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Chemung Canal Trust to consolidate Ithaca branches
ITHACA — Chemung Canal Trust Company announced it will be consolidating two of its three Ithaca branch offices. The 806 West Buffalo St. location, known
Berkshire Bank names business banking managing director
Berkshire Bank, which has a significant presence in the Mohawk Valley region, recently announced it has promoted Rob Nichols to managing director of its business banking team. In his new role, Nichols oversees the team of business-banking professionals serving the needs of smaller to mid-sized businesses across Berkshire’s five-state market of Massachusetts, New York, Connecticut,
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Berkshire Bank, which has a significant presence in the Mohawk Valley region, recently announced it has promoted Rob Nichols to managing director of its business banking team.
In his new role, Nichols oversees the team of business-banking professionals serving the needs of smaller to mid-sized businesses across Berkshire’s five-state market of Massachusetts, New York, Connecticut, Vermont, and Rhode Island.
Nichols’ experience includes several corporate and commercial-banking leadership positions including overseeing business-banking teams at Citizens Financial Group, Inc. and First Niagara Bank, as well as chief credit officer at a community bank in the Albany area.
He joined Berkshire in September 2023 as senior VP, business banking team leader.
A resident of the Capital region in New York, Nichols serves the community as treasurer and a member of the executive committee for the Capital District YMCA and on the board of the Albany Black Chamber of Commerce. He has taught entrepreneurship finance at Siena College.
“Rob is a seasoned, results-driven leader whose sharp focus on both the client experience and empowering his team will help grow our business banking franchise and deliver best-in-class solutions for our clients,” Berkshire President/CEO Sean Gray said in a news release.
Headquartered in Boston, Berkshire Bank is a subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB), which has $12.2 billion in assets. The banking company earlier this year announced it is planning to reduce its branch count to 86 after the sale of one office in East Syracuse, plus nine other branches in upstate and eastern New York. After the branch sale, expected to close by the end of the third quarter, Berkshire will continue to operate 16 branches in its core New York market including branches in Rome, New Hartford, Whitesboro, North Utica, West Winfield, and Ilion.
VIEWPOINT: How Community Financial Institutions Can Compete, Collaborate with FinTech
In 1967, the first automated teller machine (ATM) was installed in a Barclays branch, enabling banking customers to withdraw cash from their account without visiting a teller line. Since then, technology has taken center stage in financial services. Today, consumers have instant access to their entire financial lives no matter where they are on the
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In 1967, the first automated teller machine (ATM) was installed in a Barclays branch, enabling banking customers to withdraw cash from their account without visiting a teller line.
Since then, technology has taken center stage in financial services. Today, consumers have instant access to their entire financial lives no matter where they are on the planet, giving rise to heightened expectations and relegating what used to be known as “banker’s hours” to the dustbin of history.
To meet these demands, hundreds of new FinTech firms have arrived in recent years, each targeting different pockets of the financial consumer’s wallet by offering unprecedented levels of convenience in payments, borrowing, saving, budgeting, investing, and more. Regional and community financial institutions have needed to adjust on the fly to address these threats and meet consumers’ evolving demands.
Over the past couple of decades, FinTechs have introduced numerous innovations to the marketplace, including digital payments, blockchain, AI, buy-now/pay-later (BNPL), embedded finance, and the use of alternative data in credit decisioning. Firms like PayPal, Apple Pay, Stripe, Chime, Ripple, Affirm, SoFi, and Revolut have become household names, each offering their own twist on banking within the digital sphere.
This is making it increasingly difficult for banks and credit unions to differentiate themselves, as it is now incredibly easy for consumers to compare products and services among multiple providers from all over the world.
Indeed, FinTechs continue to strengthen, even in the post-pandemic economy. The FinTech industry is projected to grow to $1.5 trillion in worldwide revenues by 2030, reaching 7 percent of market share from its current 2 percent share.
As a growing number of individuals, households, and small businesses can conduct their financial lives solely in the digital realm without ever having to visit a physical branch, the threat to incumbent institutions becomes more acute. FinTech has permanently changed the financial consumer’s digital service expectations, increasing the risk of losing primary financial relationships to more tech-savvy alternatives.
Yet all is not lost. Community-centered financial institutions (FIs), including hometown banks and credit unions, maintain several unique market differentiators that can be used to their advantage. Here’s the secret sauce for community-based FIs looking to stave off FinTech competition — and indeed, thrive — in the digital age:
1. Enhance your digital-banking capabilities: Today, it’s critical for community and regional FIs to evolve their channels of engagement to meet consumer expectations. This means offering fully functional mobile-banking applications that allow customers and members to complete routine transactions on their preferred device. It also means empowering financial consumers to engage in more complex transactions — like applying for a loan, opening new accounts, and exchanging and signing documents —completely online.
2. Focus on niche markets and personalized services: Despite their success and rapid growth over the past two decades, the FinTech market has experienced some correction over the past couple of years. Venture capital investment is way down in the sector, and several high-flying firms have begun to retrench.
This makes it an opportune time for incumbent institutions to analyze their customer base, and double down on those segments they serve particularly well. These segments may include niche services like SBA lending to small businesses, or mortgages for first-time home buyers. Start by identifying the most profitable areas, and then increase investment in people, processes, and technology to support these opportunities.
3. Up your marketing game: Speaking of investment, this is no time to tighten the marketing purse strings. Financial consumers are subjected to an endless stream of messaging from FinTechs and big banks, and local institutions must find a way to break through the noise.
Focus on educating your target market — including current and future customers — on the digital capabilities you currently offer, along with ongoing enhancements and features, and how to maintain a safe presence online.
4. Promote and capitalize on your strengths: As FinTechs pursue new markets, now is a perfect opportunity for community institutions to capitalize on their strengths: their physical footprint, personalized service, and deep roots within their communities.
FinTechs can’t compete with the brick and mortar, in-person access traditional institutions provide in-branch. Hometown banks and credit unions have the local community knowledge and expertise that can’t be found online. When coupled with digital convenience, it’s an unstoppable combination.
In your marketing and communications plan, make sure to include messaging that emphasizes the many ways that members or customers can engage with your institution, and receive personalized service when they need it — whether online, in the branch, or through the contact center.
5. If you can’t beat them, join them? As disruptive as FinTechs have been to financial services, it’s indisputable that they have helped move the industry forward. FinTechs have helped push incumbent institutions toward the future by introducing digital innovations and unprecedented convenience to an eager public.
That’s why it may make sense to selectively partner with FinTechs. Not all financial-technology companies are focused on stealing business from traditional institutions. Many have a mission to support banks and credit unions through back-office technology, streamlined process automation, and white-labeled digital solutions. FinTech doesn’t have to be the enemy.
In fact, according to Forbes, collaboration is the new FinTech model, particularly as formerly high-flying firms hit roadblocks in terms of regulatory oversight, reduced investment, and market saturation.
Selective integration with technology that provides consumers with a better banking experience is a win-win for everyone. Financial institutions receive access to innovative technologies, improved service delivery, and the elevated ability to meet their customers or members where they are.
To effectively compete — or strategically partner — with FinTech, it’s important for community and regional banks and credit unions to foster a culture of innovation. A rigorous focus on continuous learning and change management will help even the most resource-constrained organizations keep pace with digital advancements and the evolving needs of their customer or member base.
Marketing leaders must be at the forefront of these efforts, by advocating for the adoption and development of new digital initiatives and partnerships, while engaging in ongoing messaging campaigns that promote convenient digital access to current and future clients.
Steve Johnson is managing partner at Riger Marketing Communications in Binghamton. Contact him at sdjohnson@riger.com.
AmeriCU introduces USDA-backed mortgage loans
Seeks to help more members secure home ownership ROME — AmeriCU Credit Union recently announced it has added mortgage loans, backed by the
OPINION: Why is Joe Biden still the President?
Why is Joe Biden still the President of the United States? After dropping out of the 2024 presidential race and ceding the Democratic Party nomination and endorsing Vice President Kamala Harris for president, but in staying in office to serve out his term, the American people have a right to know why this decision was
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Why is Joe Biden still the President of the United States?
After dropping out of the 2024 presidential race and ceding the Democratic Party nomination and endorsing Vice President Kamala Harris for president, but in staying in office to serve out his term, the American people have a right to know why this decision was reached.
The truth is, after his dismal performance in the June 27 debate with former President Donald Trump, and subsequent interviews and campaign appearances, Biden had difficulty completing his thoughts and spoke incoherently often enough that members of the president’s own party wanted him to step aside because he’s not up to the job.
Is there some sort of cognitive disorder that Democrats have kept a secret?
In a July 21 post on X, Biden stated, “I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”
Biden had been trailing Trump in national polls since September 2023, with not much change in the race—Trump’s last lead against Biden was an average of 3 percent, 47.7 percent-44.7 percent.
Whereas, in the sparse amount of polls done for a Trump-Harris race, Trump leads an average 48 percent-46.3 percent, not much better.
The implication is that Trump is leading the national popular vote whoever his opponent is, and that’s been true for almost a year now.
So, it’s not the polls per se. Harris does not necessarily give Democrats a better chance of retaining the White House. About 35 percent of Democrats wanted Biden to stay in the race in the latest AP-NORC poll taken July 11-15, and many of whom might now feel betrayed.
The fact is, no adequate explanation for Biden’s departure is being given, impacting Harris or whoever replaces Biden at the Democratic National Convention’s ability to keep the Democratic coalition together. This could put Harris or anyone else in an even worse position than Biden was to do well in November.
Another factor is that replacing the incumbent hasn’t worked. When Harry Truman and Lyndon Johnson did not stand for reelection in 1952 and 1968, Republicans won relatively easily. They could try, but Dems’ argument still becomes “The country got so bad we had to replace the president. Would you still vote for us?” It’s a show of weakness.
So, it’s not the optics or history on their side either. Harris could wind up being something akin to a sacrificial lamb should Trump go on to easily win the election anyway.
No, Biden’s decision to step aside, fueled by calls of elected Democratic leaders and Democratic-leaning media organizations, is because he can no longer do the job, and certainly not for another four years.
If he couldn’t handle a debate, he cannot possibly handle negotiating with our nation’s adversaries, whether in Russia, China, Iran or North Korea, in order to keep the peace.
So, why is Biden still the president? Democrats would have to admit that they had been lying about Biden’s ability to discharge his constitutional duties. Kamala Harris most of all. If Biden truly has a condition that makes it so he cannot do the job, her own job under the 25th Amendment is to get a “written declaration that the President is unable to discharge the powers and duties of his office” by Cabinet officials that she signs to remove the president, requiring two-thirds majorities in both houses of Congress to have Biden removed.
Instead, Biden, for now, gets to stay in office and the country is left to pretend it was not because of anything to do with his abilities.
The implication is that this is a cover-up of Biden’s condition, which now continues. They’d rather leave a vacant president in office than do damage to their party.
In the meantime, the damage being done to the country is incalculable, when the preferred option is to destroy the presidency in order to “save” it. Now, the calls will come for Biden to resign the position outright.
But it is clear that Biden’s decision to step aside was not something he came to all by himself. He was pressured into this course.
If Biden is not fit to run, then he is not fit to serve. He should resign.
Robert Romano is the VP of public policy at Americans for Limited Government Foundation, the research arm of Americans for Limited Government, a libertarian political advocacy group. The organization conducts policy research and publishes reports with the goal of reducing the size of the government.
OPINION: Should politics stop at the water’s edge?
The United States faced fundamental decisions about foreign policy after World War II. Germany and Japan had been defeated, but the Soviet Union had emerged as a new threat. Mao Zedong’s forces were on the move in China. Would we engage or step away? That was the situation when Sen. Arthur Vandenberg coined one of
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The United States faced fundamental decisions about foreign policy after World War II. Germany and Japan had been defeated, but the Soviet Union had emerged as a new threat. Mao Zedong’s forces were on the move in China. Would we engage or step away?
That was the situation when Sen. Arthur Vandenberg coined one of the most enduring aphorisms in American foreign affairs: “Politics stops at the water’s edge.”
Vandenberg, a Michigan Republican who chaired the Senate Foreign Affairs Committee, worked with the administration of Democratic President Harry Truman to forge a bipartisan consensus that included support for the Marshall Plan, NATO, and the Truman Doctrine, which held that the U.S. would intervene when its allies were threatened. Those actions helped keep us safe and secure for generations.
Today, the idea that foreign policy might be off limits to politics can seem unrealistic, even quaint. Partisanship seems to pervade our lives, from the media we consume to the cars we drive to the food we eat.
Vandenberg’s aphorism both reflected and shaped reality for years. During the Cold War, both parties were reliably anticommunist and opposed to Soviet aggression, although Republicans may have been more hawkish in their rhetoric. Both parties favored alliances and engagement with our allies. Over time, the idea that politics should stop at the water’s edge developed a secondary meaning: that politicians shouldn’t air their partisan disputes when traveling overseas. The idea was that presenting a united front to our allies and adversaries would make America stronger.
We often think of the Vietnam War as dividing the country, but those divisions weren’t strictly partisan. The 1964 Gulf of Tonkin Resolution, authorizing escalation of the war, passed unanimously in the House and with only two negative votes in the Senate. In the 1968 presidential election, voters saw little difference between Republican Richard Nixon and Democrat Hubert Humphrey in how they would handle Vietnam.
Americans usually unite in times of crisis and war. After 9/11, only one member of Congress voted against authorizing the use of force against those who were responsible. Early support for the wars in Afghanistan and Iraq was bipartisan, although support from both parties cooled as the wars dragged on.
Of course, political parties have always differed on how to conduct foreign policy. At the country’s founding, the Federalists favored international trade while the Jeffersonians focused on internal affairs. Even in 1948, when Vandenberg was working with Truman, some Republicans were accusing the president of being soft on communism.
Today, the foreign policy divides seem substantially wider. A key example is Ukraine, where Democrats are far more likely than Republicans to support military aid. Congressional Republicans aligned with former President Donald Trump blocked $60 billion for Ukraine for months before it was finally approved in April.
Other international issues also expose partisan fault lines. According to surveys by the Pew Research Center, most Democrats say our leaders should prioritize climate change while very few Republicans agree. Republicans are more likely than Democrats to say we should focus on supporting Israel, limiting immigration, and blocking the flow of illegal drugs into the country.
These disagreements are normal and healthy, and they should lead to vigorous debate. If America is going to serve as an example of democracy to the world, we need to show that we can disagree and do so publicly. The political process, which will always include partisanship, is the way we settle our differences.
But hopefully we can agree that our national interest should come before party interests. Vandenberg’s maxim is worth remembering, even if we don’t always follow it.
Lee Hamilton, 93, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.
Oneida County hotel occupancy dips in June
UTICA, N.Y. — Oneida County hotels posted a nearly 2 percent drop in guests in June, whereas two other important indicators of business performance improved.
Jefferson County hotel-occupancy rate flat in June, other hotel indicators rise
WATERTOWN — Jefferson County hotels registered a slight dip in overnight guests in June, as two other important indicators of hotel-business activity rose. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the North Country’s largest county slipped 0.4 percent to 58.6 percent in the sixth month of the year from June
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WATERTOWN — Jefferson County hotels registered a slight dip in overnight guests in June, as two other important indicators of hotel-business activity rose.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the North Country’s largest county slipped 0.4 percent to 58.6 percent in the sixth month of the year from June 2023, according to STR, a Tennessee–based hotel market data and analytics company. Year to date, hotel occupancy is off 1.5 percent to 47 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, increased 1.1 percent in Jefferson County to $70.59 in June, compared to the year-earlier month. Through June 30, RevPar was up 3.3 percent to $53.28.
The average daily rate (ADR), which represents the average rental rate for a sold room, went up 1.5 percent to $120.41 in June from the comparable month in 2023, per STR. Through the first half of 2024, ADR gained 4.8 percent to $113.40 in the county.
Ask Rusty: Why Aren’t I Exempt from Medicare Part B Premium?
Dear Rusty: Why, as I continue to work after age 65 and have FICA taxes taken from my check, am I (or anyone) also compelled
Aging Advocates CNY acquires Senior Home Care Solutions
MANLIUS, N.Y. — Aging Advocates CNY on Thursday announced it has acquired Senior Home Care Solutions of DeWitt in a deal that takes effect on Jan. 1, 2025. Aging Advocates CNY of Manlius is a privately owned, care-management practice that provides guidance and solutions to address aging-related needs, as described in the announcement. Founded by
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MANLIUS, N.Y. — Aging Advocates CNY on Thursday announced it has acquired Senior Home Care Solutions of DeWitt in a deal that takes effect on Jan. 1, 2025.
Aging Advocates CNY of Manlius is a privately owned, care-management practice that provides guidance and solutions to address aging-related needs, as described in the announcement.
Founded by Sheila Ohstrom in 2010, Senior Home Care Solutions has provided support to seniors needing long-term and temporary assistance for non-medical in-home care.
In its announcement, Aging Advocates CNY didn’t provide any financial details of its acquisition agreement with Senior Home Care Solutions.
“This acquisition aligns with our mission to promote dignity and independence for our clients while providing peace of mind for their families,” Melissa Murphy, founder and CEO of Aging Advocates CNY, said in the announcement. “We have a great working relationship with Senior Home Care Solutions and deeply respect their service to the community. As our population ages, it’s crucial to maintain quality in-home care providers in Central New York.”
Ohstrom and Murphy also co-founded the nonprofit Living with Dementia CNY, which provides support, education, and resources to personal and professional caregivers of those affected by all types of dementia in Central New York. Ohstrom will remain involved with Senior Home Care Solutions in a consultant role after the acquisition in 2025 while focusing on her role as president of Living With Dementia CNY.
“This is an exciting time for both organizations and the Central New York area,” Ohstrom said. “By combining our strengths, we can better serve our clients and help more seniors remain in the safety and security of their own homes for as long as possible.”
Through this acquisition, Aging Advocates will absorb 60 employees from Senior Home Care Solutions, including part-time and full-time caregivers, and an office management team. This brings Aging Advocates’ total team to 70 employees.
Aging Advocates and Senior Home Care Solutions will continue to operate independently but will operate out of the same office, along with Living With Dementia CNY.
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