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CNY jobless rates rise in June versus a year ago
Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions were higher in June than the year-earlier month. The figures are part of the latest New York State Department of Labor (NYSDOL) data released July 23. Regional unemployment rates The jobless rate in the Syracuse area rose to 3.7 percent in June […]
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Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions were higher in June than the year-earlier month.
The figures are part of the latest New York State Department of Labor (NYSDOL) data released July 23.
The jobless rate in the Syracuse area rose to 3.7 percent in June from 3.5 percent in June 2023.
Around the area, the Utica–Rome region’s jobless number increased to 3.8 percent from 3.5 percent; the Watertown–Fort Drum area’s rate was 3.9 percent compared to 3.7 percent; the Binghamton region posted a 3.9 percent rate, up from 3.6 percent; the Ithaca area unemployment number went up to 3.8 percent from 3.4 percent; and the Elmira region had 3.9 percent unemployment in June, up from 3.8 percent in the same month a year ago.
The local unemployment data isn’t seasonally adjusted, meaning the figures don’t reflect seasonal influences such as holiday hires.
The unemployment rates are calculated following procedures prescribed by the U.S. Bureau of Labor Statistics, the state Labor Department said.
New York state’s seasonally adjusted unemployment rate held steady at 4.2 percent in June, compared to May, according to preliminary figures that NYSDOL released.
At the same time, New York State’s labor force (seasonally adjusted) decreased by 3,000. As a result, the statewide labor-force participation rate held constant at 61.3 percent in June 2024.
The 4.2 percent unemployment rate was higher than the U.S. unemployment rate of 4.1 percent in June.
The June statewide unemployment figure of 4.2 percent was higher than the 4.0 percent figure reported in June 2023, according to department figures.
The federal government calculates New York’s unemployment rate partly based upon the results of a monthly telephone survey of 3,100 state households that the U.S. Bureau of Labor Statistics conducts.
Colgate plans new Carey Center sports facility
It will host basketball and volleyball HAMILTON — Colgate University is planning a new 65,000-square-foot basketball and volleyball arena that will anchor a new athletics
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HAMILTON — Colgate University is planning a new 65,000-square-foot basketball and volleyball arena that will anchor a new athletics quadrangle, replacing the William A. Reid Athletic Center.
Construction of the facility is set to begin next February. The effort is part of Colgate’s Third-Century Plan initiatives, per an announcement on the university’s website.
Named the Carey Center in honor of a lead $23 million gift from the Carey family — including Chase Carey, a 1976 graduate and trustee emeritus; his wife, Wendy; and their children Steve, who graduated from Colgate in 2012 and Tara, a 2013 Colgate graduate.
The new arena will serve as the home for men’s and women’s basketball and volleyball. The facility will also be the first of two buildings planned for an athletics quadrangle that will ultimately replace the existing facilities currently housed in the Reid Athletic Center, which includes Cotterell Court, according to the university.
“This is a significant, comprehensive endeavor on behalf of Colgate student-athletes, and it is happening because of the generosity of alumni, parents, and friends, most especially the Carey family,” Colgate President Brian Casey said in the announcement. “We rely on the kindness of these donors to help move Colgate athletics forward. What is just as exciting is that this facility will also provide a new flexible venue for significant University events, gatherings, musical performances, and so much more.”
Built in 1959 and designed for a student body of just 1,500 men, the Reid Athletic Center “no longer meets” the physical, technological, or programmatic standards necessary to support a modern, coeducational, nationally competitive Division I athletics program for Colgate’s 25 varsity teams, the university said.
The Carey Center will be the centerpiece of the new athletics quadrangle created by the removal of Reid. With a seating capacity of 1,650 and additional standing room, the arena will also feature a practice court; team suites for volleyball and men’s and women’s basketball; the Hall of Honor; media facilities; and a satellite sports medicine, strength, and wellness space.
“Any time you’re going to get something new of this magnitude, you’re extremely excited about it,” Matt Langel, head coach of the Colgate men’s basketball team, said in the announcement. “But for me, it speaks to the mission of the institution and the individuals that it represents.”
The glass, bluestone two-story Carey Center venue will occupy the space currently held by Colgate’s facilities department, just west of the current Reid Athletic Center footprint. The first floor will house the arena court, locker rooms, coaching offices, satellite sports medicine and strength and conditioning spaces, nutritional and wellness space, a media and production studio.
The second level will include the competition arena concourses along with a practice court, strength and conditioning mezzanine, and a recruiting lounge.
“For an athlete, having everything they need in one space — from a weight room to nutrition, to athletic training, to a locker room — and having access to multiple courts and baskets whenever they want to get in and shoot extra is important,” Ganiyat Adeduntan, head coach of the Colgate women’s basketball team, said. “From a coach’s perspective, the ability to meet with your student-athletes and have communication with people who support your team all in one area is essential.”
The Carey Center will be heated with a geothermal heating system, “setting a new standard” for energy efficiency and conservation in athletics facilities at Colgate. The school contends it “reinforces the University’s dedication to creating a more sustainable future for the campus.”
The decision was guided by Colgate’s recently updated green-building standards, which call for “thorough building life cycle analysis” and highlight the long-term environmental and economic benefits of zero-emission technologies such as geothermal, the university contends.
The second planned new building, an expected 40,000-square-foot facility, will serve multiple purposes while focusing on priorities of unifying sports performance and training, locating all elements of the football program within one facility, and providing additional space for student-athlete support.
Designed by Robert A.M. Stern Architects, LLP, Building 2 will be the primary location for nutrition, health and wellness, and academic support. It will be finished with a traditional exterior façade, paying tribute to the University’s historic bluestone while “mirroring the look and feel” of the neighboring venues such as Sanford Field House, Trudy Fitness Center, and Lineberry Natatorium.
The construction timeline for this project is now in development.
The construction of the Carey Center and Building 2, along with Sanford Field House, will frame a new athletics quad at Colgate. The quad will establish more active space for recreation in the heart of athletics, as well as serving as a place for community gatherings on game days and during other important campus events.
The athletics quad — created by the eventual removal of Reid — will include improved, safer pathways to and from the main athletics buildings at Colgate. As part of developing the Lower Campus, the quad will also serve as an event staging space, and will provide natural pathways from Andy Kerr Stadium to Huntington Gymnasium.
Aurora native serves at Navy Helicopter Squadron in Japan
Petty Officer 2nd Class Christopher Morris, a native of Aurora, in Cayuga County, serves in the U.S. Navy as a member of a helicopter squadron forward deployed to Japan. Morris graduated from Southern Cayuga Central School District High School in 2019. The skills and values needed to succeed in the Navy are similar to those
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Petty Officer 2nd Class Christopher Morris, a native of Aurora, in Cayuga County, serves in the U.S. Navy as a member of a helicopter squadron forward deployed to Japan.
Morris graduated from Southern Cayuga Central School District High School in 2019.
The skills and values needed to succeed in the Navy are similar to those found in Aurora, he says. “I learned the importance of having a strong work ethic,” says Morris.
He joined the Navy four years ago. Today, Morris serves as a naval aircrewman.
“I joined the Navy because it was a good opportunity to travel and my brother also served in the Navy,” he says.
Members of Helicopter Maritime Strike Squadron (HSM) 77 fly and maintain helicopters for the U.S. Navy. The Navy helicopters are able to perform many different missions. Some of the most-common operations include search and rescue, air assaults, medical evacuations, supply transport, and hunting submarines.
With 90 percent of global commerce traveling by sea and access to the internet relying on the security of undersea fiber-optic cables, Navy officials continue to emphasize that the prosperity of the U.S. is directly linked to recruiting and retaining talented people from across the rich fabric of America.
Morris in Japan as part of the forward-deployed naval forces. These naval forces operate with allies and partners to preserve a free and open Indo-Pacific region. Service members in this region are part of the U.S. Pacific Fleet, which has the largest area of responsibility in the world.
“We will earn and reinforce the trust and confidence of the American people every day,” says Adm. Lisa Franchetti, chief of naval operations. “Together we will deliver the Navy the nation needs.”
Morris has many opportunities to achieve accomplishments during military service.
“I am most proud of graduating from rescue swimmer school and becoming a fully qualified aircrewman,” he says.
Morris can take pride in serving America through military service.
“Serving in the Navy means having a lot of opportunities for financial security, education, and travel,” he says.
Morris is grateful to others for helping make a Navy career possible.
“I would like to thank my English teacher Bill Mullarney,” adds Morris. “He helped show me that going straight to college after high school was not the only option for a successful career and he helped prepare me for starting a career in the Navy.”
Rome business community cleans up after tornado
ROME, N.Y. — It wasn’t quite 3:30 on a Tuesday afternoon, when a storm rolled into the city that would literally change its landscape. Later
Utica allocates federal funding to local nonprofits and various city projects
UTICA, N.Y. — Various nonprofit agencies and selected projects in the city of Utica will use funding from the federal Community Development Block Grant (CDBG)
Kingsley takes the reins at NBT Bancorp
NORWICH — Scott Kingsley has had about two months to settle into his new role as president and CEO of NBT Bancorp Inc. (NASDAQ: NBTB), and he credits his predecessor and his executive team for how well the transition has gone. “I’m all of 60 days into my new role,” he tells CNYBJ in an
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NORWICH — Scott Kingsley has had about two months to settle into his new role as president and CEO of NBT Bancorp Inc. (NASDAQ: NBTB), and he credits his predecessor and his executive team for how well the transition has gone.
“I’m all of 60 days into my new role,” he tells CNYBJ in an interview. Kingsley took over as president and CEO on May 21, filling the spot vacated by the retiring John H. Watt, Jr. At the same time, a number of other NBT executives were promoted to fill roles, including the role of chief financial officer that opened as Kingsley transitioned from that role to his new one.
Between the strong executive team supporting him and the very sound strategies already in place by NBT, “the transition has been smooth,” he says.
Rather than having to focus on figuring out where to take the banking company, Kingsley can put his decades of business experience to work continuing the company down the path it has already charted.
“I have had a really interesting group of experiences from a professional standpoint,” he notes.
He got his start in the Syracuse office of Coopers & Lybrand — before it became PricewaterhouseCoopers — as an accountant working with clients in a wide range of industries from colleges to manufacturers. “It really served me well for a broad understanding,” Kingsley recalls.
His next role was as controller for Carlisle Companies, Inc., a move that took Kingsley and his growing family to Ohio for many years before the opportunity to return to New York state surfaced in 2004. That’s when Kingsley joined Community Bank System, Inc. (now Community Financial System, Inc.) as chief financial officer.
“And started my learning of yet another new industry,” Kingsley says. He stayed with Community until mid-2020 when he retired to focus on some health issues. He kept busy during that time by becoming a Meals on Wheels driver, but missed the team experience that came with working in a company office.
Kingsley heard about an opportunity at NBT and joined the company as its CFO in July 2021.
The NBT board selected Kingsley after a 10-month process to succeed Watt as president and CEO.
NBT Bancorp is the financial-holding company for NBT Bank, N.A.; benefits-administration firm EPIC Advisors, Inc., in Rochester; and NBT Insurance Agency, LLC. It has $13.5 billion in assets.
The company has been successful in generating strong organic growth over the years, supplemented at time with strategic acquisitions that make sense, Kingsley contends.
“I still think we focus on organic growth,” he adds, but he’s also looking for acquisition opportunities.
While there are no announced plans just yet, Kingsley would like to see the NBT Bank geographic footprint expand. West of Interstate 81, Rochester, Buffalo, and the Finger Lakes are all the types of markets NBT fares well in, he says.
To the south, “We are really bullish on some of the opportunities in the Hudson Valley,” he says, while Pennsylvania’s Lehigh Valley also holds promise.
In addition to its New York and Pennsylvania offices, NBT Bank also currently has branch locations in Connecticut, Massachusetts, Maine, New Hampshire, and Vermont where, the bank has “the opportunity to just build out our scale,” Kingsley adds.
While NBT has locations in seven states, the company’s core legacy will always be in upstate New York, Kingsley says, and he’s really excited to see the bank play a role in the future as development — especially the addition of Micron Technologies in Clay — transforms the state along its “chip corridor.”
From Syracuse to Albany and down to the Hudson Valley, NBT Bank has 60 locations along the corridor ready to serve those communities, he says. But the company isn’t just sitting around waiting for things to happen, he adds.
With its locations in the Capital District, NBT saw firsthand the transformative effect a semiconductor business can have on a region with Global Foundries. NBT is taking steps to position itself to be part of that transformation, even going so far as to travel to Boise, Idaho to meet with Micron officials. NBT officials even met with representatives of a large bank in that area to talk about what went right and what pitfalls to avoid.
“If the opportunity [presented by Micron] is even half of what they predict, that floats a lot of boats,” Kingsley notes. NBT’s goal is to play a role for developers, subcontractors, and eventually the people that come to the area for jobs at Micron.
NBT isn’t just growing across its banking subsidiary. NBT Insurance recently completed an acquisition in the Catskills region (see story in this issue), he says, and overall, about 30 percent of the company’s revenue comes from “non-spread” — or non-loan — sources.
“That diversified business model works very well for us,” Kingsley says.
Overall, NBT’s future looks bright, and Kingsley is excited to take the helm and steer the company through future growth.
The Summit CEO discusses strategic growth at annual meeting
ROCHESTER —The president and CEO of The Summit Federal Credit Union called 2023 a “year of positive strategic growth.” That’s according to a recap of the credit union’s annual meeting held both virtually and in person on May 22. The Rochester–based federal credit union operates locations throughout Central New York. “We had a very solid
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ROCHESTER —The president and CEO of The Summit Federal Credit Union called 2023 a “year of positive strategic growth.”
That’s according to a recap of the credit union’s annual meeting held both virtually and in person on May 22. The Rochester–based federal credit union operates locations throughout Central New York.
“We had a very solid financial year and posted a net worth ratio of 10.61 percent which is considered ‘Well Capitalized’ by the NCUA [National Credit Union Administration] – the highest level of measurement on the credit union scale,” Laurie Baker, president and CEO of The Summit Federal Credit Union, said in the recap. “This is great news for our members because it means that we continue to maintain that delicate balance between safety and growth, making The Summit even more sustainable and resilient.”
Her comment was part of Baker’s message to an audience of board members, employees, and members.
She also talked about Summit’s community-engagement initiatives in 2023.
“We supported 147 organizations throughout our entire footprint with our time and talent as well as our monetary donations, reflecting over 1,000 hours spent in our communities – at festivals and events, employment fairs, and in classrooms,” Baker said. “Each of these interactions and partnerships gave deeper meaning to the credit union philosophy of ‘people helping people.’”
Besides Baker, Chris Modesti, chair of the credit union’s board of directors, also reflected on 2023 and outlined the vision for the organization moving forward.
Treasurer Kofi Appiah Okyere discussed Summit’s financial status, including the credit union’s reported net income of $10.5 million and total assets of just under $1.3 billion for 2023. Those figures place the Summit in the top 10 percent of credit unions nationwide, number 359 out of 4,702 credit unions nationwide, per its summary of the annual meeting. The Summit also added 12,077 new members during the year.
Besides Modesti (DeJoy & Co. LLP), the Summit’s board members include (with company affiliation in parentheses) Mollene Benison (DeJoy & Co. LLP) and Pamela Crocker (The Vanguard Group, Inc.), who serve as vice chairs; Kofi Appiah Okyere (Syracuse University), board treasurer; and Clarence Turner (Rochester Institute of Technology), board secretary.
The board also includes Elizabeth Dudman (retired, University of Rochester); Gerald Gebauer (retired, JBG Freight Lines); Augustin Melendez (retired, Hillside Family of Agencies); Thomas Quirk (retired, Bausch & Lomb); Kate Sweeney (Rochester Institute of Technology); and Daryl Wolf (retired, Wegmans Food Markets).
In addition, Orlando Ortiz (RocOn Property Management, LLC) is an associate member and William Reifsteck (retired, Rochester Telephone Corporation) and Sarah Sorensen (AT&T) serve as emeritus board members, per the credit union’s announcement.
NBT Insurance Agency acquires agency in the Catskills
NORWICH — NBT Insurance Agency, LLC has acquired Karl W. Reynard, Inc. General Insurance, in Stamford in Delaware County, adding to NBT’s presences in the Catskills region, the company announced. “The team at NBT Insurance Agency is excited to continue our growth in the Catskills through this acquisition,” NBT Insurance President Tucker Lounsbury said in
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NORWICH — NBT Insurance Agency, LLC has acquired Karl W. Reynard, Inc. General Insurance, in Stamford in Delaware County, adding to NBT’s presences in the Catskills region, the company announced.
“The team at NBT Insurance Agency is excited to continue our growth in the Catskills through this acquisition,” NBT Insurance President Tucker Lounsbury said in a news release. “We welcome the employees and clients of Karl W. Reynard, Inc. to our agency where we are focused on building relationships and ensuring our clients have the right blend of coverage to meet their unique business and personal needs.”
Founded in 1941, Karl W. Reynard is a property and casualty agency offering both personal and commercial lines. NBT did not disclose financial terms of the acquisition.
“Partnering with NBT Insurance was the right choice to ensure our clients will continue to receive personalized attention and value in their insurance relationship,” company president Kevin Hull said. “They will also benefit from additional insurance carrier choices and an expanded set of insurance lines, including life and employee benefits.”
Hull will continue with NBT Insurance and assist with customer engagement and business-development opportunities.
“I’ve had the pleasure of working with NBT Insurance Agency for several years to help source specialty insurance markets, and their commitment and support to their customers and their communities is unmatched,” Hull said. “I’m confident that Tucker and the NBT Insurance Agency team will be good stewards of Karl W. Reynard, Inc., which was founded over 80 years ago.”
NBT already has a presence in the market with its sister company NBT Bank.
NBT Insurance Agency is an independent, full-service agency offering property and casualty insurance, employee benefits, and life insurance. Founded in 1884, NBT Insurance is a wholly owned subsidiary of NBT Bancorp, Inc. (NASDAQ: NBTB), a financial holding company headquartered in Norwich with assets of $13.44 billion. Along with its insurance and banking subsidiaries, NBT Bancorp also operates EPIC Retirement Plan Services, a benefits-administration firm.
CFCU Community Credit Union names new board chair
ITHACA — CFCU Community Credit Union has announced the appointment of Katie Foley as its new board chair, succeeding Amy Wood Gonzalez in the role. Foley, co-owner of Silo Food Truck, joined CFCU’s board of directors in 2014 and previously served as vice chair and secretary, per the July 10 announcement. “Katie is an accomplished
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ITHACA — CFCU Community Credit Union has announced the appointment of Katie Foley as its new board chair, succeeding Amy Wood Gonzalez in the role.
Foley, co-owner of Silo Food Truck, joined CFCU’s board of directors in 2014 and previously served as vice chair and secretary, per the July 10 announcement.
“Katie is an accomplished leader and volunteer, advising on several not-for-profit organizations,” Lisa Whitaker, president and CEO of CFCU, said in its announcement. “We appreciate her stewardship of our Board over the past ten years and eagerly anticipate her transition into her new leadership role.”
The change is part of the board’s overall succession plan that CFCU’s leadership and board created to “ensure smooth transitions.” As part of the plan, Wood Gonzalez will continue to serve on the board as a director.
“I’m excited to continue supporting Katie and the greater CFCU staff as a board member,” Wood Gonzalez said.
“I am honored to step into this position and continue the excellent work Amy has done,” Foley said. “I look forward to working with the Board and our members to further our mission of providing exceptional service and support to our community.”
During Wood Gonzalez’s term as board chair, CFCU announced a merger with CORE Federal Credit Union in 2022, expanding its presence in Central New York. The merger allowed CFCU to streamline its technical resources, resulting in a “broader network” of branches and ATMs.
Additionally, the credit union commemorated its 70th anniversary, marking key milestones in its growth and service, CFCU said.
“We are grateful for Amy’s remarkable dedication to the credit union, the Board, and the community,” Whitaker said. “Her lasting impact has significantly enriched CFCU’s legacy. The expansion during her leadership was part of a strategic initiative to diversify our charters, leading to our current service in seven regions across the Finger Lakes.”
Founded in 1953 as the Cornell Federal Credit Union, CFCU Community Credit Union serves more than 82,000 members with over $1.4 billion in assets. With 14 locations, CFCU says it’s one of the largest credit unions in New York state.
Visions Investment Services rebrands
ENDWELL — Visions Federal Credit Union (FCU) says its Visions Investment Services is now operating as Visions Wealth Management. The rebranding coincides with the 20th
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