Chemung Financial names Meade to board of directors

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ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) announced that its board of directors has elected Joseph F. Meade IV to a seat on the board. Meade will stand for shareholder election of a two-year term at the banking company’s annual meeting of shareholders in June 2023. All directors of Chemung Financial also serve on […]

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North Point Defense awarded nearly $9.5 million contract from U.S. Air Force

Manufacturing & Engineering, Regional News, Small Business, Subscriber Only, Technology

ROME, N.Y. — North Point Defense, Inc. of Rome has been awarded a $9.46 million contract from the U.S. Air Force for the Phantom Harvest Software prototype. This cost-plus-fixed-fee completion contract provides for the development of an automated method for discovering actionable information within a large volume of network traffic, according to an Aug. 19

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Cornell Press director elected president of international association

Regional News, Subscriber Only

ITHACA — Jane Bunker, Cornell University Press director, was recently elected to become the 73rd president of the Association of University Presses, an organization of more than 150 international nonprofit scholarly publishers, next year. A previous member of the board of directors of the Association of University Presses, Bunker will start her presidential term in

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Breeze Airways to offer nonstop flights from Syracuse to Tampa this November

Sports, Entertainment & Tourism, Subscriber Only

SYRACUSE — Breeze Airways this fall will begin year-round, nonstop flights from Syracuse Hancock International Airport (SYR) to Tampa International Airport (TPA). It’ll be weekly service starting Nov. 19, the Syracuse Regional Airport Authority (SRAA) announced Aug. 10. “We are excited to see Breeze Airways expand their SYR footprint,” Jason Terreri, executive director of SRAA,

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Visions CEO Muse receives AACUC Lifetime Achievement Award

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

ENDWELL, N.Y. — The African-American Credit Union Coalition (AACUC) recently announced Ty Muse, Visions Federal Credit Union (FCU) president and CEO, as the 2022 honoree of its Pete Crear Lifetime Achievement Award. The Pete Crear Lifetime Achievement Award recognizes “a credit union professional or volunteer whose career best embodies the AACUC’s mission to increase the

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TCGplayer will be under eBay’s ownership in 2023

Small Business, Subscriber Only, Technology

SYRACUSE — TCGplayer, the Syracuse–based marketplace for collectible-card game enthusiasts, will be under new ownership in early 2023. eBay Inc. (NASDAQ: EBAY) on Aug. 22 announced an agreement to acquire TCGplayer, which operates at 440 S. Warren St. in Syracuse. The deal has a total value of about $295 million, per eBay’s announcement. The deal

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SYRACUSE — TCGplayer, the Syracuse–based marketplace for collectible-card game enthusiasts, will be under new ownership in early 2023.

eBay Inc. (NASDAQ: EBAY) on Aug. 22 announced an agreement to acquire TCGplayer, which operates at 440 S. Warren St. in Syracuse.

The deal has a total value of about $295 million, per eBay’s announcement. The deal is subject to customary closing conditions, including requisite regulatory approvals, and is expected to close in the first quarter of 2023.

Based in San Jose, California, eBay is an e-commerce company that says it connects millions of buyers and sellers around the world. In its announcement, eBay says trading cards are an “attractive category, which has seen substantial growth.” It describes TCGplayer as a leading technology platform for the collectibles industry, which will continue to “operate autonomously” as one of the largest online marketplaces for trading-card games.

The acquisition complements eBay’s focus category strategy and furthers the company’s commitment to trading-card enthusiasts — providing eBay with “strategic omnichannel capabilities” like order fulfillment and cart optimization, “maintaining its position as a desirable platform for trading card sellers, and enhancing the overall experience for all customers,” per its announcement.

“eBay continues to build on our 26 years of experience in trading cards, powering local hobby stores and Main Street retailers to deliver an online destination that collectors love,” Dawn Block, VP of collectibles at eBay, said. “eBay has always fueled our customers’ passion in this space and facilitated connections between buyers and sellers, and with TCGplayer, we can enhance the customer experience across categories, forge even more relationships, and cater to enthusiasts around the world.”

In a separate statement, Chedy Hampson, founder and CEO of TCGplayer, said his company plans to “join forces” with eBay.

“Unlike a traditional acquisition, upon close, TCGplayer will continue operating independently,” Hampson said. “We will have the autonomy and flexibility to continue running TCGplayer just as we always have, and I will continue to lead the company as CEO, ensuring our commitment to [customers] and the entire collectibles community remains enshrined and protected long into the future.”

He went on to say that as part of the transaction, all 688 TCGplayer employees — hourly and salaried — will “share in the financial rewards of this deal” as a result of the firm’s employee stock option plan.

Hampson said he is “confident” that with eBay’s partnership, his firm will be “even better positioned” to serve the collectibles community.

“We will have the opportunity to benefit from eBay’s decades of industry experience and deep financial resources to expand our catalog of products, level up our tools and services and ensure hobbyists all over the world are able to shop from their favorite local hobby stores,” Hampson said.

The TCGplayer CEO also indicated that the company would have no change in how it works with customers.

“This means that any orders you’ve placed via the TCGplayer Marketplace or agreements you have in place with us will remain unchanged. Your contacts at TCGplayer will also remain the same, and all business will continue as normal. As always, we will continue to communicate any new information leading up to close and beyond,” Hampson said.

DFS announces 2023 health- insurance premium rates

Health Care, Subscriber Only

The New York State Department of Financial Services (DFS) has approved health insurers’ premium-rate increases for 2023, which it says will save consumers and small businesses almost $800 million over the increases that insurers sought. Adrienne Harris, superintendent of financial services, announced the premium rate increases on Aug. 17. In the small-group market, DFS reduced

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Adrienne Harris, superintendent of financial services, announced the premium rate increases on Aug. 17.

In the small-group market, DFS reduced insurers’ requested rates by 52 percent, while in the individual market, the department trimmed insurers’ requested rates by 48 percent. Over 1.1 million New Yorkers are enrolled in individual and small group plans.

The rising cost of medical care — including in-patient hospital stays and drug costs — remains the “main driver” of insurance premium rate increases, and medical claims have increased as New Yorkers catch up on medical appointments and services postponed due to the pandemic, the DFS said.    

In addition, “recognizing the continued uncertainty” of the pandemic’s effect on consumers’ health-care costs and the economy, DFS held insurers’ profit provisions to a “historically low” 0.5 percent, the department noted.

Small-group market 

Almost 850,000 New Yorkers are enrolled in small-group plans, which cover employers with up to 100 employees.

Insurers requested an average rate increase of 16.5 percent in the small-group market, which DFS cut to 7.9 percent for 2023, saving small businesses $632.4 million, the department contended.

A number of small businesses also will be eligible for tax credits that may lower those premium some more, such as the small business health care tax credit.

NYSCOP reaction

New York State Conference of Blue Cross and Blue Shield Plans (NYSCOP) that same day issued a statement on the 2023 health-insurance premium rates.

“The premium rate requests made by NYSCOP member health plans earlier this year reflected the challenges in keeping up with rising health care costs. While the final approved rates announced by the state today are significant, in some instances, DFS fails to fully account for the increasing cost and utilization of health care services.

NYSCOP plans strive to limit rate increases to the lowest amounts possible. However, in order to protect coverage for consumers, premiums need to keep up with skyrocketing prescription drug costs, increasing state taxes, new mandates, and the continued impact of the COVID pandemic. In fact, rising drug prices continue to have an unsustainable impact on overall medical spending trends.

NYSCOP members are hopeful that State lawmakers will take meaningful action in the next year to address the true drivers of rising health care costs so that all New Yorkers can access affordable coverage and care.”

The New York State Conference of Blue Cross and Blue Shield Plans is a partnership of Rochester–based Excellus Blue Cross Blue Shield, Highmark Blue Cross Blue Shield of Western New York, and New York City–based Empire Blue Cross Blue Shield. Together, the health-insurance plans provide health coverage for millions of New Yorkers, NYSCOP noted.

Employees of marketing firm Mower now own the company

Employee Benefits & Human Resources, Small Business, Subscriber Only

SYRACUSE, N.Y. — The employees of Mower, a Syracuse–based marketing, advertising, and public-relations agency, now own the company. Eric Mower, the firm’s chairman and CEO, transferred 100 percent ownership of the company to its employee through an employee stock ownership plan (ESOP). Mower, who began his career at the agency in 1968, will remain in

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SYRACUSE, N.Y. — The employees of Mower, a Syracuse–based marketing, advertising, and public-relations agency, now own the company.

Eric Mower, the firm’s chairman and CEO, transferred 100 percent ownership of the company to its employee through an employee stock ownership plan (ESOP).

Mower, who began his career at the agency in 1968, will remain in his current position, as will other senior Mower executives, the firm said in its Aug. 10 announcement.

Mower is headquartered inside the Jefferson Clinton Commons building at 211 W. Jefferson St. in Syracuse’s Armory Square area.

The ESOP makes about 150 employees new “employee owners” of the agency at no cost to them, with equity in the business and an additional retirement benefit, Mower said.

It also provides the agency a “smooth ownership transition into the years to come.”

Mower’s executive team includes Stephanie Crockett, president and COO; Doug Bean, vice chairman – chief brand officer; Chris Steenstra, chief administrative officer; CFO Cheryl Duggan; Doug Kamp, chief creative officer; and Rick Lyke, executive VP, managing director, public relations and public affairs.

“The ESOP allows Mower to remain independent, to maintain our professional standards and practices and for our employees to know that their future is in their hands,” Eric Mower said. “The ideas and energy of this committed team of next generation employee owners, all dedicated to collaboration, creativity and problem solving, will prove a powerful force for growth, as well as a powerful tool to attract and retain talent. I look forward to seeing our new employee owners maintain their fierce friendships while doing great work that supports the success of our clients.”

The firm shared the news with Mower employees at gatherings hosted in Syracuse and in Greenville, South Carolina, a “central location for employees” from the agency’s Charlotte and Atlanta hubs. Employees traveled from a total of 12 cities around the country to “learn about the future of Mower and their pivotal role as new employee owners,” per the announcement.

“The ESOP will have meaningful benefits to our business, positively impacting our clients as well,” Crockett said. “We know talented advertising, marketing and public relations professionals are attracted to the idea of employee ownership, and the model is shown to inspire longer tenures for executives. Just as many of us at Mower have made this business a home for our careers — I’m celebrating 18 years — we want to inspire others to invest their time and talent into the agency, and reap the rewards for that investment, too.”

New York milk producer prices up nearly 43 percent versus a year ago

Energy, Environment & Sustainability, Manufacturing & Engineering, New York News, Small Business, Subscriber Only

Milk prices at the producer level in New York state remained elevated in the latest month for which data is available amid continued inflationary pressures. New York dairy farms in May were paid an average of $27.10 per hundredweight of milk, unchanged from April but up almost 43 percent from the $19 average in May 2021.

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Empire Center names three policy fellows

Employee Benefits & Human Resources, Health Care, New York News, Nonprofits, People on the Move, Small Business, Subscriber Only

ALBANY, N.Y. — The Empire Center recently announced it is expanding its research operations with the addition of three research fellows. Ken Girardin has been named the fellow for labor policy. He helped to produce the first independent analysis of New York’s property tax cap, which demonstrated the cap’s effectiveness and boosted efforts to extend

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