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

First Source FCU donates to support young entrepreneurs
NEW HARTFORD, N.Y. — First Source Federal Credit Union (FCU) recently awarded $5,000 to Mohawk Valley Community College Foundation, Inc. to support the college’s Young Entrepreneurs Academy (YEA!). This latest award brings First Source’s total financial support for the program to $30,000, since its inception 11 years ago. “MVCC and the YEA! program continue 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.
NEW HARTFORD, N.Y. — First Source Federal Credit Union (FCU) recently awarded $5,000 to Mohawk Valley Community College Foundation, Inc. to support the college’s Young Entrepreneurs Academy (YEA!).
This latest award brings First Source’s total financial support for the program to $30,000, since its inception 11 years ago.
“MVCC and the YEA! program continue to amaze,” Pam Way, community relations supervisor at First Source FCU, said in a news release. “We’ve seen first-hand the skills, confidence, college these students gain. First Source gives back to the community in many facets, but education is always held in high regard at the credit union this is such a great way to educate through real-world business scenarios.”
YEA! is an after-school program for students in grades 6-12 that takes them through the process of starting and running their own businesses, transforming them into real and competent entrepreneurs. Students work in close cooperation with local business leaders, community members, and educators to develop ideas and goals, write business plans, pitch ideas to potential investors, obtain funding, develop their brand identity, and more.
The program’s goal is to help students embrace their passion and talents and launch a venture to develop a stronger and more diverse small business community in the region.
“MVCC Foundation is pleased and proud to continue this fantastic opportunity for students to become real life entrepreneurs with the continued support of First Source Federal Credit Union,” Deanna Ferro-Aurience, executive director of institutional advancement and the MVCC Foundation, said. “Exposing middle and high school students to the day-to-day tests and successes of running their own business is a valuable experience.”
MVCC has hosted the Young Entrepreneurs Academy for 11 years. The program is offered in 168 communities across America.
First Source Federal Credit Union serves more than 50,000 members with branches in New Hartford, South Utica, North Utica, Herkimer, and Rome.

Banker discusses changes in commercial real-estate market
But what does a post-pandemic environment look like for bankers, real-estate professionals, property owners, and commercial renters? That depends on a variety of factors, says Lindsay Weichert, senior VP, commercial banking group manager at Community Bank, N.A. in DeWitt, but changes are definitely happening. Some of the biggest changes are in the office sector, which
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.
But what does a post-pandemic environment look like for bankers, real-estate professionals, property owners, and commercial renters? That depends on a variety of factors, says Lindsay Weichert, senior VP, commercial banking group manager at Community Bank, N.A. in DeWitt, but changes are definitely happening.
Some of the biggest changes are in the office sector, which is going through a bit of a weakening period as many people continue working from home, at least some of the time, and office space isn’t as in-demand.
During the pandemic, businesses learned “workers can be productive and get their job done from home,” she says. That is evidenced by the national office vacancy rate hovering between 16 percent and 18 percent, she adds.
“It’s been steadily ticking up over time,” Weichert says of the rate. In fact, when you factor in the number of companies putting out space for sub-lease, the true vacancy rate is probably closer to 20-22 percent.
During the pandemic when companies didn’t know how things were going to shake out, the sector saw a lot of short-term lease extensions, Weichert says. Now, companies have a much better idea what they need, not only in terms of space but also of what they need included in that space, which on average is only 45 percent occupied by employees.
“Tenants are taking the opportunity to retrench and really understand their needs,” she says. That means smarter use of space, new leases, and “cool perks” like couches, bookshelves, and even fireplaces, according to Weichert. “That’s kind of a trend that’s going on. Making the workspace a little homier.”
That means property owners need to get a little more competitive to land tenants.
On the other end of the spectrum, the retail sector, which Weichert says has been overbuilt since the 1970s, is rebounding nicely with a vacancy rate of about 6 percent. New store openings currently exceed store closings, she adds.
The hotel sector is perhaps the slowest to recover, according to Weichert, and is still in the recovery phase. While travel has bounced back to pre-COVID levels, it remains primarily on the leisure side.
“The business travel … as well as group demand, that’s been a little slower to return,” she says.
What does this all mean for commercial lending? The pipeline is slowing down, especially when rising interest rates and increased costs for materials and supplies are factored in, Weichert says.
However, Micron Technologies and its semiconductor plant could change things, she notes, with things needing to be built in a hurry.
Housing will be high on that list, and developers are already getting sites ready to go, she says. There will also be rapid development in the ancillary industries that serve the semiconductor industry, she predicts, similar to the way the Intel battery plant in Columbus, Ohio spurred other development.
“I think things are definitely headed in a positive trajectory,” Weichert says. “There is a whole level of possible growth we could see.”
As commercial banking group manager, Weichert oversees two lending teams with a staff of about eight. One team focuses on Onondaga, Cayuga, and Oswego counties, while the other team concentrates on the North Country.
Community Bank is the banking subsidiary of Community Bank System, Inc. (NYSE: CBU), which operates more than 215 branches across New York, northeastern Pennsylvania, Vermont, and western Massachusetts. Headquartered in DeWitt, Community Bank System has more than $15.5 billion in assets.

NYCUA Recognition Awards honor area credit unions
Pfisterer The Hall of Fame honors individuals who “devoted their lives to the philosophy and success” of the credit-union movement, and who have made a “significant impact” on credit unions at the local, state or national levels. Pfisterer has been active on NYCUA’s board of directors, serving from 2009-2020, and as chairman from 2015-2017. “I
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.
Pfisterer
The Hall of Fame honors individuals who “devoted their lives to the philosophy and success” of the credit-union movement, and who have made a “significant impact” on credit unions at the local, state or national levels.
Pfisterer has been active on NYCUA’s board of directors, serving from 2009-2020, and as chairman from 2015-2017.
“I congratulate Mark Pfisterer on his well-deserved induction into the New York Credit Union Hall of Fame this year,” William Mellin, NYCUA president and CEO, said. “Not only is Mark Pfisterer an asset to NYCUA for all he does, during his tenure he grew AmeriCU’s assets exponentially while at the same time dedicating his career to the ‘people helping people’ philosophy of the credit union movement.”
Past Summit FCU leader recognized
NYCUA also recognized the two newest New York state members of the Credit Union House Hall of Leaders, which is located in the Credit Union House in Washington, D.C., and recognizes champions of the credit-union movement for their leadership and commitment to the “philosophy of people helping people.”
The 2022 inductees include Mike Vadala, past president and CEO of the Summit Federal Credit Union, and Paula Stopera, past president/CEO of CAP COM Federal Credit Union, who received the award posthumously.
Adult Financial Education Award
As part of the NYCUA Recognition Awards, NYCUA honored Visions FCU with the Desjardins Adult Financial Education Award for its “Wallet Wellness” program. The award recognizes credit unions that “demonstrate a significant commitment” to adult financial education.
The program includes self-guided lessons, one-on-one certified financial counseling, curated presentations — available both virtually and in person — as well as outreach to schools and businesses throughout its communities.
The initiative continues to expand and “year over year growth of individuals impacted is a testament to Visions FCU’s hard work and commitment to community,” NYCUA said.
Outstanding Professional Award

Before he retired from Visions FCU on July 8, NYCUA recognized Ed Butler with its Outstanding Professional Award. The honor recognizes a professional who has a true passion for credit unions and who inspires others with their hard work, dedication and success.
Butler worked for Visions FCU since college and had worked in roles that ranged from a teller to the executive VP during his 42-year employment. Butler provided oversight to departments that included human resources, information technology, business performance, internal operations, governmental affairs, and “everything member-facing.”
Outstanding Young Professional
NYCUA also recognized Cody Seward with its Outstanding Young Professional award. Seward is manager of operations and virtual branch manager at the Summit Federal Credit Union.
The award honors an individual, 39 years-old or younger, “whose commitment, hard work and achievements have enhanced their credit union and the entire New York credit union movement,” NYCUA said.
Seward’s “unique understanding of credit-union initiatives allows him to look at the bigger picture: not just what is going to benefit The Summit Federal Credit Union, but what is going to benefit the movement both at the state and national levels,” NYCUA said.
Since 2018, Seward has served as the treasurer for the NYCUA’s Young Professionals Commission. In addition to managing the financial affairs of the commission, he has developed and implemented initiatives specifically for credit union young professionals, and assisted the association with its mission to engage, connect, and empower the next generation of industry leaders.

Generations Bank names new market manager of Cayuga County
AUBURN, N.Y. — Generations Bank has recently appointed Stephanie Northup to assistant vice president (AVP) and market manager of Cayuga County. In her new position, Northup will manage three Generations Bank offices in Cayuga County, including the two Auburn branches located on Seward Avenue and Osborne Street, as well as the office in Union Springs.
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.
AUBURN, N.Y. — Generations Bank has recently appointed Stephanie Northup to assistant vice president (AVP) and market manager of Cayuga County.
In her new position, Northup will manage three Generations Bank offices in Cayuga County, including the two Auburn branches located on Seward Avenue and Osborne Street, as well as the office in Union Springs. In her new position, Northup will manage a staff of universal bankers, service consumer deposit accounts and loans, and maintain the day-to-day operations of the three retail banking offices.
Since joining Generations in 2009, Northup has held the titles of universal banker, e-commerce specialist, AVP of retail banking, and AVP of support services. She has eight years of experience working in retail banking in both Cayuga and Seneca Counties.
“Over her 13-year-career at Generations, Stephanie has become a resource for many in the company. Her experience as a banker and manager makes her well suited for the Cayuga county market manager position,” AG Cutrona, SVP of growth & profitability at Generations Bank, said in a release. “Stephanie has achieved a lot over the years and we’re excited to see her grow into this new role.”
Northup earned a bachelor’s degree in psychology from Keuka College and is a certified public notary. She resides in Waterloo with her husband and has three adult sons.

Tompkins Financial boosts quarterly dividend by 5 percent
ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) recently announced that its board of directors has approved payment of a regular quarterly cash dividend of 60 cents a share, up 5.3 percent from 57 cents last quarter. The new dividend is payable on Nov. 15, to common shareholders of record on Nov. 8. At Tompkins’
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) recently announced that its board of directors has approved payment of a regular quarterly cash dividend of 60 cents a share, up 5.3 percent from 57 cents last quarter.
The new dividend is payable on Nov. 15, to common shareholders of record on Nov. 8. At Tompkins’ current stock price, the payment yields about 2.9 percent on an annual basis.
Tompkins Financial reported net income for the third quarter of
$21.3 million, essentially unchanged from the same quarter in 2021. The banking company produced earnings per share of $1.48 in the third quarter, up 2.1 percent from $1.45 in the year-ago 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. Headquartered in Ithaca, Tompkins Financial is parent to Tompkins Community Bank and Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors.
OPINION: Standardized test scores are a call to action
Preparing New York’s students for the workforce and the responsibilities and challenges beyond school is the most important job of any education system. Since the onset of the COVID-19 pandemic, these goals became significantly more challenging, and in these last few years we learned a great deal about how to address disruptions in our normal
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.
Preparing New York’s students for the workforce and the responsibilities and challenges beyond school is the most important job of any education system. Since the onset of the COVID-19 pandemic, these goals became significantly more challenging, and in these last few years we learned a great deal about how to address disruptions in our normal educational processes.
Unfortunately, recent standardized-test results show massive deficits in student performance that need to be considered should we ever face another health-related disruption like the one COVID-19 presented.
For the first time since 2019, students were measured for their math and reading proficiencies in grades 3-8. In New York state, and across the board, the results were significantly worse than the last time these tests were administered. As such, math scores suffered the worst decline in history and reading scores were at a 30-year low. In New York, only 39 percent of children tested reached proficiency in math, which is down from 47 percent pre-COVID. These setbacks are going to have lasting impacts.
It is clear from the data that remote learning, as it was administered, failed our students. Naturally, a pause on in-school learning was necessary in the earliest stages of the outbreak; however, these pauses went on for far too long. Students, especially younger ones, require the care and guidance of their teachers every day from morning to afternoon.
As a legislature, we are now charged with developing a new plan that accounts for scenarios like the one we faced in 2020. In that same vein, we must also continue to look at ways to update and modernize our educational programs, so they match all the needs of New York’s students. These test scores point to potential inadequacies in our educational system, and some of them lie outside COVID’s impact. Identifying what works best for students and improving our education system is a never-ending effort.
To these ends, the Assembly Minority Conference launched two initiatives: the Task Force on Learning for Work and the Task Force for School Safety & Security. Together, these two statewide information-gathering forums addressed topics impacting our students, ranging from job training and workforce preparedness to ensuring every student has an opportunity to learn safely and securely in schools across New York state.
Additionally, we must also ensure our teachers, administrators, and parents have the support they need to thrive as well. The success of New York’s school children depends on a concerted effort from education professionals, parents, and legislators. Together, we can build a better, more resilient education system in New York, and we must do so, now, with purpose and urgency.
William (Will) A. Barclay, 53, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which currently encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County.
OPINION: Xi’s aggressive, autocratic rule challenges the U.S.
It’s good to be the king, as a popular song has it in China these days. It’s good to be Xi Jinping. Xi was just chosen to lead the nation for a third consecutive five-year term. That’s not entirely unprecedented — Mao Zedong led the People’s Republic of China from 1949-1976. But it is a
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.
It’s good to be the king, as a popular song has it in China these days. It’s good to be Xi Jinping.
Xi was just chosen to lead the nation for a third consecutive five-year term. That’s not entirely unprecedented — Mao Zedong led the People’s Republic of China from 1949-1976. But it is a break from recent tradition, in which China’s leaders have stepped down after two terms.
Xi, 69, made an exception for himself, and the party’s National Congress endorsed it. There’s speculation that Xi can rule for as long as he wants, maybe for life. He is being compared with Mao, and not just for longevity. Like Mao, he has consolidated power, sidelined rivals, and run the country with a heavy hand.
Some call Xi the most powerful person in the world. It’s a persuasive claim. The United States is stronger than China, but no one in the U.S. has unlimited power. President Joe Biden has to work with Congress and is constrained by the courts. The will of the people is a strong check on American leaders.
Not so in China, which is no democracy. By controlling the Communist Party, Xi controls the government and exerts great influence on society.
Xi’s personal story is compelling. The child of Communist Party insiders, he was one of the nation’s “princelings,” young people who were considered spoiled and soft. But when he was a teenager, his father fell out with Mao. At 15, Xi was sent off to “toil among the people” on a farm. The hardship transformed him into a strong and disciplined party loyalist with a deep understanding of China’s rural poor, according to official biographies.
When Xi rose to be China’s leader in 2012, his image was “Uncle Xi,” a genial man with a hard-earned affinity for the common people. International observers hoped he would continue the trend toward free markets, a more open society, and greater engagement with the world.
But Xi has taken his country in the opposite direction. He has established rigid policies conforming to “Xi Jinping Thought,” including state control of the economy, an obsession with domestic stability and fervent competition with the West. Xi defiantly presents China’s model as an alternative to liberal democracy.
China has built up state-owned enterprises and made it harder for international companies to do business there. The government has cracked down on domestic critics, restricted social media, and disregarded human rights. China has been accused of genocide against the Muslim Uyghur population in the Xinjiang region.
In international affairs, China has become increasingly combative. It has provoked disputes with its neighbors over the South China Sea and used its Belt and Road initiative to curry favor and debt in Africa and Asia. Xi has hinted that China could use military force to secure its claim to Taiwan.
Competition and tension with the U.S. — over Taiwan, technology, and other matters — are high.
China faces internal problems, however. Xi’s insistence on shutting down commerce to block the spread of COVID-19 has strained the economy. Unemployment among the young has reached 20 percent. Many Chinese people are educated, cosmopolitan, and tech-savvy. They have traveled and studied abroad. Some of them surely aren’t happy to be denied the freedom that they see elsewhere.
But for now, Xi is firmly in control, and Xi’s China is unquestionably one of the most formidable challenges facing American foreign policy. We need to continue to engage with China and look for areas where we can work together, but we must be firm in resisting China’s aggression and threats to our allies.
The U.S.-China relationship has always been difficult to get right. With Xi in charge for at least the next five years, it won’t get any easier.
Lee Hamilton, 91, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at 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.

TODD SHEAR recently joined LP&M Strategic Marketing as a digital content designer in its AMPL Digital Communications division. In addition to website and digital-marketing development, Shear will assist in the agency’s ongoing efforts to provide clients with data and analytics related to website performance, SEO, and digital-advertising campaigns. A native of Fulton, Shear has a
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.
TODD SHEAR recently joined LP&M Strategic Marketing as a digital content designer in its AMPL Digital Communications division. In addition to website and digital-marketing development, Shear will assist in the agency’s ongoing efforts to provide clients with data and analytics related to website performance, SEO, and digital-advertising campaigns. A native of Fulton, Shear has a bachelor’s degree in fine arts in graphic design from SUNY Oswego. He has more than 20 years of experience in digital, print, video production, and is Google Search Ad certified. With a background in such varied industries as technology, education, retail, and health care, his work has helped to build brands and tell the stories of several Central New York companies.

NBT Bank has promoted PAUL MERENESS to senior credit officer and PAIGE REINA to credit support manager, respectively. Mereness is based in Norwich and Reina is in the Utica–Rome area. Mereness is responsible for credit underwriting for NBT’s largest commercial relationships and supporting the bank’s relationship managers across its seven-state footprint. He joined NBT Bank
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.
NBT Bank has promoted PAUL MERENESS to senior credit officer and PAIGE REINA to credit support manager, respectively.
Mereness is based in Norwich and Reina is in the Utica–Rome area. Mereness is responsible for credit underwriting for NBT’s largest commercial relationships and supporting the bank’s relationship managers across its seven-state footprint. He joined NBT Bank in 2010 as a credit analyst and has held positions of increasing responsibility since then, most recently as senior credit support manager. He was promoted to VP in 2021. Mereness holds a bachelor’s degree and MBA from College of Saint Rose.
Reina is responsible for training and overseeing NBT’s commercial-credit analysts and managing underwriting and approval workflows in collaboration with the bank’s commercial-lending teams across its seven-state footprint. Reina began her tenure at NBT in 2014 in the bank’s Management Development Program and later joined the Credit Department as a credit analyst in 2015. Most recently, she held a managerial position as a credit support team leader. She was promoted to assistant VP earlier this year. Reina holds a bachelor’s degree from Siena College and an MBA from Utica University.

MEGAN K. THOMAS recently joined the Onondaga County Water Authority (OCWA) as general counsel and director of education, at its Northern Concourse location in North Syracuse. OCWA says it provides drinking water to residents, businesses, and industries in Central New York in a manner protective of water resources and the environment. JENNIFER STOWELL joined OCWA
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.
MEGAN K. THOMAS recently joined the Onondaga County Water Authority (OCWA) as general counsel and director of education, at its Northern Concourse location in North Syracuse. OCWA says it provides drinking water to residents, businesses, and industries in Central New York in a manner protective of water resources and the environment.
JENNIFER STOWELL joined OCWA as director of HR and insurance at its Northern Concourse location in North Syracuse.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.