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City of Syracuse appoints executive deputy chief of fire
SYRACUSE — Syracuse Mayor Ben Walsh and Syracuse Chief of Fire Michael Monds recently announced the appointment of 27-year veteran Elton Davis to executive deputy chief of fire. This new leadership role for Davis includes planning, organizing, and providing oversight to firefighting and administrative operations in all facets of the Syracuse Fire Department. Chief Davis […]
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SYRACUSE — Syracuse Mayor Ben Walsh and Syracuse Chief of Fire Michael Monds recently announced the appointment of 27-year veteran Elton Davis to executive deputy chief of fire.
This new leadership role for Davis includes planning, organizing, and providing oversight to firefighting and administrative operations in all facets of the Syracuse Fire Department.
Chief Davis has risen through the ranks of the fire department, serving as a lieutenant, captain, and district chief, before being promoted to deputy chief in 2017. During his career, he has served as the department’s primary incident/health and safety officer, been a member of the hazardous materials and technical rescue teams, and has worked at many engine and truck companies, as both a firefighter and company officer. In his current role as the deputy chief of the Fire Prevention Bureau he is responsible for plan review, building inspections, fire-code enforcement, educational programming, and all aspects of fire prevention. He works closely, in a collaborative manner with many city departments along with a variety of community members and organizations to ensure the safety of firefighters, citizens, and visitors of the City of Syracuse. Chief Davis has been recognized for outstanding performances several times in his career.
“Chief Davis has a proven track record and possesses the insight, skillset and leadership necessary for this position. He has been an example of dedication and safety in every role he has served in our department. He will have the responsibility of acting as the Fire Chief in my absence and I could not be more confident in his abilities,” Chief Monds said in an Aug. 26 news release issued by the Syracuse mayor’s office.
Mayor Walsh and Chief Monds thanked Executive Deputy Chief Rick Kisselstein, who retires on Sept. 24, after 31 years of dedicated service to the City of Syracuse, including 22 years with the Syracuse Fire Department.
Ripley, Garlock & Associates, a Central New York financial-services provider, announced that Dean Ripley has been recognized by Forbes for his outstanding contributions to the
Pathfinder Bancorp’s profit nearly unchanged in Q2
OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $2 million, or 32 cents a share, in this year’s second quarter, compared to $1.98 million, or 32 cents, in the second quarter of 2023. The banking company’s total revenue (net interest income, before provision for credit losses,
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OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $2 million, or 32 cents a share, in this year’s second quarter, compared to $1.98 million, or 32 cents, in the second quarter of 2023.
The banking company’s total revenue (net interest income, before provision for credit losses, and total noninterest income) in the second quarter of 2024 totaled $10.7 million. That was down by $128,000, or 1.2 percent, from the same quarter last year, according to Pathfinder’s July 29 earnings report.
Pathfinder Bancorp reported net interest income of $9.5 million in the second quarter, down by $252,000, or 2.6 percent, from the year-earlier earnings period. The banking company produced non-interest income of $1.2 million in the latest quarter, up by $124,000, or 11.4 percent, from the second quarter of 2023 — driven by various fees associated with the bank’s loan and deposit accounts.
Pathfinder reported non-interest expense of $7.9 million in this year’s second quarter, an increase of $734,000, or 10.2 percent, from the same quarter a year prior, due primarily to increases in salaries and benefits and professional and other services.
“Our outlook remains positive, bolstered by the recent acquisition of the East Syracuse branch completed [recently], strategically strengthening Pathfinder’s presence in Central New York. This region is positioned for outstanding economic growth through significant public and private investments in the semiconductor industry and its supporting infrastructure,” Pathfinder Bancorp President and CEO James A. Dowd said in the earnings report. “With $186 million in deposits and $30 million in loans, the branch acquisition is designed to improve our liquidity profile and earnings, while enhancing our ability to serve the community in this dynamic market. We are also pleased with the improvement in net interest margin, which has modestly expanded for two consecutive quarters in what continues to be an unprecedented interest rate environment.”
Pathfinder Bank is a New York State-chartered commercial bank headquartered in Oswego 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.
Griffiss Institute appoints general counsel and secretary to the board
ROME — The Griffiss Institute has recently appointed Dean Korsak as its new general counsel and secretary to the board of directors. He brings extensive experience as a recently retired military officer and supervisory attorney, with a strong background in technology and global operations. In his new role, Korsak will oversee the legal affairs of
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ROME — The Griffiss Institute has recently appointed Dean Korsak as its new general counsel and secretary to the board of directors.
He brings extensive experience as a recently retired military officer and supervisory attorney, with a strong background in technology and global operations. In his new role, Korsak will oversee the legal affairs of the Griffiss Institute and support the board of directors in all aspects of corporate governance, the Rome–based organization said in an Aug. 28 news release.
Korsak joins the Griffiss Institute from his previous role as the legal director and staff judge advocate at the Air Force Research Laboratory in Rome. His career highlights include empowering teams to deploy advanced-technology systems, guiding major federal-facilities projects, and advising on data privacy, combat operations, nuclear facilities, and missile-defense architecture.
Korsak’s appointment is expected to have a significant impact on the Griffiss Institute. With his deep understanding of legal and regulatory matters, he will enhance the institute’s ability to navigate complex legal landscapes, ensure compliance, and implement best practices in corporate governance, the organization contends. His leadership will also bolster the institute’s capacity to support innovative research and development projects, fostering collaboration among government, academia, and industry partners.
Korsak holds a Master of Laws degree from Columbia Law School, a Juris Doctor degree from Mississippi College School of Law, and a bachelor’s degree from Liberty University. He has also completed various professional military education programs, including the Air War College and Nuclear Weapons Incident Response certification.
The Griffiss Institute is a STEM talent and technology accelerator for the U.S. Department of Defense, which has served the Air Force Research Laboratory Information Directorate (AFRL/RI) since 2002. It operates a collaborative space called the Innovare Advancement Center.
Millions of tourists visited, spent money in NYS in 2023
GEDDES — An official with Empire State Development (ESD) said some experts feared a post-COVID tourism bubble with travelers satisfying their pent-up demand for travel in 2022 and not continuing that spending going forward. But New York state tourism showed “no sign of letting up” in 2023 and “defied any expectation” by reaching record high
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GEDDES — An official with Empire State Development (ESD) said some experts feared a post-COVID tourism bubble with travelers satisfying their pent-up demand for travel in 2022 and not continuing that spending going forward.
But New York state tourism showed “no sign of letting up” in 2023 and “defied any expectation” by reaching record high levels of visitation, visitor spending, economic impact and tax generation,” Ross Levi, VP and executive director of tourism at ESD, said in a state announcement.
“These successes are a tribute to the collective work of the tourism industry across the state that continues to show creativity, tenacity and resourcefulness in encouraging travelers to experience how easy it is to love New York,” Levi said.
New York state welcomed a “record-setting” 306.3 million visitors in 2023, while also setting “new historic highs” for direct visitor spending and total economic impact associated with the state’s tourism industry.
Visitors to New York contributed to a “record-high” $88 billion in direct spending and supported $137 billion in total economic impact across the state.
Gov. Kathy Hochul announced the data during an Aug. 28 visit to the New York State Fair in the town of Geddes.
The data, compiled in a series of reports prepared by Tourism Economics, represents “significant gains” over the then-record-setting numbers from 2022, and “far surpass” the highest numbers achieved prior to the COVID-19 pandemic, Hochul’s office said in its announcement.
“New York State is synonymous with tourism; it’s part of the fabric, history and economy of our incredibly diverse state,” Hochul said in the announcement. “As we approach the fall foliage and travel season, we are welcoming more visitors than ever, and their presence is supporting businesses and communities in every corner of the state.”
Last year, the total statewide economic impact of tourism reached a record-high $137 billion, representing an 11 percent jump over 2022, Hochul’s office said. Direct visitor spending was also up nearly 12 percent from $78.6 billion in 2022 to $88 billion in 2023, representing the third straight year of double-digit growth.
New York state also saw a 5 percent increase in visitation to 306.3 million travelers last year, up from 291.5 million in 2022. Additionally, state and local tax revenues generated by tourism saved the average New York State household $1,420 in taxes, Hochul’s office said.
Her office says Hochul has supported and prioritized New York’s tourism industry, calling it “one of the state’s key economic engines.” It went on to say that under Hochul’s leadership, programs like the “Bring Back Tourism, Bring Back Jobs” pandemic-recovery package supported travel industry businesses and employees, and brought new events to the state.
Last year, nearly $15 million in Market New York grants were awarded to 59 tourism projects and events through the Regional Economic Development Council initiative. Additionally, more than $14 million in grants were awarded to 30 local and regional destination-marketing organizations through the EDA Tourism Partner Sub-Awards Grant Program.
Hochul has also announced improvements to tourism infrastructure like state parks and airports, as well as I LOVE NY marketing efforts to encourage travel throughout New York state.
Barnes & Noble expands Syracuse-area presence
SYRACUSE — Barnes & Noble Booksellers is one of the newest tenants at Destiny USA in Syracuse. The nation’s largest retail bookseller is located on level 2, next to Lululemon, in a space formerly occupied by Banana Republic. It held a formal-opening event on Aug. 28. “We are excited to welcome Barnes & Noble to
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SYRACUSE — Barnes & Noble Booksellers is one of the newest tenants at Destiny USA in Syracuse.
The nation’s largest retail bookseller is located on level 2, next to Lululemon, in a space formerly occupied by Banana Republic. It held a formal-opening event on Aug. 28.
“We are excited to welcome Barnes & Noble to Destiny USA,” Alannah Gallagher, director of marketing at Destiny USA, said in a shopping center news release. “As a beloved brand in the literary world, Barnes & Noble offers something for everyone, and we’re confident that this new location will quickly become a favorite stop for shoppers and book enthusiasts alike.”
The Destiny USA location now joins existing Barnes & Noble locations at 3956 Route 31 in Clay; 3454 Erie Boulevard East in the Raymour & Flanigan Plaza in DeWitt; and 4811 Commercial Drive in Consumer Square in New Hartford, per the Barnes & Noble website.
“We are excited to expand our presence in central New York with this wonderful new Barnes & Noble,” James Daunt, CEO of New York City–based Barnes & Noble, said in a separate release from the bookseller. “We couldn’t be happier to be bringing a new bookstore to this community and look forward to welcoming our customers here…”
The new Syracuse location is one of four new Barnes & Noble bookstores to open in August, alongside stores in New Mexico, Kentucky, and California. The company says it is “enjoying a period of tremendous growth as the strategy to hand control of each bookstore to its local booksellers has proven so successful.”
Barnes & Noble says it is generating strong sales in its existing stores and has been opening many new locations after more than 15 years of declining store numbers. In 2023, the company opened more new bookstores in a single year than it had in the entire decade from 2009-2019, Barnes & Noble said. The bookseller added that it expects to open more than 50 new bookstores in 2024.
After more than 25 years as a publicly traded company, Barnes & Noble was acquired by Elliott Advisors (UK) Limited in August 2019 and taken private, according to its website.
Oswego County Industrial Park set for significant expansion
It hopes to attract semiconductor supply-chain companies SCHROEPPEL — The County of Oswego Industrial Development Agency (COIDA) will use a $2.5 million grant to pay for roads, as well
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SCHROEPPEL — The County of Oswego Industrial Development Agency (COIDA) will use a $2.5 million grant to pay for roads, as well as water and sewer-infrastructure improvements in an expansion of the L. Michael Treadwell Oswego County Industrial Park (OCIP).
“We are thrilled to receive the news of the $2.5 million grant for the expansion of the Oswego County Industrial Park,” James Weatherup, chairman of the Oswego County Legislature, said in the COIDA announcement. “This significant investment will pave the way for the development of shovel-ready sites, enabling us to attract new industrial businesses and stimulate economic growth in our county.”
The site is a short drive from the White Pine Commerce Park along Route 31 in the town of Clay, which is the future home of Micron Technology, Inc.’s (NASDAQ: MU) upcoming semiconductor campus.
The U.S. Economic Development Administration (EDA) awarded the funding, COIDA said in its Aug. 29 announcement. That same day, U.S. Senate Majority Leader Chuck Schumer (D–N.Y.) announced he had secured the funding to expand OCIP.
Schumer had visited the site on Aug. 6 to announce his pursuit of the funding.
This grant will allow COIDA to more than double the size of the existing industrial park by building public infrastructure into the 185-acre expansion site that COIDA purchased in 2021.
The public infrastructure will include the construction of more than 3,700 feet of new public roadway, over 4,200 feet of new sanitary sewer, and more than 3,700 feet of new public waterlines.
COIDA will match the EDA investment with $2.5 million in its own funding to prepare up to 10 shovel-ready sites to attract advanced manufacturing and semiconductor supply chain businesses that are estimated to create hundreds of new high-paying jobs and invest hundreds of millions of dollars in capital investment.
“We have this once-in-a-generation opportunity to ensure that Oswego County is at the forefront of building America’s industrial future, and this site, less than 10 miles from the future home of Micron, is primed to be a part of that future. I stood at the Oswego County Industrial Park [in early August] and promised to fight for this funding because I know how much potential this site has to be a centerpiece of America’s semiconductor supply chain right here in Central New York,” Schumer said in his announcement. “I am proud to say a promise made is now a promise kept with this
$2.5 million federal investment I have secured on the way to Oswego County. Together we’re fast-tracking this expansion and getting the site 100% shovel-ready for companies to move in and set up shop.”
The $2.5 million will “fast-track” the development of the site, Schumer’s office said in its announcement. Development would involve building the new infrastructure needed to land new companies to support the growth of the semiconductor industry.
Schumer said this long-planned expansion would more than double the size of the park, using land that’s already been acquired. He called the potential expansion “critical” as the Oswego County Industrial Park is nearly out of usable space, just as investment opportunities increase for the region.
His office said Schumer personally wrote to Secretary of Commerce Gina Raimondo in support of the $2.5 million federal investment to help COIDA pay for the development of these new, shovel-ready manufacturing sites.
The funding through the EDA’s Public Works and Economic Adjustment Assistance (PWEAA) Program would support the construction of new public roads, sewer lines, water lines, pump stations, storm water management controls, and other critical preparations of the 185-acre expansion that is being planned on the site.
“After years of planning, preparation and collaboration, this federal investment will be the catalyst to transform the Oswego County Industrial Park into a prime destination for new innovative industries, creating additional high paying job opportunities and further diversifying our economy,” Austin Wheelock, CEO of COIDA, said in the announcement. “Thank you to our Federal representatives Senate Majority Leader Charles Schumer, Senator Kirsten Gillibrand, and Congresswoman Claudia Tenney for their bipartisan support to secure funding for this important economic initiative. We would also like to thank our local and regional partners and stakeholders at the Oswego County Legislature, Operation Oswego County, CenterState CEO, the Central New York Regional Planning & Development Board and the Town of Schroeppel for their support and collaboration.”
Lupus organization awards $200K in research funding to MMRI
UTICA — Masonic Medical Research Institute (MMRI) recently received word that three previously supported systemic lupus erythematosus (SLE) research projects would receive an additional $50,000 each in funding this year from The Lupus and Allied Diseases Association, Inc. (LADA). LADA also awarded an additional $50,000 for one new project focused on lupus nephritis, bringing the
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UTICA — Masonic Medical Research Institute (MMRI) recently received word that three previously supported systemic lupus erythematosus (SLE) research projects would receive an additional $50,000 each in funding this year from The Lupus and Allied Diseases Association, Inc. (LADA).
LADA also awarded an additional $50,000 for one new project focused on lupus nephritis, bringing the total amount awarded to MMRI to $200,000.
“As a national patient-led organization, we have chosen to support the MMRI’s lupus research program because research is extremely important to us,” LADA President/CEO Kathleen A. Arnsten said in a news release announcing the funding. “We are honored to continue funding their pioneering lupus projects this year, which brings our overall grant total to MMRI to $615,000.”
MMRI scientists are working to understand how specific enzyme activities influence SLE progression, create new therapeutic agents for SLE, and investigate the role of immune-cell activity in causing venous thromboembolism. The MMRI research funded by LADA is focused on preventing and treating SLE.
LADA awarded the additional $200,000 in support on Aug. 14 at the organization’s Lupus Charity Golf Classic at the Shenendoah Golf Course at Turning Stone Resort Casino in Verona.
“We are deeply grateful to LADA for their commitment, partnership, and support of our work, allowing us to push the boundaries of lupus research,” MMRI Executive Director Maria Kontaridis said. “Every dollar invested brings us one step closer to understanding this complex disease, finding better treatments, and ultimately improving the lives of those affected by lupus. Their support is truly a beacon of hope for millions.”
Founded in 1978, the Lupus and Allied Diseases Association, Inc. is a nonprofit that works toward improving the quality of life for those impacted by lupus and allied diseases by fostering collaboration among stakeholders, promoting unity in the community, and supporting advocacy, education, awareness, and research.
The Masonic Medical Research Institute is a nonprofit organization focused on scientific research in the areas of cardiovascular, neurocognitive, and autoimmune diseases.
TC3 to use foundation grant to support Tioga County students
DRYDEN — Tioga County residents studying at Tompkins Cortland Community College (TC3) during the 2024-25 academic year can get some financial help, if eligible. The Owego–based Mildred Faulkner Truman Foundation awarded TC3 a $15,000 grant to help Tioga County students needing assistance. The foundation has a “long history” of supporting students at TC3, contributing well
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DRYDEN — Tioga County residents studying at Tompkins Cortland Community College (TC3) during the 2024-25 academic year can get some financial help, if eligible.
The Owego–based Mildred Faulkner Truman Foundation awarded TC3 a $15,000 grant to help Tioga County students needing assistance. The foundation has a “long history” of supporting students at TC3, contributing well over $500,000 over the past 30 years, TC3 said.
TC3 is located in Dryden in Tompkins County, close to the Cortland County border.
The money from the grant goes directly to students in awards that typically range from $250 to $500 per year.
To be eligible, a student must be a Tioga County resident, must maintain a cumulative grade-point average (GPA) of 2.0 while enrolled in a degree program, and must demonstrate financial need.
“The generosity of the Mildred Faulkner Truman Foundation has made a significant difference in the lives of hundreds of students through the years. We are humbled and grateful for their continued support,” Jason Pomeroy, executive director of the Tompkins Cortland Community College Foundation, said in the announcement. “This assistance has made a college education possible for so many students in Tioga County, and that in turn has had a positive influence on the entire community. We are tremendously appreciative of our relationship with the Mildred Faulkner Truman Foundation and to be able to continue to support more students in their pursuit of a college degree.”
Mildred Faulkner Truman was a lifelong resident of Owego. Upon her passing in 1983, her estate was used to create the Mildred Faulkner Truman Foundation, which continued her work of addressing the community’s challenges, TC3 said.
VIEWPOINT: Why IT Due Diligence Should Be a Part of All M&A Transactions
In-depth assessments of organizational health are a common part of merger and acquisition (M&A) transactions, but despite its critical nature, IT due diligence is all too often overlooked. During the due-diligence process, it’s critical to take a 360-degree approach, including a thorough assessment of information technology and cybersecurity, to avoid the consequences of a data
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In-depth assessments of organizational health are a common part of merger and acquisition (M&A) transactions, but despite its critical nature, IT due diligence is all too often overlooked. During the due-diligence process, it’s critical to take a 360-degree approach, including a thorough assessment of information technology and cybersecurity, to avoid the consequences of a data breach down the road.
Below, I outline the IT functions that should be thoroughly reviewed prior to completing an M&A transaction, as well as some of the consequences of not performing proper due diligence of a company’s information-security systems prior to an acquisition.
During most M&A transactions, a company is looking to purchase intellectual property as well as data, so understanding how those assets are currently protected is paramount to keeping cybercriminals at bay. To achieve this, a full review of the company’s cybersecurity policies and procedures is recommended.
To start, companies should conduct a complete review of physical and logical security-access controls, as well as compliance requirements. From there, it’s important to understand how the organization is holding its people regularly accountable. This can include reviewing their penetration-testing procedures, security-awareness programs, and incident-response training to get a sense of the integrity of their program.
As cybercriminals become increasingly more sophisticated as time goes on, it’s impossible to be 100-percent immune to a breach. Therefore, it’s equally important to plan for failure as it is to focus on prevention. Making sure that the organization has a strong disaster-recovery plan is important.
Lastly, does the business you’re acquiring work with third-party vendors? If the answer is yes, the cybersecurity procedures of those partners should be reviewed as well to ensure that they don’t have any vulnerabilities that would put sensitive data at risk.
Failure to conduct proper IT due diligence during the M&A transaction process can lead to an eventual cyber breach, which comes with a number of potential consequences for an organization.
Companies that experience a breach can face significant financial consequences in the form of fines by the Federal Trade Commission. Additionally, there is a risk of a loss of trust by consumers, and even future liabilities and lawsuits depending on the scale of the attack and its impact on customers.
For businesses seeking a buyer in an M&A transaction, experiencing a breach can be detrimental to the overall success of the sale. It may lead to delays in the completion of the transaction, or the withdrawal of the buyer. It also could lead to significant reductions in the price.
Seeking companies that have a dedicated leader to oversee the security function of the organization is a good way to avoid the risk of acquiring a company with a weak cybersecurity program. For example, organizations that have a chief information security officer (CISO) are more likely to have controls that operate soundly and a stronger overall cybersecurity approach.
While IT should be a critical aspect of the M&A due diligence process, there are a number of other organizational facets that should not be overlooked throughout the transaction.
Companies must ensure they have a clear picture of an organization’s structure, financial function, tax liabilities, and market and sales to properly gauge its value. Culture should not be overlooked as well. Looking into the organization’s operations, human resources, benefits, employee sentiments, and more are a great way to understand whether a business will integrate well into your own.
As cybercriminals continue to find new ways to breach networks and exfiltrate or encrypt sensitive data from anywhere in the world, it’s more critical than ever for there to be a strong IT due diligence process in place for any M&A transaction. Finding a reputable cybersecurity consulting firm to partner with throughout the process can ensure that you are conducting effective assessments to protect yourself from future, costly consequences.
Charlie Wood is the co-founder and practice leader of FoxPointe Solutions, the Information Risk Management Division of The Bonadio Group. He has more than 27 years of experience in the information technology industry, with a focus on security hardening, data privacy, vulnerability identification and remediation, internal and external auditing, controls optimization and compliance, system administration, disaster recovery, and business continuity and impact analysis, as well as general project management.
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