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Tessy preps for more expansion at Elbridge HQ
ELBRIDGE — Tessy Plastics Corp. didn’t take very long to outgrow a new building at its headquarters complex. The plastic component and packaging manufacturer is almost ready to break ground on an expansion of its 90,000-square-foot “south” building at 488 Route 5 in Elbridge. That building, which is one of three on Tessy’s campus at […]
Credit unions move toward video teller machines
Technology is pushing banks and credit unions into new territory, including the use of video teller machines. In a legal opinion, the National Credit Union Administration (NCUA) in August ruled that credit unions aren’t prohibited from using the machines, says Mark Harrington, an attorney with Syracuse–based law firm Mackenzie Hughes, LLP. Like any new technology
Bonadio Group enters the Mohawk Valley market
NEW HARTFORD — The Bonadio Group is adding to its Central New York presence once again, this time with the acquisition of an accounting firm in the Utica–Rome region. Bonadio, an accounting firm based in Rochester, acquired Richard Zweifel’s Utica–area accounting practice effective Nov. 1. The move increases Bonadio’s headcount in Central New York to
Ex-Im Bank official returns to Syracuse
SYRACUSE — Central New York could be importing a new source of financing for small and medium companies after a federal official’s recent visit. Wanda Felton, the vice chair and first vice president of the Export-Import Bank of the United States, spent the day in Syracuse Oct. 26 to meet with area businesses. Felton, who
NY small-business owners feel rising stress, survey finds
Nearly two-thirds of New York’s small-business owners felt increasing levels of stress fueled by running their companies, according to a recently released survey. The survey, from TD Bank, found that 62 percent of small-business owners in New York said their recent stress levels associated with running their businesses were steadily increasing or somewhat increasing. Another
Community Bank profit falls on acquisition costs
DeWITT — Third-quarter profit slipped 8 percent at DeWitt–based Community Bank System, Inc. (NYSE: CBU) to $18.4 million, or 46 cents a share. Acquisition costs totaling $4.8 million for the period, compared with $400,000 a year earlier, helped push earnings lower. Community Bank System has $7.6 billion in assets and more than 180 branches. The
First Niagara job cuts mostly spare Central New York
Job cuts announced in October at First Niagara Financial Group, Inc. (NASDAQ: FNFG) eliminated just a few positions in Central New York. The Buffalo–based banking company cut 180 positions across its four-state footprint, but just five of the jobs were located in Central New York, according to an email from David Lanzillo, a First Niagara
KeyCorp continues cost-cutting efforts
KeyCorp (NYSE: KEY) remains on track to cut $150 million to $200 million in annual expenses by December 2013. The Cleveland–based banking company’s plans include closing up to 5 percent of its nationwide branch-office network, reducing staffing levels, and examining its contracts with third-party vendors, Key leaders said during a conference call Oct. 18, discussing
HSBC names new new head of corporate banking for Upstate
HSBC’s remaining businesses in upstate New York lost a major signpost when the bank sold its retail branch network in the region earlier this year. “The branch network gave us great visibility,” says Kevin Quinn, HSBC senior vice president and the new head of corporate banking for upstate New York. “I think what we learned
Higher mortgage-banking revenue, more net interest income, and a lower provision for loan losses drove profit higher at M&T Bank Corp. (NYSE: MTB) in the third quarter. Expenses also fell in the period by 7 percent from a year earlier as the integration of Wilmington Trust Corp., which M&T acquired last year, is now complete. Profit
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