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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First Source FCU donates to support young entrepreneurs

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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

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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

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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

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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

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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

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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.

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