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

Project to renovate historic Owego building moves forward
OWEGO, N.Y. — The Village of Owego and TEAM Tioga are partnering to restore the historic building at 90 Temple St. that houses the Owego

Tickets available for Sept. 24 Downtown Living Tour in Syracuse
SYRACUSE, N.Y. — The Downtown Committee of Syracuse, Inc. on Monday announced that tickets are now on sale for the 16th edition of the Downtown

Wolfspeed announces North Carolina materials plant project
Wolfspeed, Inc, (NYSE: WOLF), which opened its Marcy silicon-carbide fabrication facility earlier this year, announced it will build a new materials-manufacturing facility in Chatham County,

People news: Blaney joins KeyBank as commercial analyst
SYRACUSE, N.Y. — LaShay Blaney has recently joined KeyBank as a commercial analyst, the bank announced. Based in Syracuse, Blaney will assist KeyBank’s Central New

MVCC programs receive grant to expand efforts
UTICA, N.Y. — Mohawk Valley Community College (MVCC), the Center for Leadership Excellence (CLE), and Mohawk Valley Institute for Learning in Retirement (MVILR) have received

M&T Bank to pay quarterly dividend of $1.20 per share on Sept. 30
M&T Bank Corporation (NYSE: MTB) recently announced that it has declared a quarterly cash dividend of $1.20 a share on its common stock. The dividend will be payable on Sept. 30 to shareholders of record as of the close of business on Sept. 1. M&T Bank Corp. is a financial-holding company headquartered in Buffalo. Its
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M&T Bank Corporation (NYSE: MTB) recently announced that it has declared a quarterly cash dividend of $1.20 a share on its common stock.
The dividend will be payable on Sept. 30 to shareholders of record as of the close of business on Sept. 1.
M&T Bank Corp. is a financial-holding company headquartered in Buffalo. Its main banking subsidiary, M&T Bank, provides banking products and services in 12 states across the Northeast. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.
The bank ranks number one in deposit market share in the 16-county Central New York area. M&T Bank’s Syracuse regional headquarters is located at 250 South Clinton St.

Five Star Bank parent company to pay Q3 dividend in early October
WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced that its board of directors has approved a quarterly cash dividend of 29 cents per common share outstanding. The banking company will pay the third-quarter dividend on Oct. 3, to shareholders of record on Sept. 16. It’s the same amount
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WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced that its board of directors has approved a quarterly cash dividend of 29 cents per common share outstanding.
The banking company will pay the third-quarter dividend on Oct. 3, to shareholders of record on Sept. 16. It’s the same amount as the dividend that Financial Institutions paid in both the second quarter and first quarter, when it boosted the payment from the 27 cents a share it paid for the fourth quarter of last year.
At the banking company’s current stock price, the new dividend yields about 4.45 percent on an annual basis.
Five Star Bank, based in Warsaw in Wyoming County, has more than 45 branches throughout Western and Central New York, as well as a loan office in Maryland. Its CNY branches include offices in Auburn, Seneca Falls, Geneva, Ovid, Horseheads, and Elmira.
Financial Institutions and its subsidiaries employ about 650 people.

Lockheed Martin Owego wins nearly $504 million Navy order for helicopters for Australia
OWEGO, N.Y. — Lockheed Martin Corp.’s Owego plant has been awarded a $503.7 million U.S. Navy firm-fixed-price order against a previously issued basic ordering agreement. This order provides for the production and delivery of 12 MH-60R helicopters for the Commonwealth of Australia, according to an Aug. 29 contract announcement from the U.S. Department of Defense.
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OWEGO, N.Y. — Lockheed Martin Corp.’s Owego plant has been awarded a $503.7 million U.S. Navy firm-fixed-price order against a previously issued basic ordering agreement.
This order provides for the production and delivery of 12 MH-60R helicopters for the Commonwealth of Australia, according to an Aug. 29 contract announcement from the U.S. Department of Defense. The MH-60R is an anti-submarine, anti-surface, search-and-rescue helicopter.
A little over half (52 percent) of the contract work will be performed in Owego, while 40 percent is completed in Stratford, Connecticut, and 8 percent in Troy, Alabama. It’s expected to be completed in October 2026.
Foreign military sales customer funds totaling $503,718,672 will be obligated at the time of award — none of which will expire at the end of the current fiscal year, per the contract announcement. The Naval Air Systems Command in Patuxent River, Maryland, is the contracting authority.
Oneida County hotels see 3 percent dip in occupancy in July, first fall in almost 1 1/2 years
UTICA, N.Y. — Oneida County’s hotel-occupancy rate (rooms sold as a percentage of rooms available) fell 3 percent to 69.5 percent this July compared to the year-ago month, the first decline in this measure in 17 months. That’s according to a recent report from STR, a Tennessee–based hotel market data and analytics company. Despite the
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UTICA, N.Y. — Oneida County’s hotel-occupancy rate (rooms sold as a percentage of rooms available) fell 3 percent to 69.5 percent this July compared to the year-ago month, the first decline in this measure in 17 months.
That’s according to a recent report from STR, a Tennessee–based hotel market data and analytics company. Despite the latest month’s drop, occupancy in the Mohawk Valley’s largest county is up 11.3 percent year to date to 57.7 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, rose 9.5 percent to $107.34 in July, compared to July 2021. Through the first seven months of this year, RevPar has jumped 31 percent to $73.54.
Average daily rate (ADR), which represents the average rental rate for a sold room, went up 12.9 percent to $154.53 in Oneida County in the seventh month of the year. So far in 2022, ADR is up 17.6 percent to $127.48.

McFarland-Johnson expands with new offices, employees
BINGHAMTON, N.Y. — With just over three months before the year ends, McFarland-Johnson, Inc. has already logged record growth for 2022, increasing its staff by nearly a quarter and opening four new locations. “We’ve increased about 22 percent just since the beginning of the year,” company President Chad Nixon says of the Binghamton–based planning, engineering,
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BINGHAMTON, N.Y. — With just over three months before the year ends, McFarland-Johnson, Inc. has already logged record growth for 2022, increasing its staff by nearly a quarter and opening four new locations.
“We’ve increased about 22 percent just since the beginning of the year,” company President Chad Nixon says of the Binghamton–based planning, engineering, consulting, environmental, and construction-services firm’s employee growth. McFarland-Johnson now employs just under 200 people across its 22 offices.
Four of those locations are new this year — Buffalo; Philadelphia, Pennsylvania; Raleigh, North Carolina; and Tampa, Florida.
The new offices are primarily the result of an increasing amount of infrastructure projects taking place and the need for talent, Nixon says.
The Bipartisan Infrastructure Law, signed by President Biden last November, provides
$550 billion from 2022 through 2026 in federal financial investment in infrastructure including roads, bridges, mass transit, water infrastructure, resilience, and broadband.
That funding is pushing new projects such as bridge replacements and airport improvements, Nixon says. The work is out there, he says, driving the need for employees at the company.
“We can win the work, but we need to make sure we have the people to do the work,” he says. The new Buffalo office brings the company further west in New York, while the other three offices continue the company’s push into the mid-Atlantic region and down the east coast. “That’s where the people are,” Nixon says.
The new offices will also help bring in new clients, he adds. For example, McFarland-Johnson hired Jason Shevrin to lead its new Philadelphia office. Shevrin is well known in that area and has done a lot of work in that region, Nixon notes. The hope is that will pay off with some clients following Shevrin to McFarland-Johnson.
Once those clients are with McFarland-Johnson, Nixon is confident they will stay. Why? The company’s current returning client rate is about 98 percent, he says.
“I think there are a few things that really make our company different,” Nixon says. First, the company is 100-percent employee owned.
“The people who are working on your project are company owners,” he says.
On top of that, McFarland-Johnson’s turnover rate is extremely low, Nixon notes. At less than 4 percent, it’s a fraction of the industry average, which trends around 13 percent.
“We have people that have been working for our company for 47 years,” he says. Clients know they can come back and work with engineers and others they have worked with on projects previously.
“We’re able to attract some talent because we have such interesting projects,” Nixon contends. Those interesting projects include a terminal expansion project at the Monroe County Key West International Airport in Florida, the Marmen/Welcon offshore wind tower manufacturing plant at the Port of Albany, and even modeling over 21,000 miles of roads for the state of Vermont to identify amphibian-crossing areas.
“Being a smallish company allows us to be much more nimble than our competitors,” Nixon adds. “We’ve come a long way, but our best years are still ahead of us.”
McFarland-Johnson has served clients for 76 years. It’s newest offering is its InfraSolutions by McFarland-Johnson division, which offers technology-based infrastructure management solutions.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.