State Highway 23, Visions said in its Jan. 30 announcement. The new office will allow individuals and businesses to conduct banking services, apply for
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.
ONEONTA, N.Y. — Visions Federal Credit Union (FCU) says construction will start soon on its first branch in Oneonta.
The new office will be located in the WellNow Plaza at 5001 State Highway 23, Visions said in its Jan. 30 announcement.
The new office will allow individuals and businesses to conduct banking services, apply for loans, and work with experts in investments, Medicare, and insurance.
The Endwell–based credit union says even though it may be new to the Oneonta community, “hundreds of residents are already members.” The current Visions FCU branch office located closest to Oneonta is just under 25 miles away on State Highway 12 in Norwich.
“At Visions, we’re all about people, and I’m excited to help the people of Oneonta,” Ty Muse, president and CEO of Visions FCU, said in a statement. “It’s not just loans, though, it’s not just savings. Those are important, sure, but it’s about making connections and making lives better for everyone. It’s about financial wellness resources and community impact.”
Visions FCU says it is seeking individuals for immediate employment, offering competitive pay, a suite of benefits including health-care benefits, pensions, 401(k) match, and student-loan reimbursements. Interested candidates can visit visionsfcu.org/careers for more information about job opportunities.
Established in 1966, Visions FCU serves more than 230,000 members in communities throughout New Jersey, New York, and Pennsylvania.
Visions donates $50K to American Foundation for Suicide Prevention
ENDWELL, N.Y. — Visions Federal Credit Union says it has donated $50,000 to the American Foundation for Suicide Prevention (AFSP) as part of “The Big Give” of 2022. Created by Visions in 2021, “The Big Give” is an annual initiative to make an “outstanding” charitable contribution to organizations performing community service within Visions’ three-state footprint,
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.
ENDWELL, N.Y. — Visions Federal Credit Union says it has donated $50,000 to the American Foundation for Suicide Prevention (AFSP) as part of “The Big Give” of 2022.
Created by Visions in 2021, “The Big Give” is an annual initiative to make an “outstanding” charitable contribution to organizations performing community service within Visions’ three-state footprint, per its Jan. 5 announcement.
For this year’s contribution, representatives from Visions Cares traveled to five regional AFSP offices to present each chapter with a $10,000 donation.
Visions also shared the announcements live on social media along with statistics and facts that raise awareness of AFSP’s mission, “to save lives and bring hope to those affected by suicide.”
Visions’ support for AFSP highlights the organization’s “vital” mental-health services in communities throughout New Jersey, New York, and Pennsylvania.
“We are incredibly grateful for the donation,” Karen Heisig, area director of AFSP’s Greater Central NY Chapter, said in a statement. “It will go a long way in providing tangible resources to students, organizations, and those who have lost someone by suicide, as well as bringing prevention education programs to the communities AFSP serves.”
Recipients of The Big Give include AFSP chapters in Greater Central New York, Western New York, Hudson Valley/Westchester, New Jersey, and Eastern Pennsylvania, Visions said.
Syracuse Fire Department Employees FCU names new CEO
SYRACUSE, N.Y. — The board of directors of the Syracuse Fire Department Employees Federal Credit Union (SFDEFCU) announced it has promoted Roxane Bowering to be the credit union’s next CEO. “After an extensive search, the Board of Directors is pleased to announce the appointment of Ms. Bowering to this position. She brings a wealth of
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, N.Y. — The board of directors of the Syracuse Fire Department Employees Federal Credit Union (SFDEFCU) announced it has promoted Roxane Bowering to be the credit union’s next CEO.
“After an extensive search, the Board of Directors is pleased to announce the appointment of Ms. Bowering to this position. She brings a wealth of knowledge and experience to our credit union,” Charles Boynton, chairman of the SFDEFCU board of directors, said in the Jan. 3 announcement.
Bowering has worked in the credit-union industry for 26 years, most recently serving as the SFDEFCU director of operations. She has been with SFDEFCU for 22 years, serving in a range of roles, “most notably” as accounting manager for 10 years, the credit union said.
Bowering assumes the duties previously held by Andrea Thune, who no longer works at SFDEFCU, Tonia McDonald, the credit union’s marketing director, tells CNYBJ in an email.
Steven McGraw, an eight-year member of the SFDEFCU board of directors, served as interim CEO until Bowering was promoted to the president and CEO role in early January, McDonald adds.
Established in 1950, SFDEFCU primarily serves firefighters, Syracuse police, City of Syracuse employees, Syracuse Department of Public Works staff, and more, per its announcement.
Syracuse Fire Department Employees Federal Credit Union is located at 211 Wilkinson St. in Syracuse.
Pathfinder Bank appoints Fulton branch manager
FULTON, N.Y. — Pathfinder Bank says it has promoted Jennifer Kaljeskie to assistant VP, branch manager of its Fulton office, located at 5 W. First St. S. Kaljeskie joined Pathfinder Bank in 2020 as the assistant branch manager of the bank’s Central Square location. In her new role, Kaljeskie will be responsible for developing retail
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.
FULTON, N.Y. — Pathfinder Bank says it has promoted Jennifer Kaljeskie to assistant VP, branch manager of its Fulton office, located at 5 W. First St. S.
Kaljeskie joined Pathfinder Bank in 2020 as the assistant branch manager of the bank’s Central Square location. In her new role, Kaljeskie will be responsible for developing retail and commercial business and building relationships with the Fulton community, while overseeing and managing the branch’s day-to-day operations.
“We are pleased to acknowledge Jen with this promotion,” Robert Butkowski, first VP of branch administration and operations, said in a Jan. 20 announcement. “With her strong leadership skills and industry knowledge, we believe that she will continue to be a tremendous asset to
our organization and to the Fulton community. We look forward to watching her grow in this role.”
Prior to joining Pathfinder Bank, Kaljeskie worked at YMCA of Central New York as a corporate-wellness coordinator.
Pathfinder Bank is a state-chartered commercial bank headquartered in Oswego. It is a wholly owned subsidiary of Pathfinder Bancorp, Inc, (NASDAQ: PBHC) and has 11 offices located in its market areas that include Oswego and Onondaga counties.
Generations Bank promotes Humphreys to assistant VP
SENECA FALLS, N.Y. — Generations Bank announced it has promoted Jenny Humphreys to assistant vice president (AVP), in addition to her role as market manager of Seneca County. Humphreys will continue to manage two Generations Bank retail offices in Seneca County, including the flagship branch in Seneca Falls and the office on North Road 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.
SENECA FALLS, N.Y. — Generations Bank announced it has promoted Jenny Humphreys to assistant vice president (AVP), in addition to her role as market manager of Seneca County.
Humphreys will continue to manage two Generations Bank retail offices in Seneca County, including the flagship branch in Seneca Falls and the office on North Road in Waterloo. She was promoted to that market-manager position last August and has quickly earned the title of AVP, making her an officer of the bank, Generations Bank said in a release.
In her position, Humphreys manages a staff of universal bankers, services consumer deposit accounts and loans, and maintains the day-to-day operations of the two branches. Humphreys will also continue to help develop and grow business in the local area.
Since joining Generations Bank in 2016, Humphreys has held several job titles, including universal banker and business-development officer. She is also a notary public and licensed mortgage-loan originator — experienced in home-equity loans, mortgages, and consumer loans.
“Jenny has proven herself to be an invaluable member of our team. I have confidence that she will excel in her new role …, while continuing to make a positive impact on our local community,” AG Cutrona, SVP — director of growth and profitability at Generations Bank, said in the release.
Founded in 1870 and headquartered in Seneca Falls, Generations has nine branch offices in Seneca Falls, Auburn (2), Union Springs, Waterloo, Geneva, Phelps, Farmington, and Medina.
OPINION: A Lawmaker’s Impossible Task
I don’t remember when it first occurred to me after arriving in Washington, D.C. many years ago that at its heart, being a member of Congress meant never being entirely satisfied. And that this state of affairs is baked into our form of government. But despite moments of immense fulfillment, it remained a central tension
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.
I don’t remember when it first occurred to me after arriving in Washington, D.C. many years ago that at its heart, being a member of Congress meant never being entirely satisfied. And that this state of affairs is baked into our form of government. But despite moments of immense fulfillment, it remained a central tension throughout my time in office — as it has been for most legislators since the founding of the Republic.
Our founders were clear about what they expected from the leaders chosen to represent the American people. “Government is instituted for the common good…and not for profit, honor or private interest of any one man, family or class of men,” John Adams wrote. James Madison was just as direct, writing in The Federalist Papers that the goal of a constitution like ours should be to put in office people “who possess most wisdom to discern, and most virtue to pursue the common good of the society.”
Politicians run for office for many reasons — ambition, ego, anger at the status quo, a broad but undefined desire to serve… And for some, that ideal — pursuing the common good — is front and center. This holds true for many voters, too. I’ll never forget once running into an elderly woman at the polls in Indiana and asking her if she had voted. She responded by saying to me, “I vote for the candidate of my choice, but then I pray for the winner. I want him or her to work not just for the few, but for everyone.” That has always stuck with me as one of the healthiest attitudes toward politics I’ve ever heard expressed — and I’m confident plenty of voters feel the same way.
The problem, of course, is that there is no single definition of “the common good.” We live in a country that, instead, makes it possible for us to debate the question, to change our minds, to evolve, and to move forward when we can. But here’s the thing: The system is designed to make it hard to move forward unless enough people agree on an approach to command a majority. In other words, they have to be able to find enough common ground with others — even if they don’t like everything involved in a given piece of legislation — that they can prevail democratically.
This is not easy to do, as any legislator will tell you. For starters, of course, every member of Congress and legislator comes to the job with her or his own beliefs, attitudes, approaches, and red lines that can’t be crossed. Finding common ground among one’s own colleagues is hard enough.
And then there are the realities of the office: Constituents, party leaders, lobbyists, commentators — they all have their opinions, too. When I served in Congress, it was not unusual for me to have 15 appointments a day with people who wanted me to vote their way, often on some item involving the federal budget. Farmers came in to speak about farm programs, businesspeople to focus on business interests — their own and the economy in general — and religious or nonprofit leaders to lobby for support for their hard-pressed constituents. There was nothing sinister or malicious about any of this. It’s how the process of government works. But it makes the task of finding enough common ground to move forward extremely challenging.
So in the end, legislators are confronted with twin tasks: discerning and then pursuing the common good, and finding enough common ground with colleagues and the public at large to make progress possible. Their job is to find a way to do both: to think in terms of what’s best for the country or their state or city, and then to weigh each of the considerations and pleadings they confront in that light. It’s tough work and no solution ever feels perfect, but if you’re committed to the job, there is always another chance to edge closer to the ideal.
Lee Hamilton, 91, 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.
OPINION: It’s now or never for Congress to cut spending
Discretionary spending has risen by nearly $357 billion — a 26 percent jump to $1.7 trillion — since fiscal year 2019, according to data compiled by the White House Office of Management and Budget (OMB). This was in response to the COVID pandemic in 2020 and increases in transportation and defense spending. This includes a $90
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.
Discretionary spending has risen by nearly $357 billion — a 26 percent jump to $1.7 trillion — since fiscal year 2019, according to data compiled by the White House Office of Management and Budget (OMB). This was in response to the COVID pandemic in 2020 and increases in transportation and defense spending.
This includes a
$90 billion increase in defense spending (up 13 percent), a $29 billion rise in transportation (up 31 percent), a $44.5 billion increase in education spending (up 62 percent), and a $55 billion increase in health spending (up 62 percent).
That comes atop a $1 trillion increase in so-called mandatory spending to $4.1 trillion. That’s actually down from 2021, when it was $5.1 trillion, as much of the increased temporary COVID spending is coming to an end.
All told, that’s a $1.4 trillion increase in spending since 2019 to $5.8 trillion, from $4.4 trillion before the pandemic.
But believe it or not, that still does not include all the spending that was included in the 2022 additional budget measures in the so-called Inflation Reduction Act, with $369 billion for green-energy subsidies and tax credits, including $85 billion for electric-vehicle subsidies.
That represents a target-rich environment for House Republicans hoping to restore any semblance of fiscal sanity in Washington, D.C., as House Speaker Kevin McCarthy (R–Calif.) looks to leverage the national-debt ceiling, now set at $31.4 trillion.
U.S. Treasury Secretary Janet Yellen has previously warned that the U.S. debt ceiling would come due on Jan. 19, as so-called “extraordinary measures” of refinancing the debt up to the current limit have ensued since then.
The debt-ceiling legislation was last increased in December 2021 by $2.5 trillion when Democrats controlled both the House and the Senate, to accommodate these massive increases in spending.
Now, Republicans have the majority in the House, meaning they get a say just like in 2011, when they adopted discretionary spending caps, known as budget sequestration, that limited the growth of defense and non-defense discretionary spending. That saved hundreds of billions of dollars.
As a result, the budget deficit was brought from $1.3 trillion in 2011 all the way down to $441 billion in 2015, the year Republicans won back the U.S. Senate. From there, the practice was terminated, and the budget deficit again ballooned, reaching $983 billion by 2019.
That was before COVID. In 2020, the U.S. had a record $3.1 trillion deficit, according to data compiled by the White House OMB, $2.7 trillion in 2021, and $1.4 trillion in 2022.
All told, more than $6 trillion was printed, borrowed, and spent into existence to offset the global economic lockdowns that temporarily disabled labor markets’ functionality as citizens were told to remain in their households.
Now, with the 25 million jobs that were lost to COVID all recovered (16 million before Biden ever took office) and the unemployment rate down to 3.5 percent, whatever excuse there was for all the spending is gone. We don’t need it anymore.
And with another recession looming, thanks to all the inflation caused by all of the spending plus the production halts from COVID via economic lockdowns, and the further supply disruptions from Russia’s invasion of Ukraine, that means now is the time cut spending.
Already, House Speaker McCarthy has said he is open to this possibility, looking to freeze spending at 2022 levels. That means rolling back the green spending, as well as the stepped-up IRS enforcement, including the additional 87,000 IRS agents put in place by Biden and last year’s Democratic-controlled Congress, and creating another years-long plan to reduce the budget deficit to more sane levels.
In truth, with no other must-pass pieces of legislation coming up any time soon — Congress can keep kicking the can on appropriations with continuing resolutions — the reality is there is no other way. It’s now or never.
Robert Romano is the VP of public policy at Americans for Limited Government (ALG). The organization says it is a “non-partisan, nationwide network committed to advancing free-market reforms, private property rights, and core American liberties.”
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.