CEO FOCUS: Mitigation Plans Needed to Limit Disruptions during I-81 Project

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The final environmental-impact statement for the I-81 project [has been released] by the New York State Department of Transportation and the Federal Highway Administration (FHWA). This is a critical next step in advancing this $2.2 billion investment in our community to transform a major transportation asset and reconnect parts of our city that have been […]

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The forward progress of this project creates an imperative for leaders to implement mitigation measures to limit the disruptions created by construction. It is important to remember that, while the focus of the project is on the elevated section of I-81, the project also includes work on I-690, I-81, and I-481. It is expected, at times, that all three highways will be under construction simultaneously. Therefore, the state should invest in and incentivize traffic alternatives during the construction period to reduce driver delays and emissions from cars slowed by construction, as well as enhance the safety of workers. As the Thruway runs parallel to I-690, it is a strong alternative to bypass construction and achieve all these outcomes.

While I fully believe that eliminating tolls during construction is the right decision, I also recognize the challenges raised by NYS Thruway Authority Executive Director Matt Driscoll, including the need to meet revenue projections to protect the Thruway’s bond rating. Under Driscoll’s leadership, the Thruway is well-run, fiscally stable, and making leading-edge investments in technology, including cashless tolling and the use of drones for bridge inspections, accident recreation, and more. Given the transformative nature of this project, we must apply similar innovative thinking to develop data-driven solutions, including utilizing the Thruway’s technology to turn off the toll charges in the Syracuse area during I-81 project construction. New York State, which has the resources, should make up the difference.

The stability and strength of the Thruway Authority means it can serve as an important asset for the region to mitigate construction impacts of the I-81 project. Furthermore, it will demonstrate Central New York’s leadership for using data to drive solutions for real-world challenges, aligning with the region’s smart-systems efforts.

As with all projects of this scale, there will be challenges and we pledge to work cooperatively with the state, local municipalities, and affected businesses on a comprehensive plan for the region. This support includes a commitment to working with Assemblyman Magnarelli to advance his legislation to temporarily pause certain Thruway tolls during the I-81 project. Additionally, we will work with Driscoll to ensure the Thruway Authority can continue its operations without loss of critical revenue.

Later this summer, we anticipate a final record of decision on I-81, the last step in a decade-plus evaluation of the project. Now is the time to come together to develop solutions that will enable our community to seize this opportunity in a way that limits disruptions and advances its potential.

Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This article is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on April 14.

N.Y. manufacturers see strong rebound in orders & shipments

Banks & Credit Unions, Employee Benefits & Human Resources, Manufacturing & Engineering, New York News, Subscriber Only

April Empire State index returns to positive territory Responses indicating a strong rebound in orders and shipments helped boost the general business-conditions index of the Empire State Manufacturing Survey back into positive territory in April, rising 36 points to 24.6. The survey results indicate a return to expansionary business conditions in the manufacturing sector. The index

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April Empire State index returns to positive territory

Responses indicating a strong rebound in orders and shipments helped boost the general business-conditions index of the Empire State Manufacturing Survey back into positive territory in April, rising 36 points to 24.6.

The survey results indicate a return to expansionary business conditions in the manufacturing sector.

The index — the monthly gauge of New York’s manufacturing industry — had declined nearly 15 points in March to -11.8.

The April reading — based on firms responding to the survey — indicates business activity “picked up significantly” in New York, the Federal Reserve Bank of New York said in its April 15 report.

A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.

The survey found 40 percent of New York manufacturer respondents reported that conditions had improved over the month, while 15 percent said conditions had worsened, the New York Fed said.

Survey details

The new-orders index climbed 36 points to 25.1, and the shipments index rose 42 points to 34.5, pointing to a “strong rebound” in orders and shipments after both declined the prior month, the New York Fed said.

The unfilled-orders index came in at 17.3. The delivery-times index moved down 11 points to 21.8, pointing to “ongoing increases” in delivery times, and inventories grew modestly.

The index for number of employees posted a second monthly decline, dropping 7 points to 7.3, and the average-workweek index came in at 10.0, pointing to a “small increase” in employment levels and the average workweek.

The prices-paid index climbed 13 points to 86.4, a “record high,” and the prices-received index retreated 7 points from the prior month’s record high, signaling “ongoing substantial increases” in both input prices and selling prices.

Optimism about the six-month outlook “declined noticeably,” the New York Fed noted.

The index for future business conditions fell 21 points to 15.2, its lowest level since early in the pandemic.

Longer delivery times, higher prices, and increases in employment are all expected in the months ahead, and capital-spending plans remained firm.

The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

sfcu expands membership area into four new counties

Banks & Credit Unions, Construction, Design & Real Estate, Regional News, Subscriber Only

SIDNEY, N.Y. — Sidney Federal Credit Union is looking for new members as it expands its field of membership into Onondaga, Cortland, Essex, and Hamilton counties. The credit union is capitalizing on 2020 changes to field-of-membership rules for chartered community credit unions, allowing them to offer membership in areas of population of up to 1

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SIDNEY, N.Y. — Sidney Federal Credit Union is looking for new members as it expands its field of membership into Onondaga, Cortland, Essex, and Hamilton counties.

The credit union is capitalizing on 2020 changes to field-of-membership rules for chartered community credit unions, allowing them to offer membership in areas of population of up to 1 million, says CEO Jim Reynolds.

“We played with all the different scenarios, and we decided on Cortland, Onondaga, Essex, and Hamilton counties,” Reynolds says, adding that half of the allowed population is in Onondaga County. Membership is now open to anyone who lives, works, worships, or attends school in those counties.

Those are areas where the credit union, which has rebranded itself as sfcu, already does some business, particularly with auto loans. Reynolds is confident sfcu can convince some of those auto-loan customers to use the credit union for all their banking needs.

“We’ve got a great value proposition,” he says. “We’ve got a low/no fee, fee-adverse mentality.” The credit union primarily generates revenue through lending, which allows it, as a not-for-profit financial institution, to keep fees to a minimum.

Along with current loan customers, Reynolds says the credit union’s target audience for growth in the new membership areas is low- to mid-income individuals who are looking for an alternative to banks with a lot of fees. Also, sfcu is hoping to entice small businesses as customers as well, he adds.

One thing Reynolds hopes will give sfcu an advantage over the competition is its digital offerings. Not only did sfcu open a virtual branch last fall, but it also has started to install interactive teller machines (ITM) at branches. These machines function like a traditional ATM, but have the added function to summon a teller via video, if necessary, he says.

The Amsterdam branch already has an ITM, and sfcu plans to install one in the Oneida area this summer.

While virtual banking is handy — and was especially so during the height of the pandemic — Reynolds realizes the need for a brick-and-mortar branch that can serve members in the counties into which sfcu is expanding.

“We’re looking to secure a location in Onondaga County in the next year,” he says. He is hoping to have a branch there by the end of 2023 “if we can find a good location that makes sense.”

In the meantime, sfcu has a regional sales team at work in the new counties, reaching out to businesses such as auto dealerships and others to raise awareness of the credit union.

“We’re just looking to find our niche and serve member needs,” Reynolds says.

Currently, sfcu has about 190 employees and Reynolds expects to add about 10 new employees over the next two years to support the expanded field of membership. That would include employees necessary to staff a new branch.

Headquartered in Sidney, sfcu currently has 10 branches located in Sidney, Oneonta, Greene, Norwich, Walton, Delhi, Hancock, Bainbridge, and Amsterdam. Its full membership area now includes Chenango, Cortland, Delaware, Essex, Fulton, Hamilton, Madison, Montgomery, Onondaga, Otsego, and Schoharie counties, as well as parts of Broome, Oneida, and Herkimer counties.

With $700 million in assets, sfcu (www.sfcuonline.org) currently serves more than 60,000 members as a full-service financial institution.

Community Bank moves closer to Elmira Savings Bank acquisition

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, New York News, Regional News, Subscriber Only

Q1 net income declines DeWITT, N.Y. — As it moves closer to finalizing its acquisition of Elmira Savings Bank (NASDAQ: ESBK), Community Bank System, Inc. (NYSE: CBU) on April 22 announced that is has received regulatory approval from the U.S. Office of the Comptroller of the Currency for that transaction. The DeWitt–based banking company also

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Q1 net income declines

DeWITT, N.Y. — As it moves closer to finalizing its acquisition of Elmira Savings Bank (NASDAQ: ESBK), Community Bank System, Inc. (NYSE: CBU) on April 22 announced that is has received regulatory approval from the U.S. Office of the Comptroller of the Currency for that transaction.

The DeWitt–based banking company also said it obtained a waiver from filing an application with the Federal Reserve Bank of New York for the transaction.

The regulatory-approval announcement came a few days before Community Bank System reported lower net income during the first quarter of 2022.

Upcoming acquisition

The acquisition, which was valued at about $83 million when first announced last fall, is expected to close on May 13, subject to customary closing conditions and approval from the New York State Department of Financial Services.

“Community Bank looks forward to welcoming Elmira Savings Bank’s customers and employees to our family as we work together to integrate two high-quality banks with long histories of service to their customers and communities,” Mark Tryniski, president and CEO of Community Bank System, said in a release.

Last Oct. 4, Community Bank System first announced that it would acquire Elmira Savings Bank in an all-cash transaction valued at $82.8 million. Community Bank believes the transaction will provide it with an “improved presence” in several Central New York and Southern Tier markets, including Elmira, Corning, and Ithaca.

Elmira Savings Bank has $632 million in total assets and 12 branches across a five-county area, mostly in the Southern Tier.

Net-income decrease

Community Bank System on April 24 reported that its net income fell 11 percent to $47.1 million, or 86 cents per share, in the first quarter from $52.9 million, or 97 cents, in the first quarter of 2021.

The decline was primarily due to increases in the provision for credit losses, operating expenses, income taxes, and fully diluted shares outstanding. That was partially offset, in part, by increases in net interest income and noninterest revenue, the banking company said in its earnings report.

Community Bank System’s operating earnings per share — which excludes acquisition expenses, acquisition-related contingent consideration adjustments, and unrealized gain (loss) on equity securities, net of tax — was 87 cents in this year’s first quarter. That beat the consensus analyst estimate of 76 cents, according to Zacks Equity Research.

Bank of Utica supports children’s museum project with donation

Banks & Credit Unions, Nonprofits, Regional News, Subscriber Only

UTICA , N.Y.— Bank of Utica has committed $100,000 to ICAN’s Family Resource Center, which will also house a new children’s museum. “Bank of Utica has had a long relationship with the Children’s Museum, and we are happy to continue to work with them as they enter this new exciting phase of their history,” Barry

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SeaComm FCU buys one-acre parcel in Watertown for $1.1M

Banks & Credit Unions, Construction, Design & Real Estate, Insurance & Financial Services, Regional News, Subscriber Only

WATERTOWN, N.Y. — SeaComm Federal Credit Union (FCU) recently purchased a one-acre parcel at 20485 Route 3 in Watertown for $1.1 million. Bill Colucci of Cushman & Wakefield/Pyramid Brokerage Company, in conjunction with Cushman/Grant Street Associates, helped arrange the transaction. SeaComm FCU, based in Massena, has 51,800 members with assets of more than $759 million,

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Visions’ marketing recognized during CUNA’s Diamond Awards

Banks & Credit Unions, Insurance & Financial Services, New York News, Nonprofits, Regional News, Subscriber Only

The Credit Union National Association (CUNA) has recognized Visions Federal Credit Union for two of its marketing initiatives. CUNA awarded Visions the Business Development Efforts award for its 2021 Business Services Suite campaign, along with the Diamond in the Rough award for the Tompkins County debit-card contest. CUNA presented the awards as part of its

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The Credit Union National Association (CUNA) has recognized Visions Federal Credit Union for two of its marketing initiatives.

CUNA awarded Visions the Business Development Efforts award for its 2021 Business Services Suite campaign, along with the Diamond in the Rough award for the Tompkins County debit-card contest.

CUNA presented the awards as part of its marketing & business development council’s Diamond Awards competition, Visions said in an April 18 news release.

The Diamond Awards honor credit unions in 35 categories, ranging from direct mail to website marketing to public relations to social media.

Judges evaluated entries based on strategy, design, production, creative concept, copy, communication, and results. This year’s Diamond Awards competition considered close to 1,200 entries, and 86 credit unions won Category’s Best Awards and 262 won Diamond Awards.

“Diamond Awards are the gold standard of achievement in credit-union marketing and business development,” Marella Nardotti, chair of the Diamond Awards, and VP of marketing for NextMark Credit Union, said. “Inventiveness in effectively achieving and exceeding objectives is what these awards honor.”

Visions recognition

The “Diamond in the Rough” award recognizes campaigns with a big impact on a limited budget.

Visions was new to Tompkins County and the Southern Tier, so the credit union put together a contest that would raise awareness through community involvement. A photo contest invited entries from residents that showed off Tompkins County scenes. The winning image appeared on a debit card available at all branches, Visions said.

Another campaign won in the “Business Development Efforts” category. The marketing effort sold Visions Business Services Suite in a “unique way” that included mailings targeted at small-business owners. They received direct mail at work and at home, each with their own messaging. As an incentive for signups, Visions said it made donations to local chambers of commerce for each account opened.

Morris starts expanded role as Berkshire Bank’s N.Y. regional president

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, New York News, People on the Move, Regional News, Subscriber Only

Berkshire Bank, a regional community bank with branches in New England and New York, recently appointed James J. Morris IV as its regional president for New York state. The bank’s New York state territory includes the Capital region, the Mohawk Valley, and Central New York. Morris is an experienced banking professional who has served as

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Berkshire Bank, a regional community bank with branches in New England and New York, recently appointed James J. Morris IV as its regional president for New York state.

The bank’s New York state territory includes the Capital region, the Mohawk Valley, and Central New York.

Morris is an experienced banking professional who has served as regional president for Berkshire’s Capital region market since January 2020, in addition to leading the commercial real-estate team throughout the state.

Under his expanded position, Morris will support Berkshire’s lines of business in the New York state region including commercial and consumer lending, business and branch banking, and wealth management, the bank said in a news release. In addition, he will provide oversight to Berkshire’s two community advisory councils in the Capital and Central New York markets.

“Berkshire’s commitment to the New York region has never been stronger and we will continue to look for opportunities to strengthen our service offerings and enhance our community impact and presence under Jim’s leadership. His expanded responsibilities will help us achieve synergies in the market and unlock opportunities for meaningful impact in support of our Berkshire’s Exciting Strategic Transformation (BEST) and BEST Community Comeback plans,” Sean Gray, president and COO of Berkshire Bank, said.

Since joining Berkshire Bank in 2015, Morris has directed new-business origination, coordinated commercial-lending activities, and built deeper connections with communities, the bank said. Prior to joining Berkshire Bank, Morris worked in positions in commercial lending at Kinderhook Bank, Paragon Prime Funding, Citizens Bank, and Charter One Bank.

Berkshire Bank is a unit of Boston–based Berkshire Hills Bancorp, Inc. (NYSE: BHLB). Berkshire has more than $12 billion in assets and operates 105 branches in New England and New York. In the Mohawk Valley and Central New York, it has offices in Ilion, West Winfield, North Utica, Whitesboro, New Hartford, Rome, and DeWitt, according to its website.

VIEWPOINT: A Digital World: What’s in Store for Central New York

Banks & Credit Unions, Business Mentors, Insurance & Financial Services, Subscriber Only, Technology

As the effects of the coronavirus continue to reshape our world, the next year will see several factors accelerating the shift to a more digital, hybrid future. We expect to see a continued focus on digital transformation as the driving force creating value for business owners. Below are some considerations of what will come next —

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New digital advances are key to growth

With manufacturing, health care, and education driving our labor force across Central New York, it will be critical for companies to further digitize their offerings and operations using new and emerging technologies, such as artificial intelligence (AI), machine learning (ML), and data analytics. As Syracuse emerges as a leader in smart technology solutions, we see industries of all sizes across Central New York using these advances to increase automation and streamline tasks.

In addition, digitalization will become a greater priority in unexpected areas of the business, such as mergers & acquisitions (M&A) and succession planning.

• Q&A. Digital transformation can help to accelerate M&A deals and make companies more attractive acquisition targets. Those engaged in the M&A process are finding digital technologies helpful in reducing transaction time and costs and delivering greater value to buyers and sellers.

• Succession planning. Digital transformation should also be considered as business leaders think about the company’s long-term trajectory. This includes having talent with the skills to be agile in a quickly changing digital environment. A comprehensive succession plan should also include a roadmap for current and future leaders to assess where they stand on digital readiness and evaluate opportunities for sustainable growth.

Embrace emerging trends in talent and leadership

Digital capabilities can also help companies become more effective at recruitment and retention. While many businesses across Central New York hope to continue returning workforces to the office, many are offering remote or hybrid work options — which rely heavily on digital solutions. As more companies try to balance a mix of in-person and remote work, they will soon find that these digitally driven workforces present new opportunities to unlock productivity and collaboration.

According to the New York State Department of Labor, Central New York saw a 3.4 percent rise in private-sector job growth by the end of 2021. While the labor force steadily grows, it will be imperative for businesses to focus on implementing new benefits to attract and retain employees. By removing geographical constraints on hiring, companies in Central New York have more flexibility to hire from a wider and more diverse talent pool of candidates — something that can help companies stay competitive in a challenging labor market. Additionally, offering comprehensive financial benefits plans and wellness resources, employee education, or affinity groups — often part of a focus on diversity, equity, and inclusion — will be more important than ever.

Focus on ESG efforts to realize sustainable growth

Throughout this year, companies should focus on implementing a meaningful environmental, social, and corporate governance (ESG) framework for every stage of the business life cycle, considering both their goods and services, as well as activities across key business functions — from finance to sales to customer acquisition and more. For example, here in Syracuse and Utica, Bank of America executes our ESG efforts by working with local nonprofit partners to identify current needs and opportunities to help strengthen our communities.

This year, it won’t be enough for a company to develop and sell a good product. How the business develops, markets, and delivers the product will need to be increasingly digital, and take ESG factors into greater consideration. Companies that recognize the possibilities of digital transformation, while keeping the values of their employees and customers in mind, will be better positioned to address the business challenges in the year ahead — and beyond — while creating greater value for the stakeholders and communities they serve.

Michael Brunner is president of Bank of America, Central New York region.

Northwoods takes over management of Generations Insurance Agency

Banks & Credit Unions, Insurance & Financial Services, Regional News, Subscriber Only

The Northwoods Corporation, which has an office at 32 Broad Ave. in Binghamton, recently entered into a management agreement with the Generations Insurance Agency in Seneca Falls. The agreement means that Northwoods, which is headquartered near Buffalo, will manage the day-to-day operations of the Generations agency while Generations Bank retains ownership of it. Under the

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The Northwoods Corporation, which has an office at 32 Broad Ave. in Binghamton, recently entered into a management agreement with the Generations Insurance Agency in Seneca Falls.

The agreement means that Northwoods, which is headquartered near Buffalo, will manage the day-to-day operations of the Generations agency while Generations Bank retains ownership of it.

Under the new arrangement, Northwoods moved the agency offices to a remodeled location at 60 Fall St. in Seneca Falls and plans to add six new employees between that location and a second office in Geneva, according to Northwoods VP Tony Vecchiotti.

“We wanted to ensure that the interests of our customers would not only continue to be met, but by working with the Northwoods, we feel we are one of the most technologically advanced agencies in the Finger Lakes region,” Generations Bank President Menzo Case said in a release about the agreement. Now, the agency has “the resources and staff to offer more products and services with the quality and efficiency the area demands.”

This management model is one that Northwoods uses often, he says. Northwoods currently manages about 40 insurance agencies and fully owns half of them. The other 20, like Generations, maintain ownership, usually through an agency principal. Northwoods splits commissions with the agencies it manages and in return, Northwoods pays the rent, hires and trains employees, provides employee benefits, holds the necessary licenses, and manages the agreements with various insurance providers.

“Northwoods takes care of all of that,” Vecchiotti says. That frees up the agency’s principal to focus on other things like selling and interacting with clients.

Sometimes when a principal is looking to retire, an agreement like this provides an easy transition, Vecchiotti says. Northwoods can manage the agency until the principal is ready to retire, and then purchase the agency.

“One of the advantages of our business model is that we’re very decentralized,” he adds. While each member agency maintains its own offices, they all work together behind the scenes and employees are able to determine their area of strength and really focus on that.

Another benefit the agreement brings to member agencies is the expanded number of insurance carriers that member agency can now offer to client. The average independent insurance agency typically works with about four carriers, Vecchiotti says. However, “no insurance company has a product that’s everything to everybody,” he notes. Working with more carriers increases the odds of finding the best product for clients, but it’s not as easy as just deciding to offer a carrier, he says.

“For an independent insurance agency to get the agreement to be able to sell an insurance company’s product, the insurance company has expectations,” Vecchiotti says. Those companies want assurances that a certain volume will be sold, and a small, independent agency might not be able to hit that goal.

All the agencies managed by Northwoods can sell insurance from any of the carriers with which Northwoods has agreements. Currently, that’s about 24 different carriers that includes larger national companies such as Allstate and Liberty Mutual, and also includes a number of New York companies such as Utica National Insurance Group, New York Central Mutual Insurance, and Midstate Mutual Insurance Company.

Headquartered in Williamsville, Northwoods (www.nwcins.com) currently employs about 90 people between 14 offices located in Monroe, Erie, Wayne, Ontario, Broome, and Steuben counties.

Generations Bank, which is part of the Generations Bancorp holding company, is based in Seneca Falls. It has branch offices in Auburn (2), Farmington, Geneva, Medina, Phelps, Seneca Falls, Union Springs, and Waterloo.

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