CFCU Community Credit Union posthumously honors board member

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ITHACA, N.Y. — The CFCU Community Credit Union board of directors has voted to posthumously honor Joseph (Joe) During with the title of director emeritus. During is the first CFCU board member bestowed with the recognition, CFCU said in a June 29 news release. The title of director emeritus honors retiring board members who have […]

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KeyCorp net income jumps in Q2

Banks & Credit Unions, Subscriber Only

KeyCorp (NYSE: KEY) reported that its net income in the second quarter jumped to $698 million, or 72 cents per share, from $159 million, or 16 cents, in the year-prior period, boosted primarily by strong growth in its fee-based businesses. KeyCorp — based in Cleveland, Ohio — is parent of KeyBank, which ranks No. 2 in deposit

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KeyCorp — based in Cleveland, Ohio — is parent of KeyBank, which ranks No. 2 in deposit market share in the 16-county Central New York region.

Key’s earnings per share this quarter easily beat the consensus analyst estimate of 55 cents, according to Zacks Equity Research.

The banking company generated total revenue of $1.77 billion in the second quarter, up more than 3 percent from the year-ago quarter. That topped the Zacks estimate of $1.73 billion.

Key’s noninterest income grew faster, up more than 8 percent year-over-year to $750 million. This was led by rising investment banking and debt-placement fees (up 39 percent), commercial-mortgage servicing fees, and credit card and payments income.

“The key to the quarter was growth,” Chris Gorman, chairman, CEO, and president of Cleveland, Ohio–based Key, says in a July 20 phone interview with CNYBJ. “Our investment-banking business continues to grow. We had the best second quarter ever and we had the second-best quarter ever in investment banking.”

Gorman says the growth extended to Key’s consumer-banking business as well.

“In the first six months of the year, we brought on more new households [as customers] than we have in any year in the last decade,” he says.

Key’s consumer loans increased by $2.4 billion, or 8.6 percent, from the year-ago period, reflecting strength from its Laurel Road digital-lending business unit and its consumer-mortgage business, partly offset by Key’s exit from the indirect auto-lending business.

Gorman says Laurel Road had produced “incredible growth” since KeyCorp acquired the small digital company in April 2019.

Key’s Central New York business

When asked about Key’s Central New York market business picture, Gorman says, “We often talk about the I-90 corridor as being one of the real strengths of Key. What’s interesting is Key was a significant player in Syracuse and in other places like Binghamton, Utica, and Carthage… even before we bought First Niagara in 2016. Then when we put Key and First Niagara together in 2016, all of those markets are very important to us and very strong markets for us, including Syracuse.”

Key has been ranked No. 2 in deposit market share in the Central New York region, behind M&T Bank, for a while now. When asked if Key is looking to get to No. 1, Gorman says, “We aspire to be No. 1 in every market we’re in.”

He says Key will continue to take a business approach to growth that it calls “targeted scale.”

“You won’t see us going out with sort of blanket marketing. What we’ll figure out is for example, what companies in the Syracuse area we can be particularly impactful for and we’ll focus on those companies,” he explains. “And then in a very targeted way, we’ll focus on consumers where we think we’re uniquely qualified to serve them.”

KeyCorp, which says its roots trace back nearly 200 years to Albany, has assets of $181 billion. KeyBank has more than 1,000 branches in 15 states.

Five Star Bank names regional presidents

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

WARSAW, N.Y. — Five Star Bank, a unit of Financial Institutions, Inc. (NASDAQ: FISI) recently announced it has appointed regional bank presidents. The bank has named Craig Burton Finger Lakes/Southern Tier regional president, in addition to his role as commercial real-estate executive, according to a June 17 Five Star Bank news release. Burton continues to

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WARSAW, N.Y. — Five Star Bank, a unit of Financial Institutions, Inc. (NASDAQ: FISI) recently announced it has appointed regional bank presidents.

The bank has named Craig Burton Finger Lakes/Southern Tier regional president, in addition to his role as commercial real-estate executive, according to a June 17 Five Star Bank news release. Burton continues to lead the bank’s commercial real-estate lending platform. As regional president, he provides commercial-business-line leadership by actively supporting customer and prospect development across all business lines. Burton also represents the bank in the community by participating in civic activities to support the community and foster a positive presence and reputation. Burton has more than 30 years of commercial mortgage and real-estate experience in upstate New York. He joined Five Star Bank in 2016, establishing and managing the bank’s commercial real-estate loan portfolio through a period of significant growth and expansion in construction and permanent financing and the establishment of tax-credit investing, affordable-housing financing, and interest-rate derivative platforms.

Five Star Bank has also appointed Alison Miller as commercial and industrial executive and Central New York regional president. In this role, Miller leads the bank’s commercial and industrial-lending platform and provides commercial-business-line leadership by actively supporting customer and prospect development across all business lines. She also represents Five Star in the community by participating in civic activities to support the community and promote a positive presence and reputation. Miller has more than 25 years of commercial-banking experience in Central New York. She joined Five Star Bank in 2018 as commercial-market executive, working from the bank’s Auburn branch office. Miller has effectively grown the bank’s commercial-loan portfolio in the region, according to the release. She received an MBA from Le Moyne College and executive-leadership certification from Cornell University.

Finally, Five Star Bank also named Patrick Keating commercial-market executive and Western New York regional president.

Summit FCU launches virtual branch

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

The Summit Federal Credit Union (SFCU) on July 6 opened a new virtual branch, which the organization says is available “everywhere.” Using Zoom technology, branch “visitors” see and talk directly with a local relationship specialist and do just about everything they’d do at a physical branch, right from a mobile or electronic device, Summit FCU contends. The

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The Summit Federal Credit Union (SFCU) on July 6 opened a new virtual branch, which the organization says is available “everywhere.”

Using Zoom technology, branch “visitors” see and talk directly with a local relationship specialist and do just about everything they’d do at a physical branch, right from a mobile or electronic device, Summit FCU contends.

The credit union has three existing employees working on the initiative, including a virtual branch manager when needed, Cynthia Kolko, community and public relations specialist for the credit union, tells CNYBJ in an email.

The Summit FCU describes it as “secure,” “easy,” and “brand new” for Western and Central New York.

“Many financial institutions use the term ‘virtual branch’ to describe their e-services: self-serve transactions like making transfers or deposits,” Cheryl Pohlman, VP of marketing and business relations for the Summit FCU, said in a release. “In contrast, The Summit’s virtual branch is just like stepping into a full-service physical branch, only a lot more convenient. You talk to a real, live person from wherever you happen to be.”

Visiting the Summit’s new virtual branch is by appointment, which can be scheduled by visiting summitfcu.org, the credit union said.

“Mobile users are growing, and we definitely wanted to use the technology beyond e-services so that members have more banking options. But truly, our Virtual Branch serves all our members — whether they are frequent users of our e-services or not,” Kolko adds.

The Summit FCU recently closed its brick-and-mortar branch office at Township 5 in Camillus as customers’ increasing use of mobile and online technology for their transactions led to declining traffic and fewer transactions for the past few years. The Summit FCU, which is headquartered in Rochester, still has physical local branch offices in Syracuse, Cortland, Clay, and Seneca Falls. The credit union serves about 15,000 members and 40 member companies in Central New York.

Sysco wins up to $8.7 million contract for food distribution to the military

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VAN BUREN — Sysco Syracuse LLC, has recently been awarded a maximum $8.7 million contract from the U.S. Defense Logistics Agency for full-line food distribution to the U.S. Army, Air Force, Navy, Marine Corps, and Coast Guard. This is a two-year base contract with two 18-month option periods, according to a July 12 contract announcement

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New York oat production is forecast to rise 38 percent this year

Energy, Environment & Sustainability, Manufacturing & Engineering, Subscriber Only

New York farms are expected to produce 2.34 million bushels of oats this year, up 38 percent from nearly 1.7 million bushels in 2020, according to a July 1 forecast from the USDA National Agricultural Statistics Service (NASS). Yield per acre for oats in New York state is forecast to rise almost 23 percent to

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Community Foundation of Herkimer and Oneida Counties appoints Warfel of MVHS to board of directors

Nonprofits, Regional News, Subscriber Only

UTICA, N.Y. — The Community Foundation of Herkimer and Oneida Counties recently announced that it has added Dr. Mark Warfel to its board of directors. Warfel serves as director of the St. Elizabeth Family Medicine Residency Program and the Mohawk Valley Health System’s (MVHS) director of medical education. Warfel is a graduate of the St.

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Broome County hotel occupancy rate more than doubles in May

Regional News, Sports, Entertainment & Tourism, Subscriber Only

BINGHAMTON, N.Y. — Broome County hotels saw their biggest rebound in customers to date in May as they recover from the business disruptions of the COVID pandemic, according to a new report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county more than doubled (up 102 percent) to 54.1

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I-81 project comment period starts after State DOT releases latest report

Construction, Design & Real Estate, Sports, Entertainment & Tourism, Subscriber Only

SYRACUSE — The public now has the chance to comment on the $2 billion Interstate 81 (I-81) viaduct-replacement project after state officials released the latest report on the project on July 16. State officials favor the community-grid alternative for the project, which would deconstruct a section of I-81 in downtown Syracuse and redirect highway traffic

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SYRACUSE — The public now has the chance to comment on the $2 billion Interstate 81 (I-81) viaduct-replacement project after state officials released the latest report on the project on July 16.

State officials favor the community-grid alternative for the project, which would deconstruct a section of I-81 in downtown Syracuse and redirect highway traffic to I- 481. A portion of I-690 near the current intersection with I-81 would also be rebuilt and a boulevard-like Business Loop 81 would be created in downtown.

Marie Therese Dominguez, commissioner of the New York State Department of Transportation (DOT); Mark Frechette, project manager; and other DOT officials addressed reporters during a July 16 briefing at the Senator John H. Hughes State Office Building at 333 E. Washington St. in Syracuse, next to Syracuse City Hall.

The report issued that day is the DEIS, or the draft environmental-impact statement, available at https://static.parsons.com/I-81-DEIS/07-2021/.

The DOT — working with the U.S. Department of Transportation’s Federal Highway Administration (FHWA) — crafted the DEIS after conducting “extensive outreach with the public and stakeholders” throughout the Central New York region, the office of Gov. Andrew Cuomo said in a July 16 release.

Public hearings

The public hearings on the DEIS for the I-81 viaduct project and eminent-domain procedure law are set for Tuesday, Aug. 17 and Wednesday, Aug. 18.

The project team will be holding two virtual public hearings on Aug. 17 at 11 a.m. and then 5 p.m. To submit oral comments, those interested can register at: https://cscos.zoom.us/webinar/register/WN_uALJ5SbDQRK6IqnilPuYJA#_blank

The project team will also conduct two in-person public hearings on Aug. 18 at the Oncenter. Doors open at 3:30 p.m. A pre-recorded presentation will be shown at 4 p.m. and 6 p.m., which will be followed by oral comments.

Public comment period

NYSDOT and FHWA will accept comments on the document through 5 p.m. eastern time on Sept. 14. The entities will summarize and respond to “all substantive comments received” in the final design report/final EIS for the project, per Cuomo’s office.

The public may submit comments using the department’s electronic comment form, accessible through this link: https://bit.ly/3ixawNu.

Additional features

Additional project features that NYSDOT will highlight in detail in the coming weeks will include:

• A Gateway to the City at the entrance to Business Loop 81 featuring a roundabout at Business Loop 81 and Martin Luther King, Jr. Drive

• A new off-ramp from Business Loop 81 northbound at Colvin Street

• Bear Street improvements

• Reconstruction of Almond Street to include two 12-foot-wide travel lanes in each direction, widened sidewalks and bicycle facilities

• A new third lane on I-481 between the Thruway and I-690; and a “greatly improved” Exit 3

• A new full interchange on I-690 at Crouse and Irving Avenues to provide more direct connections to hospitals, employment centers, and educational facilities on University Hill

• A reconfigured West Street Exit

• Sewer-system upgrades that will improve stormwater management and water quality

After federal approval, the project will break ground in 2022, Cuomo’s office said.

Preliminary plans call for phase 1 to include work on the northern and southern sections of Business Loop 81; work on I-690 over Crouse and Irving Avenues; and the conversion of I-481 to I-81 including several road and bridge projects along the corridor.

Onondaga County uses $5M incentive fund to attract more productions

Sports, Entertainment & Tourism, Subscriber Only

SYRACUSE — Onondaga County is hoping a $5 million initiative called PRIMED will help attract additional film, television, and commercial productions to the area. PRIMED is short for production incentives for movies and entertainment development. “Why are we doing it? We’re doing it because we have an emerging industry … we are past proof of

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SYRACUSE — Onondaga County is hoping a $5 million initiative called PRIMED will help attract additional film, television, and commercial productions to the area.

PRIMED is short for production incentives for movies and entertainment development.

“Why are we doing it? We’re doing it because we have an emerging industry … we are past proof of concept for film in Onondaga County. We now know we can do it and we can do it well,” Onondaga County Executive Ryan McMahon said.

McMahon on July 14 announced the incentive program during a press event at the Redhouse Arts Center at 400 S. Salina St. in downtown Syracuse.

The initiative is part of the stimulus package announced during McMahon’s State of the County address.

The program will offer rebates on local spending related to pre-, principal, or post-production process for film, television, and large commercial-advertising campaigns. It includes an additional bonus incentive for those that hire from underrepresented communities including veterans, members of the disability community, minority populations, and for those that hire students enrolled in local colleges and universities so they can “gain valuable experience and learn trade,” McMahon said.

“This PRIMED initiative is going to help give us a little bit of an advantage … create a little bit of buzz, but at the same time, incentivize production here in our community based off local spend,” he said.

Who qualifies

To qualify, an applicant must have 70 percent of its production within Onondaga County. Films are required to have a minimum budget of $1.5 million. TV productions must have a minimum budget of $1 million. And commercial productions need to spend a minimum of $400,000. The rebates are based on the amount of money spent in Onondaga County, McMahon noted.

Eligible expenses in the program include lodging, hotels, rooms, meals, restaurants, transportation costs, construction sets, supplies, and retail. “These are all qualifying expenses,” he said.

A production can receive up to 25 percent of qualifying expenses, plus an additional incentive bonus of up to 5 percent for the hiring it does. The cap per year is $300,000, or two projects, according to McMahon.

McMahon went on to say that Onondaga County is offering the incentive because film production locally is seen as an “emerging industry” which is “past proof of concept” in the county.

The county is also offering the incentive to help a sector that was hurt during the pandemic.

“We’re doing it because our hospitality and arts community and our restaurant community have been hurt drastically through the pandemic. And film drives room nights. It drives spend in these exact areas … We believe this will give us a competitive advantage and will give us a sales tool to continue to go talk to more production houses and get more economic activity in our community,” he said.

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