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Community Bank System to pay Q1 dividend of 42 cents in April
DeWITT— Community Bank System, Inc. (NYSE: CBU) recently announced that it has declared a quarterly cash dividend of 42 cents per share on its common stock. The dividend will be payable on April 9 to shareholders of record as of March 15. The dividend is the same amount that Community Bank paid each of the […]
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DeWITT— Community Bank System, Inc. (NYSE: CBU) recently announced that it has declared a quarterly cash dividend of 42 cents per share on its common stock.
The dividend will be payable on April 9 to shareholders of record as of March 15. The dividend is the same amount that Community Bank paid each of the last two quarters, after it increased the payment from the previous dividend of 41 cents a share.
The new dividend of 42 cents represents an annualized yield of about 2.3 percent, based on Community Bank’s current stock price.
DeWitt–based Community Bank System operates more than 230 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of more than $13.9 billion, the banking company is among the nation’s 125 biggest financial institutions. The company also provides financial planning, insurance, and wealth-management services through its Community Bank Wealth Management Group and OneGroup NY, Inc. operating units.
NYS County Highway Superintendents Association selects new president
ALBANY, N.Y. — The New York State County Highway Superintendents Association (NYSCHSA) recently announced it had selected that Joe Wisinski as the association’s new president. Wisinski is the highway superintendent for Madison County. Wisinski will work closely with the organization’s membership to advocate for adequate funding for essential local road and bridge projects, NYSCHSA said
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ALBANY, N.Y. — The New York State County Highway Superintendents Association (NYSCHSA) recently announced it had selected that Joe Wisinski as the association’s new president. Wisinski is the highway superintendent for Madison County.
Wisinski will work closely with the organization’s membership to advocate for adequate funding for essential local road and bridge projects, NYSCHSA said in a release.
Specifically, NYSCHSA is seeking funding for the following initiatives: a
$438 million restoration to the CHIPS program, a $100 million increase to the Extreme Winter Recovery program, a $100 million restoration to the local BRIDGE-NY program, and a $100 million restoration to the local PAVE-NY program.
Todd Gadd, highway superintendent for Wyoming County, had served as NYSCHSA president in 2020.
Wisinski was appointed Madison County highway superintendent in 2007 and holds a bachelor’s degree in civil engineering from SUNY Polytechnic Institute. Prior to becoming a superintendent, he was a county engineering technician and also worked in the private sector as a bridge-inspection engineer.
NYSCHSA is a nonprofit organization with county superintendents, public-works commissioners, and affiliate members comprising its membership.
ConMed to pay first-quarter dividend of 20 cents a share in early April
UTICA, N.Y.— ConMed Corp. (NYSE: CNMD), a Utica–based surgical-device maker, recently announced that its board of directors has declared a quarterly cash dividend of 20 cents a share for the first quarter. The dividend is payable on April 5 to all shareholders of record as of March 15. ConMed manufactures surgical devices and equipment for
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UTICA, N.Y.— ConMed Corp. (NYSE: CNMD), a Utica–based surgical-device maker, recently announced that its board of directors has declared a quarterly cash dividend of 20 cents a share for the first quarter.
The dividend is payable on April 5 to all shareholders of record as of March 15.
ConMed manufactures surgical devices and equipment for minimally invasive procedures. The firm’s products are used by surgeons and physicians in specialties that include orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery, and gastroenterology.
ConMed reported net sales of $862.5 million in 2020, down 9.7 percent from $955 million in 2019. The company said on Jan. 27 that it expects full-year 2021 revenue between $975 million and $1.02 billion.
Lockheed Martin’s Salina plant wins nearly $47 million Navy order for submarine kits
SALI NA, N.Y. — Lockheed Martin Corp.’s (NYSE: LMT) suburban Syracuse plant has been awarded an almost $47 million order toward a previously awarded contract for the procurement of submarine-modernization kits, equipment, and installation. This delivery order includes options that, if exercised, would bring the total value to more than $174 million, according to a
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SALI NA, N.Y. — Lockheed Martin Corp.’s (NYSE: LMT) suburban Syracuse plant has been awarded an almost $47 million order toward a previously awarded contract for the procurement of submarine-modernization kits, equipment, and installation.
This delivery order includes options that, if exercised, would bring the total value to more than $174 million, according to a Feb. 26 Defense Department contract announcement.
Work will be performed in Lockheed’s facility in the town of Salina and is expected to be completed by July 2024. If all options are exercised, work will continue through August 2025.
Fiscal 2021 other procurement (Navy) funding in the amount of $46,988,174 will be obligated at the time of award and will not expire at the end of the current fiscal year, per the announcement. The Naval Sea Systems Command in Washington, D.C., is the contracting authority on this order.
Binghamton business-plan contest accepts applications until April 7
BINGHAMTON, N.Y. — Applications are due April 7 in this year’s edition of a business-plan contest that will award $5,000 to the best plan for developing a business in the city of Binghamton. It’s the Binghamton Local Development Corporation (BLDC) and SUNY Broome’s Entrepreneurial Assistance Program (EAP) 2021 BLDC-EAP Business Plan Competition, per a news
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BINGHAMTON, N.Y. — Applications are due April 7 in this year’s edition of a business-plan contest that will award $5,000 to the best plan for developing a business in the city of Binghamton.
It’s the Binghamton Local Development Corporation (BLDC) and SUNY Broome’s Entrepreneurial Assistance Program (EAP) 2021 BLDC-EAP Business Plan Competition, per a news release on the City of Binghamton website.
The competition is described as the “longest running of its kind in the Greater Binghamton area.”
“Promoting small-business development and entrepreneurship are key objectives of the City of Binghamton,” Richard David, the city’s mayor. “I look forward to seeing the new ideas generated by this competition.”
The competition seeks to “cultivate” local-business development; promote entrepreneurial spirit; and raise awareness about EAP training, BLDC financing, and other community resources for small-business growth.
Full information on applications, eligibility requirements and important dates are available on the SUNY Broome EAP program website (https://www2.sunybroome.edu/conted/eac/) and the BLDC page (http://binghamton-ny.gov/binghamton-local-development-corporation-bldc).
Those interested can also contact Binghamton Economic Development at (607) 772-7161 or EcoDev@cityofbinghamton.com.
Competition criteria
Applicants must either plan to start a business or have an existing business that is less than five years old.
Candidates must demonstrate the ability to finance and open the business in the city of Binghamton within four months of winning the competition and “commit to keeping the business in the city for a minimum of three years,” per the release.
Participants are encouraged to attend a free online business-plan development workshop, sponsored by the Binghamton Economic Development Office, on March 31 from 5-7:30 p.m.
To register, email a request to ecodev@cityofbinghamton.com. The workshop is open to any individuals interested in competing and will cover “best practices” in starting and growing a business.
Additional incentive
In addition to a $5,000 cash award, Binghamton businesses and organizations are donating additional support to the competition winner.
The support includes five hours of accounting services from Davidson Fox & Co.; $500 of legal counsel from Coughlin & Gerhart, LLP; and one-year membership in the Greater Binghamton Chamber of Commerce.
It also includes $500 in sign-creation services courtesy of 3i Graphics & Signs; $500 in website services, courtesy of Freshy Sites; $500 in branding services offered by Idea Kraft; and a three-month, free co-working membership at the Koffman Southern Tier Incubator, courtesy of Binghamton University and SUNY Broome.
Report: Total household debt rose 1.4 percent in Q4
Newly originated mortgages reach record high Total U.S. household debt increased by $206 billion, or 1.4 percent, to 14.56 trillion in the fourth quarter of 2020, amid a sharp increase in new and refinanced mortgage loans. That’s according to the Quarterly Report on Household Debt and Credit, issued by the Federal Reserve Bank of New York’s Center for
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Newly originated mortgages reach record high
Total U.S. household debt increased by $206 billion, or 1.4 percent, to 14.56 trillion in the fourth quarter of 2020, amid a sharp increase in new and refinanced mortgage loans.
That’s according to the Quarterly Report on Household Debt and Credit, issued by the Federal Reserve Bank of New York’s Center for Microeconomic Data on Feb. 17.
The total debt balance is now $414 billion higher than the year prior. The report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative random sample of individual- and household-level debt and credit records drawn from anonymized Equifax credit data.
Mortgage balances — the biggest component of household debt — topped $10 trillion in the fourth quarter — increasing by $182 billion to $10.04 trillion at the end of December. While credit-card balances increased by $12 billion over the quarter, they were $108 billion lower than they had been at the end of 2019. It’s the largest year-over-year decline since the series began in 1999. The New York Fed says this overall decline is “consistent with continued weakness in consumer spending and revolving balance paydowns by card holders.”
Auto and student-loan balances increased by $14 billion and $9 billion, respectively. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) rose by $37 billion during the fourth quarter but remained below end-2019 levels.
Newly originated mortgages reached a record high and new auto loans hit their second-highest quarterly volume since 2000. Mortgage originations, which include refinances, stood at $1.2 trillion, “surpassing in nominal terms the volumes seen during the historic refinance boom” of the third quarter of 2003, per the New York Fed.
Auto-loan originations, which include both loans and leases, fell slightly from the record high hit in the third quarter but were at the second-highest level for the series, at $162 billion.
“2020 ended with a substantial increase in new extensions of credit, driven by record highs of new mortgages and auto loan originations,” Wilbert Van Der Klaauw, senior VP at the New York Fed, said in a news release about the Quarterly Report on Household Debt and Credit. “Notably, the overall median mortgage origination credit scores jumped up, reflecting a high share of refinances.”
Total delinquency rates continued to decline in the fourth quarter as more people took advantage of loan forbearances, which were provided by the federal CARES Act or voluntarily offered by lenders. The share of mortgages that transitioned to early delinquency ticked down to 0.4 percent. As of late December, the share of outstanding debt that was in some stage of delinquency was 1.6 percentage points lower than the rate at the end of 2019 — before the COVID-19 pandemic hit the U.S., according to the report. About 121,000 consumers had a bankruptcy notation added to their credit reports, a decline from the previous quarter and a new series low.
The share of federal student loans and federally backed mortgages transitioning into delinquency both continued to fall, as they remained covered by CARES Act forbearances. Auto loans and credit-card delinquency transition rates also continued to decline, aided by government-stimulus programs and bank-offered forbearance options for troubled borrowers.
The Federal Reserve Bank of New York’s Household Debt and Credit Report provides data and insight into the credit conditions and activity of U.S. consumers. Based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data, the report provides a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans, and delinquencies. The New York Fed says the report seeks to help community groups, small businesses, state and local governments, and the public to better understand, monitor, and respond to trends in borrowing and indebtedness at the household level. The full report is available at: https://www.newyorkfed.org/microeconomics/hhdc.html.
Crawford Acupuncture formally opens in Rome (Update: new location)
ROME, N.Y. — Theresa (Christina) Crawford recently formally opened her new acupuncture business in the city of Rome. The founder and owner of Crawford Acupuncture was presented with a “First Dollar of Profit” award from the Rome Area Chamber of Commerce during a ribbon-cutting event on Jan. 26, 2021. Crawford Acupuncture (www.crawfordacupuncture.com) is located at
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ROME, N.Y. — Theresa (Christina) Crawford recently formally opened her new acupuncture business in the city of Rome.
The founder and owner of Crawford Acupuncture was presented with a “First Dollar of Profit” award from the Rome Area Chamber of Commerce during a ribbon-cutting event on Jan. 26, 2021.
Crawford Acupuncture (www.crawfordacupuncture.com) is located at 111 East Chestnut St., Suite 203. The business, which is open by appointment only, offers traditional techniques including acupuncture, guasha, cupping, herbal medicine, and moxibustion, as well as lifestyle education. The operating hours are Wednesday through Saturday, from 9 a.m.-5 p.m.
UPDATE: This business has since relocated to Oregon. The updated business contact information is as follows:
323 Goodpasture Island Road
Eugene, OR 97401
[Story updated on 7/18/25; original story published on 3/5/21]
VIEWPOINT: Is Your Company Secure on the Cloud?
5 Must-Knows to Manage Risks Cybersecurity breaches have become all too common, putting public health, individuals’ private information, and companies in jeopardy. With cloud computing prevalent in business as a way to store and share data, workloads, and software, a greater amount of sensitive material is potentially at risk. Therefore, company leaders need to prioritize cloud security
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5 Must-Knows to Manage Risks
Cybersecurity breaches have become all too common, putting public health, individuals’ private information, and companies in jeopardy.
With cloud computing prevalent in business as a way to store and share data, workloads, and software, a greater amount of sensitive material is potentially at risk. Therefore, company leaders need to prioritize cloud security and know how to manage the risks.
Cloud adoption is a business model that provides convenience, cost savings, and near-permanent uptimes compared to on-premises infrastructure. But cyberattacks continue to plague organizations of every size and moving your IT infrastructure and services to cloud environments requires a different approach to traditional deployments.
A private cloud keeps all infrastructure and systems under the company’s control, while a public cloud hands over the responsibility to a third-party company. In hybrid deployments, which most organizations adopt, some services are in the public-cloud infrastructure while others remain in the company’s data center. Regardless of which cloud deployment you choose, you should know the cloud-security basics or consult with cybersecurity experts before migrating to the new environment.
Here are five points company leaders need to know about cloud security to help manage their risks.
• Shared resources for multi-tenancy cloud customers. Multi-tenancy refers to the shared resources your cloud-service provider will allocate to your information. The way the cloud and virtualization works is: instead of physical infrastructure dedicated to a single organization or application, virtual servers sit on the same box and share resources between containers. A container is a standard unit of software that packages code and helps the application run reliably from one computing environment to another. You should ensure that your cloud-service provider secures your containers and prevents other entities from accessing your information.
• Data encryption during transmission and at rest. Accessing data from a remote location requires that a company’s service provider encrypt all the business’ information — whether at rest in the virtual environment or when being transmitted via the internet. Even when the service provider’s applications access your information, it should not be readable by anyone else except your company’s resources. To protect your information, ask your service provider about what encryption they use to secure your data.
• Centralized visibility of your cloud infrastructure. It’s not enough to trust service providers; you will also want to verify that your data remains secure in their host environments. Cloud-workload protection tools provide centralized visibility of all your information so you can get adequate oversight of the environment. Ask your cloud company if it can provide you with security tools such as network-traffic analysis and inspection of cloud environments for malicious content.
• An integrated and secure-access control model. Access-control models remain a major risk in cloud environments. Your provider should have cloud-based security that includes a management solution to control user roles and maintain access privileges.
• Vendor-sprawl management with threat intelligence. In complex cloud deployments, you may end up using different vendors, each with its own cybersecurity framework. Threat-intelligence solutions can provide you with clear insight into all your vendors and the latest global threats that could put your business systems at risk. A threat-intelligence tool will gather and curate information from a variety of cybersecurity-research firms and alert you to any vulnerabilities in your vendor’s system.
For any organization that is considering a complete cloud migration, understanding the entire threat landscape is essential. A team of cybersecurity experts can assist with the planning and oversight of your cloud migration to mitigate risks and establish the necessary controls.
Tim Mercer (www.timtmercer.com) is founder of IBOXG, a company that provides technology services and solutions to government agencies and Fortune 500 corporations. He is also author of “Bootstrapped Millionaire: Defying the Odds of Business.”
Personally Yours … The Legacy of C.E. Chappell & Sons Department Store
In 1994, Charles A. Chappell, Jr., the last Chappell family member to preside over C.E. Chappell and Sons, Inc., sold the last remaining Chappell’s department stores to The Bon-Ton Stores of York, Pennsylvania for $7.9 million. The sale concluded the legacy of a family-owned chain of regional stores that had dotted the Central New York landscape for almost
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In 1994, Charles A. Chappell, Jr., the last Chappell family member to preside over C.E. Chappell and Sons, Inc., sold the last remaining Chappell’s department stores to The Bon-Ton Stores of York, Pennsylvania for $7.9 million. The sale concluded the legacy of a family-owned chain of regional stores that had dotted the Central New York landscape for almost the past 100 years. No longer would shoppers leave Chappell’s with their purchases inside highly recognizable bright yellow cardboard boxes embossed with the company’s motto: “Personally yours…Chappell’s.” The era that began with Charles A. Chappell, Jr.’s grandfather, Charles E. Chappell, in the late 19th century had ceased that year.
Charles Edward (C.E.) Chappell was born in Fulton, New York on Sept. 15, 1861, just after the American Civil War had commenced. After the family moved to Hannibal, the young Chappell became a clerk in a store in the village of South Butler. It was in this first retail job that he learned the art of selling and merchandising. Along with becoming knowledgeable of the retail-store trade, Chappell ventured into the egg business, buying eggs from local farmers, and then selling them in New York City. Soon after saving some of his hard-earned cash, Chappell invested in a general store in Jordan, New York.
C.E. Chappell married Ida Baggerly of Savannah, New York in May 1886 and, over the next 11 years, they would have four children: Clayton, Marion, Donald, and Charles Albert. Unfortunately, Clayton died in 1912 at age 25, but the two other sons and daughter would eventually direct the family business.
A year after C.E. married Ida, he and his business partner, Frank Tuttle, opened the Chappell and Tuttle store in Baldwinsville. However, Chappell watched the city of Syracuse grow and prosper with the Erie Canal traveling though its downtown. Viewing the economic activity with intense interest, Chappell sold his Baldwinsville store to Charles F. Green and, in 1895, partnered with Francis E. Bacon to establish Bacon, Chappell & Company at 205-207 South Salina St. in Syracuse. Downtown Syracuse already had four other major department stores at the time — E.W. Edwards, Dey Brothers, D.M. McCarthy, and L.A. Witherill — but C.E. believed there was still room for one more department store. The original Bacon and Chappell store offered just two aisles of merchandise.
Bacon and Chappell’s retail business suffered during the Panic of 1907, but in 1908 the business was rejuvenated and Chappell decided to expand his store. That same year, his son Clayton, a recent graduate of Syracuse University, joined his father in the business.
Two years later, Francis Bacon moved to California, and in 1912, the partnership between Chappell and Bacon was dissolved. C.E. decided to expand his store again by leasing two more aisles. The building’s owners also converted the wood structure into a fire-resistant steel and concrete building. William A. Dyer, an officer with Smith Premier Typewriter Company, then became affiliated with C.E. Chappell. That same year, young Clayton died from complications of gall-stone surgery. In 1913, C.E.’s second son, Donald E., joined the business.
The retail store business was officially named Chappell-Dyer Co., Inc. in 1915. Its popularity continued to grow among local shoppers, and in 1917, the business physically expanded into the first and second floors of the White Memorial Building at 201 South Salina St. When the United States joined World War I, C.E.’s third son, Charles A., left Syracuse University to enlist in the Army as a private with Troop D Cavalry, which was reorganized as Company B, 104th Machine Gun Battalion. However, Charles contracted spinal meningitis before his unit set sail for Europe and he did not leave the U.S. When the war ended, Charles A. resumed his studies at Syracuse University, graduating in 1920, and then joined the business the following year.
C.E. Chappell purchased William Dyer’s share of the business in 1924, becoming the sole proprietor. During the next year, C.E., along with his two sons, incorporated the company under the name of C.E. Chappell & Sons, Inc., and purchased the buildings at 205, 207, and 209 South Salina St. The Chappells promoted their new business as “a family store.”
During the Great Depression of the 1930s, Chappell-Dyer Co.’s store sales dropped by half from 1929 to 1934. All store employees had to take three 10 percent salary cuts. But by 1936, C.E. made plans to remodel the second floor and create a new store front. Unfortunately, C.E. did not see his remodeling plans come to fruition.
In 1937, Charles Edward Chappell passed away at his home at age 75. He had suffered from Parkinson’s Disease for many years and his heart just “fluttered out.” He had lived in Syracuse for 42 years and had built a successful retail business. He also was active in the community, serving as a trustee of the City Bank Trust Company, Onondaga County Savings Bank, the honorary degree committee of Syracuse University, and the United Methodist Episcopal Church. He also was a member of the Central City Lodge 305 of the Free & Accepted Masons. C.E. also was one of the founders of the Bellevue Golf and Country Club in Syracuse. One of his business associates described C.E. as “[a] quiet man, but firm in his decisions. …[H]is word was as good as his bond.” Syracuse University trustees passed a resolution recognizing C.E. Chappell’s personal and business success: “He was recognized as one of our outstanding business leaders and he attained success through his honesty and fair dealing … no person could be found who would speak of him other than in terms of high commendation both as a businessman and as a Christian gentleman.”
Upon the death of their father, Donald Chappell became company president and treasurer, while Charles A. became vice president. Their sister, Marion, became a company director. The next generation of Chappells instituted successful business modernizations that included advanced bookkeeping systems, a non-contributing employee pension, and profit sharing for all employees.
C.E. Chappell and Sons occupied the rest of the second floor of the White Memorial Building in 1941 to accommodate additional inventory, as well as the store’s ever-increasing clientele. Toward the end of 1944, the company acquired the building’s third floor.
During World War II, C.E. Chappell and Sons was closely associated with local patriotic support programs. The business promoted buying defense bonds and stamps with slogans such as “Buy a Bomber a Day” and “Tribute to the Unconquerables,” created patriotic displays in its store windows that promoted the federal government’s Display for Victory campaign, and assisted shoppers with buying products substituted for those that were rationed during the war.
C.E. Chappell and Sons celebrated its 50th year of conducting business along South Salina Street in 1945. The company hosted a dinner in the grand ballroom of Hotel Syracuse for more than 400 employees. Donald Chappell, Sr. awarded $100 bonds and diamond service pins to employees who had worked for the business for more than 25 years. Those employees with between 10 and 25 years of service were awarded gold pins. In turn, the employees presented Charles and Donald an inscribed plaque recognizing Chappell family leadership. The company also published “The Story of a Store,” a 50th anniversary booklet recording the first 50 years of C.E. Chappell & Sons’ history.
In 1949, C.E. Chappell and Sons established an executive-training program for younger Chappell family members who apprenticed in other stores before receiving leading roles at C.E. Chappell and Sons. Charles A. Chappell, Jr. and Donald E. Chappell, Jr. joined their fathers and uncles in the family business in 1951.
That same year, C.E. Chappell and Sons became the first department store in Central and Northern New York to expand into suburban markets when it opened its first branch store in Eastwood in May 1951. Although smaller than the main store in downtown Syracuse, Chappell’s Eastwood store featured the latest building designs, offered three levels of merchandise, and focused on shoppers’ convenience. The large front windows on the James Street façade attracted shoppers who had a panoramic view of the main floor. The store also offered air conditioning installed by Carrier Corporation. A parking lot in the rear attracted mobile suburbanites.
The concept of a suburban branch store was an immediate success, and in November 1956, C.E. Chappell and Sons opened its third store in Northern Lights Plaza. Chappell’s Northern Lights featured almost 60,000 square feet of floor space on two levels and was the largest suburban store in Central New York at that time. Along with shopping, customers could eat at the store’s restaurant. The Northern Lights store included almost 100 different merchandise departments: clothing, beauty salon, small and major appliances, shoe-repair service, and paint and wallpaper. It too featured air conditioning supplied by Carrier.
The Chappell brothers and their sons assumed new leadership roles in 1958. Donald, Sr. became chairman of the board and Charles, Sr. succeeded Donald as company president. Their sons, Charles A. Jr. became VP and secretary and Donald E. Jr. became VP and treasurer. In 1959, after suffering for many years with asthma, Donald E. Chappell, Sr. passed away. Charles A. Sr., who had shared much of the leadership role with his brother, now presided over the company. In 1964, Charles A. Sr. became the chairman of the board, Donald E. Jr. became company president and general manager, and Charles A. Jr. became VP in charge of fashion merchandising. The business adopted a new merchandising policy in 1968, discontinuing most of the home furnishings, rugs, and general houseware items, while continuing to offer family apparel, gifts, domestic items, and draperies.
Chappell’s moved its Eastwood store to Shop City, which offered a much larger parking area, in 1971 when its lease expired. That same year, Chappell’s opened its fourth store in the Cortlandville Mall.
When the Rochester–based Sibley, Lindsay, & Curr Company opened a new Sibley’s department store at 400 South Salina St. in 1969, Charles A. Chappell, Sr. thought that there would not be enough downtown business to warrant another large department store. The opening of Sibley’s, coupled with Chappell’s continued attraction to expand into the suburbs, caused C.E. Chappell and Sons to sell its downtown Syracuse anchor store in August 1974, ending its 78-year relationship with a once flourishing downtown. A couple from Ottawa, Canada, the last two customers at C.E. Chappell’s in downtown, came to spend a gift certificate given to them by Charles A. Sr., and culminated the end of a long, abounding chapter in Syracuse’s retail history. That same year, Chappell’s opened its fifth store in the Seneca Mall in Clay. Three years later, C.E. Chappell and Sons opened another store in the Western Lights Plaza in Geddes.
Charles A. Chappell III became a full-time employee at the department store business in 1977 after working part-time since 1969. Charles III, the son of Charles A. Jr., was a fourth-generation Chappell to join the family-owned, privately-held business, and the great grandson of Charles E. Chappell. Charles III was named the company’s secretary in 1982 and also served on the board of directors in the 1980s. He managed the Chappell’s store in ShoppingTown Mall in DeWitt when it opened in 1984.
Bracketing the opening of the ShoppingTown store were store openings in Auburn’s Finger Lakes Mall in 1982 and in Penn Can Mall in Cicero in 1986.
Charles A. Chappell, Sr., who had become chairman of the board, passed away in June 1978 at the age of 80. Like his father, Charles A. Sr. was committed to serving the local community via the United Way, the Cerebral Palsy Association, Consolidated Industry for the Handicapped, and the Athletic Governing Board at Syracuse University. The Post-Standard newspaper described Charles A. Sr. as being fondly remembered by many family, friends, and customers, “whose way of life ha[d] been built on honest dealing, quality merchandise, and service above self.”
Ten years later, Donald E. Chappell, Jr., died in Houston, Texas at age 63. A life resident of the Syracuse area, Donald E. Jr. had been company president since 1964 and was responsible for increasing the number of Chappell’s stores from three to seven. At the time of his death, Charles A. Chappell, Jr. said of his cousin, “He was very much concerned how we treated customers. He very often would call customers to find out how we did. I’m sure that there are many out there who’ve heard his voice.”
Two weeks after Donald E. Jr.’s death, company executive VP Charles A. Chappell, Jr., became the president. At the time, he said that the company would continue with its present business strategy. The company’s workforce stood at an all-time high of 1,400 employees.
In the 1990s, C.E. Chappell and Sons continued to open new stores: St. Lawrence Centre in Massena in 1990, Salmon Run Mall in Watertown in 1990, Carousel Center (Destiny USA) in Syracuse in 1990, Great Northern Mall in Clay in 1993, and Camillus Mall in Camillus in 1993. By 1992, Charles A. Chappell, Jr. had become chairman of the board, and Earl Sherlock, a long-time employee, had become company president.
However, even before C.E. Chappell and Sons opened stores in Great Northern Mall and Camillus Mall in 1993, the company was suffering from reduced sales, owed 580 creditors about $17 million, and filed for Chapter 11 in U.S. Bankruptcy Court in Utica, in January 1992. Chappell’s was just one of many retail stores that suffered economic loss in the early 1990s. The entire retail-sales market had only grown 0.7 percent in 1991, the smallest advance in 30 years. At the time, shoppers were abandoning traditional department stores for discount store chains that could sell the same merchandise at lower prices. That January, one month after an advertising campaign appealed to customers to save the Chappell’s store chain, the company announced that it would close the Seneca Mall, Western Lights, and Shop City stores and lay off or transfer 200 of the existing 900 employees to other stores. Company executives hoped that by closing these three stores their loyal customers would continue to support the business by shopping at the remaining stores. Then, in February 1992, Chappell’s announced that it was closing its store in Watertown.
In 1993, Chappell’s had six remaining stores in Auburn, Cicero, Cortland, Dewitt, Massena, and Syracuse. Chappell’s was looking forward to emerging from bankruptcy as a solvent department store chain. But a sluggish national economy continued throughout 1993 and 1994, and Chappell’s could not repay $7.9 million in loans from KeyBank and Marine Midland Bank. Then, in October 1994, with only 24 hours notice, the banks compelled C.E. Chappell and Sons to sell or liquidate its assets. Within the extremely condensed time frame, Chappell’s sold its assets to Bon-Ton, a department store chain headquartered in York, Pennsylvania with 70 stores and 9,000 employees for $7.9 million. According to the Post-Standard newspaper on October 19, 1994, “The buyout sounded the death knell for the last home-grown department store chain in the Syracuse area.” At the time, Bon-Ton planned to continue operating the six Chappell’s stores and keep 600 full- and part-time employees. “It’s hard to overcome that Chappell’s will no longer exist,” stated Earl Sherlock. Hearing about Chappell’s closing, many long-time customers reacted with genuine grief, some weeping over the loss. Chappell’s would have celebrated its 100th anniversary in 1995.
Charles A. Chappell, Jr. was the last family member to lead C.E. Chappell and Sons when the remaining stores were sold to Bon-Ton. Known to many employees as “Mr. Charles,” Chappell regretted terminating his family’s department store chain, but was grateful that his employees would retain their jobs. Suddenly without a business to guide, Chappell became more involved with his civic duties and serving on numerous boards. In 1995, former Chappell’s employees paid tribute to the Chappell family by hosting a dinner at Hotel Syracuse at which they expressed their gratitude to the family who gave them careers and employment for decades. Charles A. Chappell, Jr. died in 2014 at age 89. His son, Charles III is now a business-development executive at Service and Supply Chain Solutions in Syracuse.
C.E. Chappell and Sons was the last privately-owned, family-managed department store that was headquartered in Onondaga County. Its legacy lives on in the hearts of many former employees and customers who fondly remember Chappell family members and positive shopping experiences at Chappell’s department stores. Over 25 years later, former customers still possess the bright yellow clothing or jewelry boxes embossed with Chappell’s renowned motto: “Personally Yours…Chappell’s.”
In 2018, the Bon-Ton department store chain lost its battle to compete with big box stores and online retailers, declared its own bankruptcy, and liquidated all its remaining department stores, including the former Chappell’s store in Camillus. It had previously closed the stores at Destiny USA, Great Northern Mall, and ShoppingTown Mall. Today, Bon-Ton has no brick and mortar stores and is strictly an online retailer.
Thomas Hunter is the curator of collections at the OHA (www.cnyhistory.org), located at 321 Montgomery St. in Syracuse.
VIEWPOINT: 5 Insights to Help You Start a Real-Estate Business
A real-estate career, over the long term, can be a lucrative small business. Let’s take a look at five steps you should take to start a real-estate business (this is a condensed version of How to Start a Real Estate Business: The Definitive Step-by-Step Guide): 1. Develop and refine your idea. How do your natural strengths differentiate
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A real-estate career, over the long term, can be a lucrative small business.
Let’s take a look at five steps you should take to start a real-estate business (this is a condensed version of How to Start a Real Estate Business: The Definitive Step-by-Step Guide):
1. Develop and refine your idea.
How do your natural strengths differentiate you from the other real-estate businesses in the area? Consider the following questions:
• What skills set me apart?
• What is the purpose of my business?
• Who am I providing a service or product to?
• What is the maximum figure I can safely spend on this real-estate business?
• Do I need outside capital? How much?
• What kind of work/life balance am I looking to achieve?
• What are my expectations for starting a real-estate business?
Competition is hard enough — make it easier to stand out with a specialty when you start a real-estate company.
Maybe you want to be the area expert in short sales, only focus on rental-property management, or perhaps you are the go-to resource for landlord/tenant laws for your state.
It’s important to find a niche. Choosing a niche will increase your chance of success.
2. Write a business plan.
A business plan defines your company’s objectives and then provides specific information that shows how your company will reach those goals.
Although a business plan isn’t mandatory, it can help you to crystallize your ideas. Keep your business plan short and concise and focus on the essential details. There are several great one-page business-plan templates you can use.
3. Get a real-estate license.
There are four necessary steps you need to complete to get your real-estate license and start working as a realtor:
• Take the real estate pre-licensing course for your state. You’ll need to study the topics covered on the exam, including fair-housing laws, property-ownership types, fiduciary responsibilities, titles, deeds, contracts, and other necessary aspects of real-estate law.
• Pass the real-estate licensing exam. The exam length varies from about 1.5 hours to 3.5 hours, based on the state. In most states, you must answer 70 percent to 75 percent of the questions correctly to pass.
• Submit your license application to your state’s real-estate board as soon as you pass your exam. Your state may require all real-estate license applicants to submit their fingerprints for a criminal-background check.
• Find a real-estate broker. Having your license associated with a licensed brokerage is required to start working as a real-estate agent.
4. Create a strong brand identity.
Real-estate agents and brokers often market their services on the strength of their brand and personality.
Crafting a memorable brand identity is a crucial element for any real-estate professional.
Your brand identity represents how people know you and your business. It affects how customers perceive your reputation or the reputation of your company.
Ask yourself these essential questions:
• What identity/personality do I want my real-estate brand to project?
• Who will want my products or services?
• What can clients get from my services that they can’t get anywhere else?
• What can clients get from working with me that they can’t get anywhere else?
• What are my brand values?
• What is the most critical part of my customers’ experience?
Your answers to these questions (and others like them) will build the core of your brand. All of your future branding and rebranding decisions should expand on these ideas. Your business name, logo, and website should all grow from the concepts you laid out here.
Far too many real-estate companies have identical logos. Be sure your real-estate logo is unique.
And don’t forget about real-estate signage. Leave dull signs to others and instead, get real-estate signs that sell.
Whenever you make personal appearances, be sure to carry business cards and brochures for people who want to learn more about your services.
Before you decide that you should delay building a strong brand identity for your real-estate business because you might not have a considerable budget, rethink that plan. The truth is that you don’t have to spend thousands of dollars on building a strong brand identity.
5. Build an online presence.
Customers choose real-estate services based on the brand, the real-estate professional behind the brand, and that person’s reputation. Your website is often the first contact point between you and potential clients. Make that first impression a good one with a well-designed site.
According to a study on homebuyers, 90 percent start their search online, and 40 percent contact a real-estate agent after researching the web.
You must be on the internet to compete in the real-estate market. Ensure that your website design truly embodies your real-estate brand. Visitors should understand who you are, the services you offer, and your qualifications and reputation.
Your real-estate website design and marketing copy should project your personal or broker’s brand voice and identity. Here are some suggestions:
• If you work as a real-estate agent, include a photo and bio. Homebuyers want to know the person behind the site.
• Be authentic and avoid marketing “happy talk.” Speak the same language as your customers.
• Include high-quality examples of sales you’ve closed, and make sure to include social proof wherever possible.
• Give site visitors an easy way to get in contact with you.
There’s a lot to think about when you’re starting your own real-estate business. But with this guide, you have a proven step-by-step plan that shows you how to start your own real-estate business.
Ross Kimbarovsky is founder and CEO at crowdspring. He mentors entrepreneurs through TechStars and Founder Institute and has founded numerous other startups, including Startup Foundry, Quickly Legal, and Respect. You can read his full guide, called “How to Start a Real Estate Business: The Definitive Step-by-Step Guide,” at https://www.crowdspring.com/blog/how-to-start-a-real-estate-business/
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