KeyCorp to pay 2nd quarter 2024 dividend in mid-June

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KeyCorp (NYSE: KEY) — parent company of KeyBank, the No. 2 bank ranked by deposit market share in the 16-county Central New York region — has declared a quarterly cash dividend of 20.5 cents per share of its common stock for the second quarter of this year. The dividend is payable on June 14 to […]

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Lockheed Martin to pay Q2 dividend of $3.15 per share in late June

Manufacturing & Engineering, Subscriber Only

The Lockheed Martin Corp. (NYSE: LMT) board of directors has authorized a second-quarter, 2024 dividend of $3.15 per share. The dividend is payable on June 28, to holders of record as of the close of business on June 3, according to a May 2 company news release. At Lockheed’s current stock price, the dividend yields

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Binghamton woman sentenced for grand larceny after collecting dead relative’s pension

Law, Accounting & Taxes, Southern Tier, Subscriber Only

BINGHAMTON — A Binghamton woman was sentenced to five years of probation after fraudulently collecting her deceased father-in-law’s pension payments, New York State Comptroller Thomas P. DiNapoli and Broome County District Attorney F. Paul Battisti announced. Joy LaBarr, 58, must also pay full restitution of $32,000 after pleading guilty to third-degree grand larceny earlier this

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Joy LaBarr, 58, must also pay full restitution of $32,000 after pleading guilty to third-degree grand larceny earlier this year. She was sentenced in Broome County Court by Judge Carol A. Cocchiola.

“Ms. La Barr’s conviction should serve as a warning to those who try to defraud the New York State pension system,” DiNapoli said in a news release.

LaBarr’s father-in-law, Jack Burnett, retired in 2006 from the Binghamton Housing Authority and, under the pension option he chose, his wife was to continue receiving payments after his death. The wife predeceased him, so payments should have stopped upon Burnett’s death in December 2020. However, no one from the family reported his passing.

The state retirement system became aware of his death in July 2022 and stopped payments. LaBarr called the retirement system after payments were halted, falsely claiming that Burnett was alive but was unable to personally come to the phone because he was hard of hearing, according to DiNapoli. She was seeking to get the pension payments resumed.

LaBarr lived in the home with Burnett prior to his death and admitted to investigators to using his debit card after his death and making the call to the retirement system. In addition to ATM cash withdrawals, LaBarr used the stolen funds to purchase clothing, make other online purchases, and pay her mortgage. A total of 19 monthly electronic deposits totaling $31,872.55 were made into Burnett’s account after his death.

“The sentencing of Joy LaBarr marks a significant step towards accountability for her actions,” Battisti said. “LaBarr stole her deceased father-in-law’s pension funds, which breached the trust placed in her and denied the legitimate beneficiaries of their entitled resources. This sentence, requiring full restitution and five years’ probation, highlights the significance of financial exploitation.”

Maraviglia $2 million donation to benefit SUNY Oswego School of Education

Education & Training, Nonprofits, Subscriber Only

Wilber Hall atrium now bears his name OSWEGO — The president of SUNY Oswego says Frank Maraviglia was once a ward of the state who was dependent on welfare as a child. “He wasn’t

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Wilber Hall atrium now bears his name

OSWEGO — The president of SUNY Oswego says Frank Maraviglia was once a ward of the state who was dependent on welfare as a child.

“He wasn’t a man who came from riches,” President Peter Nwosu said in a SUNY Oswego news release. “He understood the power of giving because he’s been in that space. He would give back when he’s able to. He felt it necessary to give back generously to this institution, and he did it so that other young men and women who came to us would have the opportunity to enjoy the benefits of a transformative education, which SUNY Oswego has been known for.”

Nwosu was among those speaking during a May 8 ceremony rededicating the atrium in SUNY Oswego’s School of Education in Wilber Hall as the Maraviglia Atrium.

The school named the atrium in honor of Maraviglia, a 1958 SUNY Oswego graduate, in acknowledgement of a $2 million gift he made to SUNY Oswego last December.

“We’re here today to pay tribute to Frank for his many contributions to our university by unveiling this space that now bears his name,” Nwosu said. “It’s a very fitting space because — I’ve been told — that your name, Maraviglia, means ‘to wonder’ or ‘to marvel,’ and let’s look around at the soaring ceilings and the wonderful light. This is a space that conveys the promise of higher education, of growth, of discovery. It is a perfect way to pay tribute to a man who has devoted a lifetime encouraging young minds to learn and to explore.”

The donation established the Maraviglia Education Enrichment Fund in the university’s School of Education. It will support scholarship and engagement opportunities for students as well as academic programming from the faculty.

Maraviglia spent 35 years as a professor of architectural landscape at SUNY College of Environmental Science and Forestry in Syracuse.

In her remarks at the dedication, Laura Spenceley, dean of the SUNY Oswego School of Education, explained how the donation would impact the school and its students.

Spenceley said the fund will allow investment in students, faculty, and instructional equipment. The money will also help remove “barriers to students’ success and mitigate challenges that students experience on their pathway to their professional goals,” according to the school’s announcement.

The donation will also enhance instrumentation in the school’s 11 technical laboratories as well as spaces of learning that “haven’t been envisioned yet,” SUNY Oswego said.

In addition, Spenceley said the funding would support student-faculty collaborations and help with transportation to and from students’ off-campus “clinical experiences.”

“Frank, as you’ve demonstrated throughout your career, a SUNY Oswego education often serves as a catalyst to lifelong success that retains a focus on community and empowering others toward similar success,” Spenceley said to Maraviglia, per a SUNY Oswego news release. “Your gift, in honor of your wife, Gloria, with whom you shared more than 60 years of marriage, is transformational to our School of Education mission in offering innovative educational programs, built upon the wisdom of the past, the realities of the present and a focus on the future that prepare individuals who continually strive for personal growth and become socially conscious catalysts for change.”

SUNY Oswego Provost Scott Furlong welcomed the Maraviglia family and the 100 faculty, staff, students and guests in attendance before introducing Nwosu.

Maraviglia — who lives in Jamesville, near Syracuse, and is a lifelong educator —gathered with members of his family for the ceremony. They included his brother Raymond of Port Orange, Florida, a 1961 SUNY Oswego graduate; and nephew, Mark Procopio of Warners, a member of the school’s Class of 1995.

Upstate Medical University honorary degree recipients (Upstate website)

Upstate awards 430 degrees, certificates at graduation

Education & Training, Subscriber Only

SYRACUSE — Upstate Medical University awarded 430 degrees and certificates during a graduation ceremony held May 5 at the SRC Arena and Events Center on the campus of Onondaga Community College. The medical school conferred degrees on graduates from all four Upstate colleges: Graduate Studies, Health Professions, Medicine, and Nursing. The College of Graduate Studies

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SYRACUSE — Upstate Medical University awarded 430 degrees and certificates during a graduation ceremony held May 5 at the SRC Arena and Events Center on the campus of Onondaga Community College.

The medical school conferred degrees on graduates from all four Upstate colleges: Graduate Studies, Health Professions, Medicine, and Nursing.

The College of Graduate Studies awarded 21 degrees, including one master’s degree. The 20 doctoral degrees handed out included five in biochemistry, Upstate said.

The College of Health Professions awarded 155 degrees. They included 49 bachelor of science, three bachelor of professional studies, 67 master of science, and 36 doctor of physical therapy degrees. Programs in the college include behavior-analysis studies, clinical perfusion, medical imaging, medical technology, medical biotechnology, respiratory care, physical therapy, physician assistant, and radiation therapy.

The Norton College of Medicine awarded 152 degrees, which included 134 doctor of medicine and 18 master of public health degrees. Two students earned M.D., MPH degrees as well, Upstate noted.

The College of Nursing awarded 95 degrees and certificates. They included three doctorate in nursing, 67 master of science, and 18 bachelor of science degrees, as well as seven post-master certificates.

Four students earned both an M.D. and a Ph.D. — Jennifer Cheung of Oak Hill, Michigan.; Michael Edward Garone of Croton-on-Hudson, N.Y.; Nicholas Hoai Van Nguyen of San Diego, California; and Brandon Lee Wyman of Shirley, N.Y.

Honorary degrees

Upstate also presented three honorary degrees during the commencement ceremony. The recipients are Dr. Jose Jalife, Katelyn Jetelina, Ph.D, and Nader Rifai, Ph.D.

Jalife is professor emeritus of internal medicine and of molecular and integrative physiology at the University of Michigan. He is also distinguished senior investigator at the Spanish National Center for Cardiovascular Research.

Jetelina is founder and publisher of “Your Local Epidemiologist” and senior scientific consultant at the Centers for Disease Control and Prevention. In addition to the honorary degree, Jetelina also delivered the commencement address.

Rifai is professor of pathology at Harvard Medical School, the Oprah S. Platt Chair in Laboratory Medicine and director of clinical chemistry at Boston Children’s Hospital, per the Upstate announcement.

New state cyber rules may apply to some credit unions

Banks & Credit Unions, Subscriber Only, Technology

Last November, the New York State Department of Financial Services (DFS) made updates to its cybersecurity regulations that may require credit unions to comply depending on what type of subsidiary lines of business the credit union operates, according to one cybersecurity expert. “Credit unions are typically not included because they are federally chartered,” FoxPointe Solutions

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“Credit unions are typically not included because they are federally chartered,” FoxPointe Solutions Consulting Manager Christopher Salone says. “A lot of credit unions let it go by and didn’t really pay attention to the changes.”

The National Credit Union Administration (NCUA) oversees federally chartered credit unions, he notes, but if a credit union operates certain types of subsidiaries including life, accident, or health-insurance agent or broker, mortgage-loan servicer, title-insurance services, and property and casualty insurance agent or broker, those business lines fall under DFS jurisdiction.

And that means, those subsidiaries must comply with the amended DFS cybersecurity regulations that went into effect last November and are being phased in through May of 2025, Salone says.

“It’s important for the credit union to make sure their cybersecurity program is very robust,” he adds.

The amended regulations cover multiple areas of cybersecurity, requiring things like annual risk-assessment reviews and updates, annual penetration testing, a written encryption policy, business-continuation and disaster-response plans, multifactor authentication, and more.

Any organization that is noncompliant can face enforcement and other penalties, Salone says. Those that are noncompliant for more than 24 hours must report that to DFS, and it can result in a DFS examination and findings. Repeated findings may have consequences, he says.

Credit unions may have some of these cybersecurity elements in place under NCUA requirements, Salone says, but the DFS requirements are more robust than what the NCUA requires.

New York has been on the forefront of such robust cybersecurity requirements. When the regulations were first adopted in 2017, New York was one of the first states to have such stringent requirements.

Ultimately, other states, as well as federal organizations, modeled their own requirements after New York’s, Salone says, which is another reason credit unions should take a good look and make sure they are meeting those requirements if they need to do so. Salone expects organizations like NCUA will follow New York State’s lead in the near future.

A credit union can check the DFS website’s cyber resources portal to see if any element of its business operations falls under DFS domain, he points out. If it is a covered entity, Salone suggests first confirming that with counsel.

Once confirmed, a credit union can use its internal information technology (IT) department to get to work on compliance. Conducting a risk assessment is a good place to start, Salone adds.

Site cleared for community center, housing project in city of Utica

Construction, Design & Real Estate, Mohawk Valley, Subscriber Only

UTICA — A project to develop a community center in Utica took a big step forward recently with the demolition of the Mid-Utica Neighborhood Preservation Corporation (MUNPC) building, also known as the Leisure Time Activity Center building, on West Street. The demolition makes way for the $74 million Cornhill Neighborhood Revitalization Initiative’s West Street Impact

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The demolition makes way for the $74 million Cornhill Neighborhood Revitalization Initiative’s West Street Impact Center, which will serve as one of two anchors for the community’s transformation.

The West Street Impact Center will include 78 mixed-income apartments, a multipurpose gym for youth and adult fitness activities, co-working space for community nonprofits, senior activities, and workforce training, the Community Foundation of Herkimer and Oneida Counties announced in a press release.

The initiative is a collaboration between community partners including the Community Foundation, MUNPC, the Collective Impact Network, the City of Utica, and People First. Demolition planning was made possible by the Greater Mohawk Valley Land Bank and Oneida Herkimer Solid Waste Authority.

“This step signifies not just progress but a promise that we hold to this community,” Community Foundation President/CEO Alicia Fernandez Dicks said in the release.

The Leisure Time Activity Center provided social programming, bible studies, community gathering space, and youth daycare services under MUNPC for 45 years.

“We deeply cherish and honor the important role that Leisure Time has served throughout Utica, including the historically innovative programming for the older adults and Black members of our community,” MUNPC Board Chair Hilda M. Jordan said. “We are truly excited for the many opportunities the impact centers will develop in the community and are happy to see MUNPC’s mission to promote community wellbeing continue on for years to come.”

The West Street Impact Center will be joined by the James Street Impact Center, which will repurpose vacant lots to create 24 units of mixed-income housing and offer other services and spaces. Other work under the initiative will include park improvements, lighting and pedestrian-safety upgrades, creating an urban fitness trail, and working to develop empty lots.

“A brighter, more inclusive future lies ahead for this community, and the impact centers are just the start,” Dicks said.

Pathfinder Bancorp CFO to retire; bank names successor

Banks & Credit Unions, Subscriber Only

OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), parent company of Pathfinder Bank, on May 8 announced that its senior VP and chief financial officer (CFO), Walter F. Rusnak, 70, will retire from the role after a career spanning more than 40 years in finance, effective June 28. The Oswego-based banking company announced it has selected

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The Oswego-based banking company announced it has selected Justin K. Bigham, 50, to succeed Rusnak as senior VP and CFO. Rusnak will remain with Pathfinder in an advisory role to “ensure a smooth transition and to continue to oversee the bank’s investment securities portfolio and overall balance sheet management,” Pathfinder said in a release.

Rusnak joined Pathfinder Bank in 2015 and has held a number of positions in accounting and finance, including VP of finance and first VP of finance and accounting. Prior to his time at Pathfinder, Rusnak was an advisory board member and founding principal of Ovitz Corporation, where he advised and supported the financial operations and corporate governance in a startup medical-device company and has held several roles in publicly traded banks and regional credit unions across the country.

“Walter has been a great asset to Pathfinder Bank. His excellent judgment and deep expertise has contributed to the success of Pathfinder’s major strategic initiatives and growth over the past decade, including our common stock offering in 2019, the formulation of our current strategic plan and strategic objectives, enhancing our internal and external financial reporting, upgrading and modernizing our current financial reporting software, and he played, and continues to play, a very large role in our successful bid to acquire the East Syracuse branch of Berkshire Bank,” James A. Dowd, president and CEO, said. “These actions have fundamentally transformed the bank and have driven significant shareholder value.”

Bigham comes to Pathfinder Bank with more than 25 years’ experience and a strong background in financial services, the company said. Bigham has served in several key roles at various large public companies including his most recent position as executive VP and chief community banking officer at Five Star Bank, after serving previously as its CFO. Prior to his time at Five Star Bank, he served as director of financial planning and treasury at HealthNow New York and spent six years in senior positions at First Niagara in both finance and business-line capacities, following seven years in increasingly responsible positions within the finance division at M&T Bank. Bigham, a CPA, earned a bachelor’s degree in business administration from St. Bonaventure University.

“Justin brings deep financial expertise and a broad understanding of the banking sector, including a wealth of knowledge and experience across accounting, retail banking, branch systems, small business banking, wealth management, and marketing,” Dowd said in the release. “Justin’s experience, leadership skills, and shared values will help drive our strategy and growth ambitions and deliver value. I am excited to work with Justin and welcome him to the Pathfinder family.”

Travillian, a national executive recruiting firm specializing in the financial-services sector, helped Pathfinder in sourcing and securing the CFO position through a nationwide search.

Pathfinder Bank is a New York State chartered commercial bank, with $1.45 billion in total assets, that has 11 full-service offices located in its market areas consisting of Oswego and Onondaga counties, and one limited purpose office in Oneida County.

Winand Products brings Brazilian spices to area kitchens

Manufacturing & Engineering, Small Business, Subscriber Only

AUBURN — Pandemic cooking and memories of her mother’s kitchen in Brazil inspired Patricia Winand Springer to fulfill her lifelong dream of becoming an entrepreneur with her own business. She launched Winand Products, Inc., which produces her Perfeito seasoning brand, in December 2021. Springer moved from Boston to the Auburn area in March 2020, the

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AUBURN — Pandemic cooking and memories of her mother’s kitchen in Brazil inspired Patricia Winand Springer to fulfill her lifelong dream of becoming an entrepreneur with her own business.

She launched Winand Products, Inc., which produces her Perfeito seasoning brand, in December 2021.

Perfeito production — Employees at Winand Products Inc. in Auburn produce the company’s Perfeito brand blend of spices inspired by owner Patricia Winand Springer’s mother’s kitchen.
PHOTO CREDIT: WINAND PRODUCTS

Springer moved from Boston to the Auburn area in March 2020, the day before the state shut down and sent everyone to work from home during the early days of the pandemic, she recalls. With restaurants closed, she had no choice but to return to cooking, just like she used to do as a child with her mother. That evoked memories of the seasoning blend her mother mixes up in big batches and uses in her cooking.

She reached out to her mother for the recipe and began cooking with the seasoning, much to her husband’s delight.

“He asked me to make it for his family members,” Springer recalls. The seasoning was so popular among their family and friends, that she began thinking maybe this was her opportunity to finally open her own business — after more than two decades of working for others in roles including sales and marketing.

Springer whipped up some sample batches they began handing out to gauge interest, and things just kept rolling from there, she recalls. Her husband owned an empty warehouse she thought would make a perfect location for her business and Winand Products was born.

However, Springer still had a lot to learn about running a business, particularly a food-based business.

That’s where the Cornell Food Venture Center and the New York State Center of Excellence for Food and Agriculture at Cornell University lend a hand.

“I had no idea how to even create a label,” Springer says. She Googled for help and that’s how she discovered the assistance for entrepreneurs, such as herself, available at Cornell.

“They literally held my hand and walked me through step by step,” she says. That includes helping her through her biggest hurdle of figuring out a way to make the product, which uses fresh garlic, without having to add preservatives.

Advisors at Cornell were able to guide her through the process of conducting challenge and shelf-life studies, which resulted in her receiving a designation that her product is shelf-stable for two years.

They even helped her scale up her mom’s recipe so that larger batches all have the same flavor and walked her through how to operate the packing equipment she purchased.

“I have no words to describe the amount of help I had,” Springer says.

Services include business mentoring, connecting entrepreneurs with other organizations and agencies, pairing entrepreneurs and suppliers, and even offering up a test kitchen for recipe perfecting, Derek Simmonds, business-development specialist at the NYS Center of Excellence for Food and Agriculture, Cornell AgriTech, says.

This year, center officials will also take Springer with them to the Fancy Food Show in New York City, where she can showcase her product to even more people.

With her sales background, Springer has been busy promoting her Perfeito products all over, even landing Wegman’s as a customer. She has some potential bigger chains in the pipeline and is looking ahead to exporting as her next sales avenue.

Springer is also working on getting the product certified as organic, non-GMO, and gluten-free. Perfeito also offers a lower cost non-organic product that is finding a niche with other retailers.

Winand Products has one full-time employee, one part-time employee, and a number of contract workers used to fulfill orders.

Lewis County firms win grants to improve visibility

Small Business, North Country, Subscriber Only

LOWVILLE — Naturally Lewis, the economic-development agency in Lewis County, recently announced it has awarded the second round of grant funding from its Small Things, Big Impacts Fund. A total of 16 businesses and organizations in Lewis County will use more than $14,000 in grant funding to improve their visibility. The awarded grants totaled as

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