Berkshire Bank’s parent company to pay quarterly dividend on Sept. 9

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Berkshire Hills Bancorp, Inc. (NYSE: BHLB), parent of Berkshire Bank, recently announced that its board of directors has approved a quarterly cash dividend of 12 cents per common share. The dividend will be payable on Sept. 9, to shareholders of record as of the close of business on Aug. 26. At Berkshire Hills Bancorp’s current […]

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New York corn production forecast to rise 4 percent this year

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

New York farms are forecast to produce 83 million bushels of corn for grain in 2021, up 4 percent from last year. That’s according to a USDA National Agricultural Statistics Service (NASS) forecast issued on Aug. 12, based on field conditions as of Aug. 1. Any potential impacts from severe weather that occurred after Aug.1

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Elmira Savings Bank’s 2nd quarter profit jumps 54 percent

Banks & Credit Unions, Regional News, Subscriber Only

ELMIRA, N.Y. — Elmira Savings Bank (NASDAQ: ESBK) recently reported that its net income soared 54 percent in the second quarter to just over $1.4 million from $909,000 in the year-ago period. This net increase resulted from a rise in net-interest income of $203,000, a decrease in noninterest expense of $181,000, and drop in the

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Federal funding to aid dementia research at Upstate Medical University

Health Care, Subscriber Only

SYRACUSE — Research into one of the leading forms of dementia at Upstate Medical University in Syracuse is getting a boost from federal funding of more than $680,000. The money comes from the National Institute of Neurological Disorders and Stroke, a division of the National Institute of Health (NIH), the office of U.S. Representative John

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SYRACUSE — Research into one of the leading forms of dementia at Upstate Medical University in Syracuse is getting a boost from federal funding of more than $680,000.

The money comes from the National Institute of Neurological Disorders and Stroke, a division of the National Institute of Health (NIH), the office of U.S. Representative John Katko (R–Camillus) said.

The funds will allow Upstate Medical to continue research on neurological disorders. The organization has a team of researchers working to advance treatments and cures for neurological disorders.

“Having witnessed my father develop and ultimately pass away from Alzheimer’s, I understand the physical, financial, and emotional burden dementia can have on those who suffer, their caretakers, and their families,” Katko said. “In Congress, I’ve consistently supported efforts to robustly fund the NIH, which provides critical federal funding to support the development of the next generation of treatment and cures. I’m glad this new funding will be used to help the dedicated neurology research team at SUNY Upstate continue their work to prevent, diagnose, and treat neurological disorders.”

During his time in Congress, Katko successfully advocated for additional funding for the NIH, and most recently urged the House Appropriations Committee to authorize over $46 billion for the NIH in fiscal year 2022, his office said.

About the research

The new funding for Upstate Medical will specifically support research by Wei-Dong Yao, professor of psychiatry and behavioral sciences and neuroscience and physiology. Yao is researching frontotemporal dementia (FTD), the leading dementia most prevalent before age 65 and the most common form of dementia after Alzheimer’s disease.

Yao’s study represents the first attempt to investigate the role of a new disease gene in FTD pathogenesis. The proposed studies are “fundamentally important and highly significant” because they have the potential to uncover novel pathogenic mechanisms and treatment strategies for FTD and related neurodegenerative diseases, Katko’s office said.

Yao is an Empire Scholar and joined Upstate from Harvard University in 2014 through the SUNY’s Empire Innovation Program.

UnitedHealth Group to pay over $15M after mental-health coverage investigation

Health Care, Insurance & Financial Services, Law, Accounting & Taxes, Subscriber Only

NEW YORK CITY — A major health insurer with an office in Syracuse will pay $15.6 million and take other corrective actions following investigations and litigation by the New York State Attorney General’s office and the U.S. Department of Labor (USDOL). United Behavioral Health and UnitedHealthcare Insurance are part of Minnetonka, Minnesota–based UnitedHealth Group. UnitedHealthcare

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United Behavioral Health and UnitedHealthcare Insurance are part of Minnetonka, Minnesota–based UnitedHealth Group. UnitedHealthcare operates offices in Syracuse.

An investigation by the USDOL’s Employee Benefits Security Administration found that United reduced reimbursement rates for out-of-network mental-health services going back to at least 2013.

In doing so, the company was “overcharging participants” for those services, and flagged participants undergoing mental-health treatments for a utilization review, “resulting in many denials of payment for those services,” USDOL said.

The $15.6 million includes payment of $13.6 million to affected participants and beneficiaries and more than $2 million in penalties, per a news release from the USDOL.

United’s action violated the Mental Health Parity and Addiction Equity Act of 2008. That law prohibits ERISA-covered health plans from imposing treatment limitations on mental health and substance-use disorder benefits that are “more restrictive” than the treatment limitations they impose on medical and surgical benefits.

ERISA is short for Employee Retirement Income Security Act.

Many participants and beneficiaries did not receive the mental health and substance-use benefits to which they were entitled under their ERISA-covered health plans due to United’s violations, USDOL said.

Investigators also found United failed to disclose sufficient information about these practices to plans and their participants and beneficiaries. In the settlement, United agrees to stop the violations, improve its disclosures to plan participants, and “commit to future compliance.”

“In the shadow of the most devastating year for overdose deaths and in the face of growing mental health concerns due to the pandemic, access to this care is more critical than ever before,” New York Attorney General Letitia James said in the release. “United’s denial of these vital services was both unlawful and dangerous – putting millions in harm’s way during the darkest of times. There must be no barrier for New Yorkers seeking health care of any kind, and I will always fight to protect and expand it. I thank Secretary Walsh for his partnership on this important matter.”

UnitedHealth Group reaction

In reaction, UnitedHealth Group sent the following statement to CNYBJ.

“We are committed to ensuring all our members have access to care and to reimbursing providers consistent with the terms of the member’s health plan and state and federal rules. We are pleased to resolve these issues related to business practices no longer used by the company. As part of our broader commitment to quality care, we continue to support our members with increased access to providers and new ways to get the effective behavioral support they need,” the company said.

Baseball Hall of Fame awarded nearly $5M in federal funds

Nonprofits, Regional News, Sports, Entertainment & Tourism, Subscriber Only

COOPERSTOWN, N.Y. — Live venues and cultural institutions were among the hardest-hit industries during the pandemic, including the National Baseball Hall of Fame and Museum in Cooperstown. To help recover, the Baseball Hall of Fame will use nearly $5 million in federal funding that’s meant to help it move beyond the pandemic, the office of

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MVCC’s Ireland elected president of SUNY Librarians Association

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

UTICA, N.Y. — Jocelyn Ireland, instructional-design librarian at Mohawk Valley Community College (MVCC), was recently elected president of the SUNY Librarians Association (SUNYLA) for the 2021-2022 year. After serving as second vice president/conference chair and first vice president over the past two years, Ireland assumed the position of president at the SUNYLA annual conference, hosted

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ConMed to pay 3rd quarter dividend of 20 cents in early October

Health Care, Manufacturing & Engineering, Regional News, Subscriber Only

ConMed Corp. (NYSE: CNMD), a surgical-device maker founded in the Utica area, announced that its board of directors has declared a quarterly cash dividend of 20 cents a share for the third quarter. The dividend is payable on Oct. 5 to all shareholders of record as of Sept. 15. ConMed manufactures surgical devices and equipment for

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NYS Common Retirement Fund up nearly 6% in latest quarter

Insurance & Financial Services, Law, Accounting & Taxes, Subscriber Only

ALBANY —The New York State Common Retirement Fund’s estimated return in the quarter ending June 30 was 5.82 percent, according to New York State Comptroller Thomas P. DiNapoli. The fund ended the quarter with an estimated value of $268.3 billion. “The financial markets remain strong, as industry sectors and companies recover and adapt to the pandemic,”

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New York manufacturing index reverses July’s gain in August

Manufacturing & Engineering, New York News, Subscriber Only

The Empire State Manufacturing Survey general business-conditions index fell 25 points to 18.3 in August. The decline nearly reversed the entire 26-point gain that the index — a monthly gauge on New York’s manufacturing sector — posted in July to reach a “record high.” The latest report also missed analysts’ expectations for a reading of 29.0, according

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The Empire State Manufacturing Survey general business-conditions index fell 25 points to 18.3 in August.

The decline nearly reversed the entire 26-point gain that the index — a monthly gauge on New York’s manufacturing sector — posted in July to reach a “record high.” The latest report also missed analysts’ expectations for a reading of 29.0, according to Reuters.

Despite the decline, the August index number — based on firms responding to the survey — indicates business activity in New York “continued to expand … though growth was significantly slower than last month’s record-setting pace,” the Federal Reserve Bank of New York said in its Aug. 16 report.

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

The survey found more than one-third of respondents reported that conditions had improved over the month, while 16 percent said that conditions had worsened, the New York Fed said.

Survey details

The new-orders index fell 18 points to 14.8, still pointing to a “solid increase” in orders, while the shipments index tumbled nearly 40 points to 4.4, but still suggesting a “slight increase” in shipments, the New York Fed said. Unfilled orders rose.

The delivery-times index climbed to 28.3, indicating “significantly longer” delivery times, as has been the case for the past several months, per the New York Fed. Inventories edged higher.

The index for number of employees dipped 8 points to 12.8, and the average-workweek index dropped to 8.9, indicating a “modest increase” in employment and hours worked.

Both price indexes remained at or near record highs: the prices-paid index held steady at 76.1, while the prices-received index climbed 7 points to 46.0, setting a record.

The index for future business conditions climbed 7 points to 46.5, pointing to “ongoing optimism” about future conditions. The indexes for future new orders and shipments rose to similar levels.

Substantial increases in employment and prices are expected in the months ahead. The capital-expenditures index was little changed at 23.0, and the technology-spending index held steady at 15.0.

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.

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