Syracuse startup wins grand prize in FuzeHub contest

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A Syracuse startup captured the grand prize and two others also secured funding in FuzeHub’s commercialization competition held Oct. 25-26 at the Buffalo Niagara Convention Center. Farm to Flame Energy Inc. won the grand prize of $150,000, while Caraspace Analytics and Envisions Biopolymers LLC each won a $50,000 investment in the competition. They were among a dozen […]

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A Syracuse startup captured the grand prize and two others also secured funding in FuzeHub’s commercialization competition held Oct. 25-26 at the Buffalo Niagara Convention Center.

Farm to Flame Energy Inc. won the grand prize of $150,000, while Caraspace Analytics and Envisions Biopolymers LLC each won a $50,000 investment in the competition.

They were among a dozen finalists participating in the competition.

FuzeHub, an Albany–based nonprofit, works at helping small and mid-sized manufacturing companies in New York state. FuzeHub is the statewide New York Manufacturing Extension Partnership (MEP) program center, supported by Empire State Development’s Division of Science, Technology & Innovation.

The competition, part of FuzeHub’s Jeff Lawrence Innovation Fund, is in its sixth year. The finalists pitched their ideas before a live audience for the chance to win prizes.

Besides the entrepreneurs from Syracuse and Binghamton, the additional finalists include startups from Albany, Mechanicville, Poughkeepsie, two from Rochester, Amsterdam, the Bronx, and Brooklyn, FuzeHub said.

“These 12 finalists represent a wide variety of industries, supporting the idea that this is the best time for innovation in every aspect of manufacturing,” Elena Garuc, executive director of FuzeHub, said in a release. “From improved health care to energy generation and storage, and a general regard for environmental sustainability, you will find an interesting project in this round no matter what your background is.”

The Jeff Lawrence Innovation Fund, which has more than $1 million annually, supports a set of activities designed to spur technology development and commercialization across New York. FuzeHub is administering this fund as part of its role as the Empire State Development designated statewide MEP center.

The late Jeff Lawrence served as executive VP and MEP center director at the Center for Economic Growth, the MEP affiliate in the Capital Region, per FuzeHub.

About the Syracuse firms

Farm to Flame Energy of Syracuse repurposed a steam turbine to generate electricity through a smokeless, odorless, and portable biomass electricity-generation process. It uses pulverized feed stocks as biomass to achieve a thermal efficiency of 98 percent, against the traditional biomass thermal efficiency of 78 percent.

Carapace Analytics of Syracuse is ready to scale its existing automated mobility assessment, which measures users’ fall risk. This project includes investment-technology infrastructure and sensors.

Envision Biopolymers LLC of Syracuse will provide a waste-to-bioplastic platform technology for chemical suppliers to the pulp and paper-based food-packaging industry.

NBT looks to build on solid third quarter with growth

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NORWICH, N.Y. — In spite of a volatile interest-rate environment, NBT Bancorp Inc. (NASDAQ: NBTB) reported third-quarter net income of $39 million, or 90 cents per share. That’s up more than 4 percent from $37.4 million, or 86 cents a share, in the year-ago quarter. The quarter was marked not only with rising interest rates,

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The quarter was marked not only with rising interest rates, but also with other macroeconomic conditions that made things challenging, John H. Watt, Jr., president and CEO of NBT Bancorp, parent of NBT Bank, told investors and analysts in an Oct. 26 conference call.

“We are extremely pleased with our results for the third quarter of 2022,” he said. The banking company is even more excited for what the future holds, especially in the wake of what Watt described as Micron Technology’s “transformational investment” in the Central New York region.

Micron announced in early October that it would build a chip-manufacturing facility in Clay, creating 9,000 jobs over the next decade. On top of that, Watt said the project could generate up to 40,000 additional indirect jobs in supporting industries. Additionally, the state will invest $200 million in road and other infrastructure improvements. All of that activity bodes well for NBT, he said.

“We are at our best when we are playing our long game,” Watt told investors when asked by analyst Alex Twerdahl from Piper Sandler to elaborate on how NBT will benefit from Micron. “This is a long game that we intend to be involved in for a very long time.”

From having business-banking relationships with contractors that will vie for state bids on the infrastructure projects to its residential-mortgage product offerings and branches throughout the region, NBT is ready, to be a major partner in the growth Micron will bring, Watt says.

“Our franchise is uniquely positioned to play a role in the growth that is being created in the upstate New York chip corridor running through our core markets from greater Syracuse to the Mohawk Valley and Capital District,” Watt said.

Other financial highlights of the third quarter included a 21.6 percent year-over-year increase in net interest income to $94.5 million. The gain stems primarily from higher yields on earning assets and in spite of a $1 million decrease in net interest income from the Paycheck Protection Program to $300,000.

Non-interest income was $37.3 million, down $3.1 million from a year ago. Card-services income had a $3.8 million impact from NBT being subject to the statutory price-cap provisions of the Durbin Amendment to the Dodd-Frank Act, which caps debit-card interchange fees for banks with more than $10 billion in assets.

NBT’s subsidiary, NBT Insurance Agency, LLC, completed its acquisition of substantially all the assets of Harrison A. Rogers, Inc., during the quarter. The move, announced earlier this year, expands NBT’s insurance reach into the northern New York market where the company has an established presence through NBT Bank.

Through Oct. 31, NBT Bancorp’s stock price was up 23 percent year to date, compared to the overall stock market’s 19 percent decline in the same period, as measured by the benchmark S&P 500 Index.

NBT Bancorp, with $11.64 billion in total assets, is the holding company for NBT Bank, with 140 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut; EPIC Retirement Plan Services, a Rochester–based benefits-administration firm; and NBT Insurance Agency, LLC, a full-service insurance agency.

N.Y.’s closed home sales fell nearly 13 percent in September

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ALBANY, N.Y. — New York realtors sold 12,057 previously owned homes in September, down 12.6 percent from the 13,797 homes sold in the year-ago month. Pending sales in September fell more than 11 percent, likely foreshadowing further declines in closed home sales in the next couple months. That’s according to the New York State Association

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Canadian company plans job expansion at Binghamton plant

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BINGHAMTON, N.Y. — With an infusion of investor cash, CMP Advanced Mechanical Solutions of Canada is reequipping its Binghamton plant to better match the industries it serves and will create new jobs in the process. The company opened the Binghamton location in 2006 and primarily performed work for the semiconductor industry, says Jarrod Connolly, director

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The company opened the Binghamton location in 2006 and primarily performed work for the semiconductor industry, says Jarrod Connolly, director of program management for the Quebec–based company.

“Over the past few years, we’re starting to retool Binghamton a little bit,” he says. These days the plant primarily serves the energy storage container market. “We’ve made some significant investments in some equipment.”

That new equipment includes a large new form-factor production line for large-format machining and weldment construction of energy storage containers at the 250,000-square-foot plant at 90 Bevier St. CMP is also investing in new automated technology.

With the strong growth happening in the energy storage market, CMP is growing fast, Connolly says. The company will add anywhere from 75-150 employees over the next three to five years, he says. The plant currently employs 140 people.

“As we grow, there will definitely be opportunity in all sections of the business,” Connolly says. To fill those jobs, CMP’s human resources department is developing a strategy to recruit people. He expects the strategy will include traditional job listings, as well as efforts like job fairs and meeting with area schools and colleges.

Positions include welders, assemblers, programmers, engineers, and material handlers. “We try to develop each of our employees,” Connolly notes. The company works with each employee to create a career-development path that includes cross training and cross functionality. That way, he says, the employee gains skills and the company adds valuable employees that can work in various roles. While the primary market is energy storage, CMP also supports the capital equipment, security, and light-rail markets from its Binghamton facility.

CMP’s funding for the upgrades comes from a new partnership with Fonds de solidarite FTQ, which recently became a minor shareholder in the company. The Quebec investment company has 734,580 shareholders and invests in efforts to help develop a green economy. It has $18.3 billion in assets and has invested in more than 3,400 companies.

“It gives us the resources to invest in the technology to retool our factories,” Connolly says of the deal with Fonds de solidarite FTQ. CMP did not disclose terms of the investment, and Connolly did not say how much his company is spending in Binghamton.

CMP Advanced Mechanical Solutions also has plans to open a zero-carbon plant near Quebec by 2024. The company’s blueprint going forward is to support an environmentally friendly manufacturing model.

The company focuses on manufacturing for what it calls “disruptive industries” that push innovation – energy storage, warehouse automation, security, light rail, and transport. CMP designs, engineers, and manufactures mechanical, sheet metal, and machined systems and enclosures for those markets. Between its two manufacturing facilities, CMP employs 650 people.

Visions FCU opens contact center in Reading, Pennsylvania

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Visions Federal Credit Union (FCU) has recently opened a new contact center in Reading, Pennsylvania. Employees at the new site assist with remote-banking services, including phone transactions, loan applications, and Live Chat instant messaging for members using digital banking and other financial services in both English and Spanish. Visions FCU, which is headquartered in Endwell

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New JPMorgan Chase CNY community manager offers financial education

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SYRACUSE, N.Y. — Matthew Eaton sums up his position at JPMorgan Chase simply. His job is to make a difference in the community. Eaton joined JPMorgan Chase this past April as its community manager for the Central New York region. The role is part of the bank’s $30 billion racial equity commitment to drive inclusive

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SYRACUSE, N.Y. — Matthew Eaton sums up his position at JPMorgan Chase simply. His job is to make a difference in the community.

Eaton joined JPMorgan Chase this past April as its community manager for the Central New York region. The role is part of the bank’s $30 billion racial equity commitment to drive inclusive economic growth among Black, Hispanic, and Latino communities and close the racial wealth gap.

It’s about removing inequities, especially in minority communities, to help grow generational wealth, according to Eaton. “We don’t push products,” he says. “What we push is understanding and education.”

In many of those communities, access to resources for financial education just aren’t there, Eaton says. His job is to provide them. He does this by building relationships with individuals and also with nonprofit and community organizations. Eaton also hosts workshops, free and open to the public, on topics like budgeting, first-time homebuying, and buying a vehicle to help teach people how to set and reach financial goals. Financial education is essential to breaking down economic barriers, he says.

Many people in minority communities lack trust in banks for various reasons. “Part of my job is going in and saying, ‘Hey, I’m not the bad guy,’ “ Eaton says. “My job is literally to educate, to build a relationship, and to build trust.”

Providing financial education is only going to be more important going forward, he says, as Micron Technology joins the region. The Boise, Idaho–based company announced in early October it will build a chip-fabrication plant in Clay, creating more than 9,000 jobs over the next 20 years.

For many employees, the job they land at Micron could be the best paying position anyone in their family has ever had, Eaton says. It’s crucial to provide a good foundation in financial education across the community so people know how to manage that money once they start earning it, he says.

He’s already working with Oneida-Cortland-Madison BOCES, where he’s leading a six-part series of classes teaching financial basics to students. He also has a Nov. 15 home-lending workshop planned at JPMorgan’s James Street location.

Since taking the role in April, Eaton has learned the biggest part of his job is listening — to people and to organizations, and hearing what they really need and what he can do to help out.

The Syracuse native has more than a decade of experience in the banking industry. Prior to joining JPMorgan Chase, Eaton worked for HSBC, continued on through mergers with First Niagara and KeyBank, and also worked at AmeriCU Credit Union and Citizens Bank. However, as a business banker, he felt like his job was bound to performance goals.

“You don’t get that with this job,” he says. “You are bound to making a difference in your community.”

Eaton says he is personally drawn to the role because his family lived through financially tough times in the 1990s when his parents were laid off from their jobs. They hadn’t really been educated about saving and budgeting, he recalls, and it was a difficult period for his family. Now, it’s a personal passion of his to help other families avoid that fate.

In the seven months he’s been on the job, Eaton has hosted about 27 events. “I’ve reached over 400 people with financial seminars,” he says.

Eaton has fostered partnerships with about two dozen organizations around the community and serves on several boards including the YMCA of Central New York.

New York’s Tioga County part of expanded territory for Corning’s First Heritage FCU

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CORNING, N.Y. — New York’s Tioga County is now part of the expanded territory of First Heritage Federal Credit Union (FCU), which is headquartered in Corning. First Heritage FCU on Sept. 28 announced it is expanding its field of membership into eight additional counties throughout New York and Pennsylvania. The newly enlarged field of membership

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ICAN uses AmeriCU gift for Children’s Museum gift shop

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UTICA, N.Y. — AmeriCU presented $150,000 to Integrated Community Alternatives Network (ICAN) to support a new gift shop for the Children’s Museum which will be located in ICAN’s Family Resource Center. “The gift shop is an important area located in the glass rotunda, which is being constructed right now. It will be a place where

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Empower FCU appoints King as DEI officer

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SYRACUSE, N.Y. — Empower Federal Credit Union (FCU) recently announced it has hired Ebony King as the credit union’s diversity, equity, and inclusion (DEI) officer. In this new role, King is responsible for the development, implementation, and oversight of Empower’s DEI strategy. She will also identify and support DEI priorities for the nonprofit and work

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SYRACUSE, N.Y. — Empower Federal Credit Union (FCU) recently announced it has hired Ebony King as the credit union’s diversity, equity, and inclusion (DEI) officer.

In this new role, King is responsible for the development, implementation, and oversight of Empower’s DEI strategy. She will also identify and support DEI priorities for the nonprofit and work to “translate them into practical and actionable solutions,” per an Empower release.

Internally, she will partner with Empower’s leadership team to “support a culture that promotes staff engagement and commitment to enhance the employee experience.” In addition, she will implement a DEI knowledge-building strategy to educate and raise awareness for leadership, staff, and partners.

King has more than 16 years of experience in the field of diversity, equity, and inclusion, most recently serving as the diversity and inclusion specialist for Office of Diversity and Inclusion (ODI) at Syracuse University.

In that role, she led and facilitated ODI diversity, equity, and inclusion training and workshops. King also implemented the ODI workshop program and served as office liaison to campus departments, offices, committees, and programs.

She also conducted diversity and inclusion presentations, facilitated dialogue on race and ethnicity, and communicated with various programs across the university. King’s prior positions include serving as director of multicultural engagement and senior director of diversity and inclusion for Buena Vista University in Iowa, Empower said.

King is from the Bronx borough of New York City. She received her bachelor’s degree in social work with a minor in psychology, as well as a master’s degree in higher-education administration, from Syracuse University. King also received a diversity and inclusion certificate from Cornell University.

“We are excited to have Ebony join our team in the role of the Diversity, Equity, and Inclusion Officer,” Erin Fuller, senior VP/chief administrative officer at Empower FCU, said in the release. “This new position is vital to the success of our company.”

Empower Federal Credit Union, based in Syracuse, is a full-service financial institution that provides savings, loans, and other financial products to members in Central New York, and in eight counties throughout New York state. The credit union has grown over the years through a combination of organic growth and mergers — the largest of which was the 2007 combination between Power and Empire FCUs to create Empower FCU.

Pathfinder Bank names residential mortgage team leader

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OSWEGO, N.Y. — Pathfinder Bank recently announced it has appointed Joleen DiBartolo as residential mortgage team leader and banking officer. In this role, DiBartolo will manage Pathfinder Bank’s residential lending sales team. In addition, she will originate mortgage loans, promote Pathfinder Bank to the local real-estate market, and help identify and serve the community’s needs.

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