Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Hamilton’s Community Memorial adds cardiovascular nurse practitioner
HAMILTON, N.Y. — Community Memorial Hospital has added cardiovascular nurse practitioner Rebecca Dorn to the cardiology practice at Hamilton Family Health Center. “She brings a
JMA Wireless formally opens HQ, manufacturing facility just south of downtown Syracuse
SYRACUSE, N.Y. — JMA Wireless, a company specializing in 5G-wireless technology, on Thursday formally opened its new headquarters and manufacturing facility at 140 Cortland Ave.
Elmira home health aide sentenced for defrauding state workers’-comp. system
ELMIRA, N.Y. — An Elmira–based home health aide who was paid more than $6,000 to care for an elderly workers’-compensation recipient, but never showed up
Countryside and Northern Credit Unions plan to merge
WATERTOWN, N.Y. — The members of Countryside Federal Credit Union (FCU) are expected to vote on and approve a proposed merger with Watertown–based Northern Credit Union on Aug. 1. Countryside FCU is located at 5720 Commons Park Drive in DeWitt. The proposed combination “will be finalized in the fall following an anticipated positive vote” by
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.
WATERTOWN, N.Y. — The members of Countryside Federal Credit Union (FCU) are expected to vote on and approve a proposed merger with Watertown–based Northern Credit Union on Aug. 1.
Countryside FCU is located at 5720 Commons Park Drive in DeWitt.
The proposed combination “will be finalized in the fall following an anticipated positive vote” by the Countryside membership, per a June 21 news release on the website of Northern Credit Union.
Both credit unions say they see their anticipated merger as one “that will result in greater financial advantages for the area communities served.” It would result in 10 offices in Northern and Central New York.
“This merger partnership will secure our long-term viability for our membership,” Ben Gasser, CEO of Countryside FCU, said in a statement.
The board of directors of each credit union, the National Credit Union Association (NCUA), and the New York State Department of Financial Services (DFS) have unanimously approved this partnership, according to merger details listed on both credit unions’ websites.
Northern Credit Union said it plans to retain the employees of both credit unions. As part of the transition, Countryside will convert to a state-chartered credit union. The Countryside name will be preserved, as a division of Northern Credit Union, per the release.
“When two healthy credit unions such as Northern and Countryside unite, it strengthens our ability to thrive and deliver better financial solutions to our member-owners,” Dan St. Hilaire, president and CEO of Northern Credit Union, contended.
St. Hilaire is set to lead the combined credit union along with the senior leadership team of both credit unions. Countryside’s Gasser is expected to stay on through the merger process and then “plans to pursue other career interests” after more than 11 years of service to the credit union.
Northern’s existing Watertown office will serve as the main office. The combined credit union will have more than $609 million in assets and serve more than 41,000 members.
About the credit unions
Northern Credit Union provides financial services to anyone who lives, works, worships, or regularly conducts business in Jefferson, Lewis, St. Lawrence, Oswego, Clinton, Franklin, Onondaga, and Madison counties. It serves more than 36,000 members.
Countryside FCU offers financial services to anyone who lives, works, worships, or regularly conducts business in Onondaga County. Its only office is the DeWitt location. Countryside serves nearly 5,000 members and has more than
$167 million in assets.
Countryside has been serving members since 1941 when it was chartered as the GLF (Grange League Federation) Employee Federal Credit Union in Ithaca.
In 1964, following mergers within the agricultural community, it began to serve Agway employees. Two years later, GLF Federal Credit Union became Agway Employees Federal Credit Union.
In 1991, the credit union’s name was changed to Agway Federal Credit Union, a reflection that membership had expanded to the broader community and that most members were not Agway employees. In January 1995, the credit union separated from Agway Inc. and became Countryside Federal Credit Union, a “further reflection” of its expanded member base.
Fulton Savings Bank’s former CEO honored by OOC
OSWEGO, N.Y. — Operation Oswego County Inc. (OOC) recently recognized Michael J. Pollock with the Martin Rose Economic Developer Merit Award during the OOC annual meeting held in mid-June. Pollock, now retired, previously served as president and CEO of Fulton Savings Bank. OOC said it honored Pollock “in recognition and appreciation of his outstanding record
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, N.Y. — Operation Oswego County Inc. (OOC) recently recognized Michael J. Pollock with the Martin Rose Economic Developer Merit Award during the OOC annual meeting held in mid-June.
Pollock, now retired, previously served as president and CEO of Fulton Savings Bank.
OOC said it honored Pollock “in recognition and appreciation of his outstanding record of exhibiting leadership, expertise, support and cooperation in advancing economic and community development efforts that have enhanced the business climate and quality of life in Oswego County and in Central New York.”
The award acknowledged Pollock’s 41 years in the financial-services industry and for serving as president and CEO of Fulton Savings Bank for 28 years, representing the longest-serving president in the bank’s more than 150-year history.
Besides his work duties, Pollock also served numerous boards and organizations that include United Way, Oswego Harborfest, Fulton Jazz Festival, CNY Art Center, Fulton Public Library, Oswego County Catholic Charities, Fulton YMCA, Cayuga Community College Foundation, Oswego County Goals 2000, and the Fulton Downtown Revitalization Initiative (DRI) planning committee.
He also served for 20 years on the board of directors of Operation Oswego County, the economic-development organization said.
Having celebrated its 150-year anniversary in 2021, Fulton Savings Bank is the city’s oldest, locally owned, longest-standing business, according to The Friends of History in Fulton, Inc. The bank has offices in the Fulton, Baldwinsville, Phoenix, Central Square, Brewerton, and Constantia areas.
Pollock retired from Fulton Savings Bank at the end of 2021 and was succeeded by Pamela D. Caraccioli in the bank’s top-executive roles.
Visions Federal Credit Union’s COO Butler retires
ENDWELL, N.Y. — Ed Butler, executive VP and chief operating officer (COO) of Visions Federal Credit Union, has retired after 42 years with the organization. Butler started working for Visions on July 8, 1980 and retired on July 8 of this year, per the credit union’s July 18 news release. Butler began his career with
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. — Ed Butler, executive VP and chief operating officer (COO) of Visions Federal Credit Union, has retired after 42 years with the organization.
Butler started working for Visions on July 8, 1980 and retired on July 8 of this year, per the credit union’s July 18 news release.
Butler began his career with Visions as a teller and worked his way “through the ranks,” primarily focused on lending, supervision, and operations.
During his time as EVP/COO, Butler provided oversight and strategic planning for most departments within Visions. Those departments include human resources, information technology, business performance, governmental affairs, and member experience.
Earlier this year, the New York Credit Union Association (NYCUA) recognized Butler as Professional of the Year, commending his “exemplary commitment to the credit union mission of people helping people,” Visions said.
“It’s been a joy working with Ed,” Ty Muse, president and CEO of Visions, said in the release. “He has a great attitude and knows how the business works, inside and out. I give him a lot of credit for where we are today and where we’re headed as an organization.”
As a representative of Visions in the community, Butler has served on the board of directors of several community organizations and committees, including the Tioga County Chamber of Commerce. He has also attended the Credit Union National Association (CUNA) Governmental Affairs Conference for more than 10 years, where he supports the credit-union movement through political advocacy in Washington, D.C.
Tompkins Financial to pay Q3 dividend of 57 cents
ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) announced that its board of directors has approved payment of a regular quarterly cash dividend of 57 cents a share for the third quarter. The dividend is payable on Aug. 12, to common shareholders of record on Aug. 2. It is the same amount that the Ithaca–based
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.
ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) announced that its board of directors has approved payment of a regular quarterly cash dividend of 57 cents a share for the third quarter.
The dividend is payable on Aug. 12, to common shareholders of record on Aug. 2. It is the same amount that the Ithaca–based banking company paid in each of the past three quarters.
At Tompkins Financial’s current stock price, the dividend yields about 3 percent on an annual basis.
Tompkins Financial separately announced that it generated net income of $20.9 million in the second quarter of this year, down 8.6 percent from $22.8 million in the same quarter in 2021. The decline was primarily attributable to a $3.9 million pretax variance in provision for credit losses, which was an expense of $856,000 in 2022, compared to a credit of $3.1 million in 2021, Tompkins said.
The banking company produced earnings per share of $1.45 in the second quarter, off 5.8 percent from $1.54 in the year-prior period.
Tompkins Financial is a banking and financial-services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Tompkins Financial is parent to Tompkins Community Bank, Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors.
Community Bank’s Penny named to AHA’s Syracuse Advisory Board
DeWITT, N.Y. — Community Bank N.A. announced that its VP and director of marketing, Dara Penny, has been appointed to the American Heart Association’s (AHA) Syracuse Advisory Board. In this new role, Penny will help drive AHA’s “mission for a world of longer, healthier lives through fundraising, advocacy, and volunteer efforts.” Penny, who has been
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.
DeWITT, N.Y. — Community Bank N.A. announced that its VP and director of marketing, Dara Penny, has been appointed to the American Heart Association’s (AHA) Syracuse Advisory Board.
In this new role, Penny will help drive AHA’s “mission for a world of longer, healthier lives through fundraising, advocacy, and volunteer efforts.”
Penny, who has been with Community Bank for 11 years, is a part of the bank’s internal activities committee to help plan corporate volunteer and donation efforts to various organizations, including Food Bank CNY, CNY Diaper Bank, Habitat for Humanity and Samaritan Center. She also serves on the Rosamond Gifford Zoo Fund Development Committee.
“The AHA is more than just their Go Red for Women or heart-walk initiatives. They do so much right here in the CNY community, including improving nutrition security, raising awareness around the need to improve your blood pressure, working toward eliminating tobacco and vaping, and working with our local youth on physical and emotional well-being,” Penny said in a release. “They are really hitting the pockets within our CNY community that need support: youth, health equity, nutrition — it’s an organization that is easy to stand behind and advocate with.”
Penny earned her bachelor’s degree from SUNY Geneseo and became a certified financial marketing professional in 2021.
sfcu cuts ribbon on newest branch, makes plans for more locations
SIDNEY, N.Y. — With many new projects and initiatives underway, Sidney Federal Credit Union (sfcu) took time out recently to celebrate the grand opening of its Amsterdam branch, which opened in the fall of 2021 during the pandemic. CEO Jim Reynolds calls the branch the next evolution in personal banking. Instead of the traditional teller
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.
SIDNEY, N.Y. — With many new projects and initiatives underway, Sidney Federal Credit Union (sfcu) took time out recently to celebrate the grand opening of its Amsterdam branch, which opened in the fall of 2021 during the pandemic.
CEO Jim Reynolds calls the branch the next evolution in personal banking. Instead of the traditional teller line, the office features personal teller pods for one-on-one member service. Instead of traditional ATMs, the branch has an iTM (interactive teller machine) that has integrated video capabilities, allowing a member to summon a representative virtually if needed. Even the coin machine at the branch is linked to member accounts so it can automatically deposit their change after counting it.
“We had a great turnout,” Reynolds says of the July 15 event, which gave bank representatives an opportunity to show off what they have dubbed a “concierge” branch. Principle Design Engineering, PLLC of Norwich was the project architect. Gabriel Contractors of Amsterdam, Inc. served as the paving contractor. Albany–based AOW Associates, Inc. was the general contractor.
Earlier this year, sfcu expanded its field of membership to include Onondaga, Cortland, Essex, and Hamilton counties. The credit union also serves Chenango, Delaware, Fulton, Madison, Montgomery, Otsego, and Schoharie counties, along with portions of Broome, Oneida, and Herkimer counties.
Between the new branch in Amsterdam and the expanded field of membership, sfcu membership numbers have grown, Reynolds said. The credit union has added more than 2,000 new members since April and currently has just over 62,000 members. Reynolds credits sfcu’s value proposition with helping that growth. The credit union has very low fees when it can’t avoid fees altogether and offers competitive rates, he notes.
Still, it can be a challenge attracting new members without some sort of physical presence in the marketplace. That’s why sfcu is currently researching location options in Onondaga County, he says.
“We’re looking for a location for a financial wellness center,” Reynolds said. It will house a small retail banking center and also serve as a financial education and training seminar location for the community, as well as a touchpoint for employees in the area to meet up. “Having that will strengthen our opportunities,” he says.
Reynolds is hopeful the credit union can find a location by the end of this year and get to work on it next year. In the meantime, sfcu has come up with another way to be present in the Onondaga County market.
“We’re going to do a pop-up branch in that area in August,” he says. The pop-up will give people a chance to stop and talk to someone face-to-face and learn more about sfcu.
The credit union is also busy working on its Oneida branch, which will open at the five corners intersection near Walmart. Reynolds is hopeful the branch will be ready later this year.
Along with the new iTM machine, the Oneida branch will also feature a new marketing concept for sfcu. A three-dimensional version of the credit union’s logo, complete with the tree, will make up the canopy that covers the drive-thru lanes. “The logo with the tree is the canopy you drive under,” Reynolds says. The canopy should be highly visible to passing motorists, too, he adds. “It’s almost like a billboard.”
The credit union is working with NewGround, a St. Louis–based firm that specializes in planning, designing, and building branded spaces for financial institutions, organizations, and retailers.
For those who don’t need a physical office, sfcu also launched a completely virtual branch last fall.
“We’ve got a lot in the works,” Reynolds notes, but it’s all about being able to meet members where they are and provide what they need.
The credit union currently employs about 190 people, a figure Reynolds expects to grow by about 10 over the next two years to support the new branches and expanded field of membership.
With headquarters in Sidney, sfcu has 10 branches located in Sidney, Oneonta (2), Greene, Norwich, Walton, Delhi, Hancock, Bainbridge, and Amsterdam. With $717 million in assets, sfcu (www.sfcuonline.org) is a full-service financial institution.
NBT Bancorp profit dips slightly in Q2
NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) reported that its second-quarter net income dropped to $37.8 million, or 88 cents a share, from $40.3 million, or 92 cents per share, in the year-ago quarter. Net interest income recognized in this year’s second quarter from the federal Paycheck Protection Program (PPP) was about $1.3 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.
NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) reported that its second-quarter net income dropped to $37.8 million, or 88 cents a share, from $40.3 million, or 92 cents per share, in the year-ago quarter.
Net interest income recognized in this year’s second quarter from the federal Paycheck Protection Program (PPP) was about $1.3 million, down sharply from $4.7 million in the second quarter of 2021, reflecting higher levels of loan forgiveness in the prior year. Excluding the impact of PPP loan-income recognition, NBT’s net interest income in the second quarter of 2022 improved in comparison to the same period last year, the banking company noted in its July 25 earnings report. That was mainly due to loan growth, incremental deployment of excess liquidity into investment securities, and increases in the Federal Reserve’s targeted Federal Funds rate.
NBT recorded a provision for loan losses of $4.4 million in the second quarter, compared to a net benefit of $5.2 million in the same quarter in 2021.
“We are very pleased with our operating results for the second quarter and first half of 2022, which reflect continued organic loan growth and solid performance by our fee-based businesses,” NBT President and CEO John H. Watt, Jr. said in the earnings report. “With the increases in the targeted Fed Funds rate in the quarter, we experienced the benefits of an asset-sensitive balance sheet. Our asset quality continues to be excellent, with historically low levels of net charge-offs and nonperforming assets. Given our strong loan growth and increased uncertainty surrounding the domestic macro-economic outlook, we did add to our loan loss reserves at quarter end.”
NBT had total loans of $7.78 billion as of June 30, up from $7.52 billion a year earlier. PPP loans totaled $17.3 million, compared with $359.7 million in the second quarter of 2021. During the second quarter of this year, NBT saw $36.7 million of PPP loans forgiven.
Total deposits as of June 30 were $10.03 billion, up from $9.79 billion for the same period a year ago, but down from $10.23 billion on Dec. 31,2021.
NBT’s board of directors approved a 2 cent, or 7.1 percent, increase in its quarterly dividend paid to shareholders. The banking company will pay a third-quarter cash dividend of 30 cents per share on Sept. 15 to shareholders of record as of Sept. 1.
“The increase reflects the continued strength of both our current operating performance and capital position,” Watt said.
Acquisition
On June 30, NBT’s insurance unit — NBT Insurance Agency, LLC — entered into an asset-purchase agreement with Harrison A. Rogers Agency, Inc. to acquire all the assets of the small personal and commercial-lines property and casualty insurance agency based in the town of Norfolk in St. Lawrence County. The move will expand NBT’s insurance territory into northern New York, where NBT Bank already has an established presence. The transaction should close sometime during the third quarter. No financial terms were disclosed.
NBT Bancorp is a financial holding company based in Norwich with total assets of $11.7 billion as of June 30. The company operates through NBT Bank, N.A., a full-service community bank, and through two financial-services companies. NBT Bank has 140 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. Rochester–based EPIC Retirement Plan Services is a benefits-administration firm. NBT Insurance Agency, based in Norwich, is a full-service insurance agency.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.