Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
NYSDOT to host open house on I-81 project’s fourth contract targeting community grid, east side
SYRACUSE, N.Y. — The New York State Department of Transportation (NYSDOT) will host an open house on Thursday, Sept. 26 from 6-8 p.m., discussing the
Rochester credit union to acquire Generations Bank of Seneca Falls
SENECA FALLS, N.Y. — ESL Federal Credit Union, of Rochester, will acquire Seneca Falls–based Generations Bank in a deal valued at $26.2 million, ESL announced. The acquisition expands ESL’s presence in the Greater Rochester and Finger Lakes region in Seneca, Cayuga, and Orleans counties while expanding its footprint into Ontario County. The combined financial institution
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SENECA FALLS, N.Y. — ESL Federal Credit Union, of Rochester, will acquire Seneca Falls–based Generations Bank in a deal valued at $26.2 million, ESL announced.
The acquisition expands ESL’s presence in the Greater Rochester and Finger Lakes region in Seneca, Cayuga, and Orleans counties while expanding its footprint into Ontario County. The combined financial institution will have assets of $9.6 billion and more than 30 branches.
The boards of both financial institutions unanimously approved the deal, which ESL expects to close late in the second quarter or third quarter in 2025.
At that point, Generations Bank will liquidate and its parent company, Generations Bancorp, will distribute its assets to its shareholders, most likely in two separate payments of between an estimated $18 and $20 per share. Currently, Generations has nearly 2.3 million outstanding shares of common stock. Generations Bank has branches in Seneca Falls, Auburn, Union Springs, Waterloo, Geneva, Phelps, Farmington, and Medina.
“We are very excited about our new partnership with ESL Federal Credit Union,” Generations Bank President/CEO Angela Krezmer said in a statement. “The synergy created by combining these two companies coupled with the financial strength of the combined institution will assure that our customers, our employees, and our communities have expanded financial services and membership benefits going forward. We also believe it reflects our commitment to enhance the value to shareholders.”
ESL Federal Credit Union serves more than 429,000 members and 16, 800 businesses. Founded in 1920, ESL has 24 branches, employs 950 people, and has more than $9.2 billion in assets.
“This deal is a strong fit for ESL and Generations because both organizations are committed and dedicated to serving their employees, customers, and their communities,” ESL President/CEO Faheem Masood said in a statement. “We look forward to our future as a stronger, growing financial institution and bringing the superior experiences we are known for to employees and customers in new communities.”
Performance Trust Capital Partners served as financial advisor to ESL and Harter Secrest & Emergy LLP and Honigman LLP was its legal counsel. Keefe, Bruyette & Woods served as financial advisor to Generations with Luse Gorman, PC providing legal counsel.
SBA Syracuse-Upstate district office seeks nominations for 2025 Small Business Week Awards
SYRACUSE, N.Y. — The Syracuse-Upstate New York district office of the U.S. Small Business Administration (SBA) is seeking nominations for the 2025 national and district
Why Energy Efficiency and Electrification Are Important for Your Small Business
For more than 158 years, Community Bank has helped countless Central New York businesses in our communities reach their financial goals—from those just starting out to established companies of all sizes.
SUNY Morrisville enrollment rises 11 percent for fall semester
MORRISVILLE, N.Y. — SUNY Morrisville announced it saw an 11 percent increase in total enrollment for the fall 2024 semester. The rise is a combination
CABVI celebrates expanded Syracuse–area clinic
DeWITT, N.Y. — The Central Association for the Blind and Visually Impaired (CABVI) recently celebrated the expansion of its Low Vision Clinic in the Syracuse area as the organization continues to grow in Central New York. “Including Onondaga County, CABVI provided vision services to nearly 22,000 people last year, and we suspect the number will
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DeWITT, N.Y. — The Central Association for the Blind and Visually Impaired (CABVI) recently celebrated the expansion of its Low Vision Clinic in the Syracuse area as the organization continues to grow in Central New York.
“Including Onondaga County, CABVI provided vision services to nearly 22,000 people last year, and we suspect the number will grow a lot now that we are operating here out of Onondaga County,” CEO Ed Welsh said in a statement.
The newly expanded facility — located at 6050 Court Street Road in the town of DeWitt, just outside the Syracuse city line — includes an expanded exam room, diagnostic testing room, and space for occupational therapy. At the Court Street Road clinic, specialists use state-of-the-art equipment to complete comprehensive assessments and create custom care plans for individuals with vision loss.
The need for those services in the Syracuse area is growing with more than 10,000 people self-identifying as visually impaired in Onondaga County.
CABVI has been operating at its Utica headquarters since 1929 and established its Court Street Road location in 2017. The facility also offers employment opportunities in its warehouse and call center. It currently has a staff of 40, with 30 of them legally blind.
CABVI serves people of all ages in a 10-county region, providing employment opportunities and a variety of vision-rehabilitation services including low-vision exams, vision-rehabilitation therapy, orientation and mobility training, assistive-technology training, employment training, adaptive recreation and sports, and social work.
NORDTECH awarded more than $27 million in federal funding for projects
U.S. Senate Majority Leader Charles Schumer (D–N.Y.) last week announced more than $27 million in U.S. Department of Defense (DOD) funding for the Northeast Regional
Efficiency is everything for Small Businesses.
Efficiency found is money earned. One of the best ways to help your small business save money is making it more energy-efficient. And we’re here
AmeriCU Credit Union has promoted Todd Stiles to small business relationship manager of the Syracuse Region. With more than 28 years of financial-services experience, Stiles
SBA awards FuzeHub $375K to support underserved entrepreneurs in New York
ALBANY — The U.S. Small Business Administration (SBA) has awarded FuzeHub $375,000 in funding to support entrepreneurs in underserved communities. FuzeHub, an Albany–based nonprofit, says it works to help New York State manufacturing and technology companies increase competitiveness and growth. FuzeHub’s funding includes two grants — $322,000 for its Equity in Manufacturing Innovation (EIM) program
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ALBANY — The U.S. Small Business Administration (SBA) has awarded FuzeHub $375,000 in funding to support entrepreneurs in underserved communities.
FuzeHub, an Albany–based nonprofit, says it works to help New York State manufacturing and technology companies increase competitiveness and growth.
FuzeHub’s funding includes two grants — $322,000 for its Equity in Manufacturing Innovation (EIM) program and $50,000 through the SBA’s 2024 Growth Accelerator Fund Competition (GAFC).
The initiatives will enable FuzeHub to ramp up its capabilities in engaging and supporting underserved entrepreneurs in the manufacturing and technology sectors across several areas of New York state.
“This federal investment will allow us to expand our reach and impact. FuzeHub has assisted thousands of manufacturing and tech firms over the 10 years since we first launched, and now we’ll have added backing to ensure that every manufacturer knows how to access New York State’s robust innovation resources,” Elena Garuc, executive director of FuzeHub, said in its announcement. “We will keep building our capacity to provide intensive, wrap-around support to innovators who have historically faced barriers to accessing these vital resources. We’re grateful to Senate Majority Leader Schumer and Senator Gillibrand for helping us secure the funding necessary to fuel this important work.”
The EIM program will provide entrepreneurial training and services to 30 entrepreneurs across the Central New York, Southern Tier, and North Country regions. Complementing this, the GAFC award will support the development of a pre-accelerator program and new collaborations with 20-30 organizations to address the needs of entrepreneurs with advanced-manufacturing research and development projects.
U.S. Senate Majority Leader Charles Schumer (D–N.Y.) and U.S. Senator Kirsten Gillibrand (D–N.Y.) were influential in securing the federal funding for FuzeHub’s expanded efforts, the organization noted.
FuzeHub — which serves as the statewide center for the New York Manufacturing Extension Partnership (NY MEP) — will spearhead these initiatives in partnership with multiple regional NY MEP centers. They include the Alliance for Manufacturing and Technology (AMT) in the Southern Tier, CITEC Business Solutions in the North Country, and TDO in Central New York.
“This initiative is another game-changer for Central New York’s manufacturing landscape. By focusing on underserved entrepreneurs, we’re tapping into a wealth of innovation potential that is too often overlooked,” Jim D’Agostino, CEO & MEP Center Director, TDO, said, in the FuzeHub announcement. We’re grateful to Senators Schumer and Gillibrand for their support in securing this funding, which will allow us to provide critical resources and mentorship to more manufacturers in our communities.”
The nonprofit TDO, which is short for Train, Develop, Optimize, is located at 445 Electronics Parkway in the town of Salina. The organization launched in 1988 as the Central New York Technology Development Organization, or CNY TDO, per its website.
“The North Country’s entrepreneurial spirit is strong, but access to resources has often been a challenge, especially for underserved rural communities that don’t have the density of resources and advisors typical of more urban areas,” Steven Lockwood, executive director at CITEC Business Solutions, said in the FuzeHub announcement. “This FuzeHub-led, SBA-funded program will bridge that gap, providing our innovators with the tools they need to turn their ideas into successful manufacturing ventures. We thank our federal representatives for recognizing the importance of investing in diverse entrepreneurial talent across all regions of our state.”
CITEC says it offers “consulting and training services to help businesses grow.” CITEC developed out of the Northern Technology Council and the Northern Advanced Technology Corporation, which were founded in 1983 through a New York State program to advance technology-based businesses, the website says.
This funding is a “significant boost” for the Southern Tier’s manufacturing ecosystem, Carol Miller, AMT executive director, said in the announcement.
“It will allow us to nurture a more diverse group of entrepreneurs, bringing fresh perspectives and innovations to our region’s industrial base,” Miller said. “We’re thankful for the support of Senators Gillibrand and Schumer in championing this initiative, which will undoubtedly contribute to job creation and economic growth in our communities.”
AMT operates at Five South College Drive in the town of Dickinson, near Binghamton.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.