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DECEMBER 7, 2015 I SOUTHERN TIER BUSINESS JOURNAL I 1CNYBJ.COM
SOUTHERN TIER CREDIT UNIONSRanked by Total Assets 1
Rank
NameAddressPhone/Website
Total Assets20152014 Total Shares &Deposits
Total LoansMembersFT EmployeesST/Total Locations
Top Local Executive YearChartered
1. Visions FCU24 McKinley Ave.Endicott, NY 13760(607) 754-7900/visionsfcu.org $3.46B$3.31B $2.58B$2.13B
177,442416
19/39Tyrone Muse, President & CEO
1966
2. SEFCU3460 Vestal Parkway E.Vestal, NY 13850(800) 727-3328/sefcu.com $3.03B$2.82B $2.65B
$1.69B327,672
7715/47
Michael J. Castellana, President &CEO1934
3. Empower FCU760 Harry L DriveJohnson City, NY 13790(800) 462-5000/empowerfcu.com
$1.36B$1.28B $1.1B$1.08B
147,846409
2/22John Wakefield, President & CEO 1939
4. Corning Federal Credit Union1100 Clemens Center ParkwayElmira, NY 14901(800) 677-8506/corningcu.org $1.14B$1.08B $984.52M
$786.47M96,218276
3/18Gary Grinnell, President & CEO
1936
5. CFCU Community Credit Union
1030 Craft RoadIthaca, NY 14850(607) 257-8500/mycfcu.com $941.01M$908.93M $720.43M$626.18M
64,377178
9/11Lisa Whitaker, President & CEO 1953
6. First Heritage Federal Credit Union
1100 Clemens Center Parkway, Suite 6
Elmira, NY 14901(607) 734-0231/fhfcu.org $416.59M$398.9M $341.14M$223.3M
32,66184
3/8Daniel R. Rourke, President & CEO 1954
7. Sidney FCU65 Genesee St.Greene, NY 13778(877) 642-7328 /sfcuonline.org$415.31M$390.64M $325.67M
$239.01M47,6281483/9
James A. Diog, Manager/CEO1949
8. GHS FCU910 Front St.Binghamton, NY 13905(607) 723-7962/ghsfcu.com $150.34M$137.23M $122.27M
$124.2M16,018
403/3
Howard Meller, President & CEO 1940
9. Horizons FCU120 Main St.Binghamton, NY 13905(607) 724-5876/horizonsfcu.com
$101.46M$99.94M $79.02M$62.13M
11,91831
4/4Mario DiFulvio, President/CEO
1937
10. Alternatives FCU125 N. Fulton St.Ithaca, NY 14850(607) 273-4666/alternatives.org$91.35M$88.61M $68.83M
$64.65M9,86346
1/1 Tristram Coffin, CEO1979
11. Nucor Employees Credit Union
5362 Railroad St.Chemung, NY 14825(607) 529-9002/nucorcu.com $33.34M$32.11M $27.8M$21.22M
6,7349
1/9Paul D. Chappell, Manager
1962
12. Finger Lakes Health Care FCU519 Hart St.Elmira, NY 14905(607) 733-1304/flhc.com $23.38M$23.12M $18.47M
$10.13M2,796
71/2
Robert W. Mace, CEO1973
SOUTHERN TIER CREDIT UNIONSRanked by Total Assets 1
Rank
NameAddressPhone/Website
Total Assets20152014 Total Shares &Deposits
Total LoansMembersFT EmployeesST/Total Locations
Top Local Executive YearChartered
1. Visions FCU24 McKinley Ave.Endicott, NY 13760(607) 754-7900/visionsfcu.org $3.46B$3.31B $2.58B$2.13B
177,442416
19/39Tyrone Muse, President & CEO
1966
2. SEFCU3460 Vestal Parkway E.Vestal, NY 13850(800) 727-3328/sefcu.com $3.03B$2.82B $2.65B
$1.69B327,672
7715/47
Michael J. Castellana, President &CEO1934
3. Empower FCU760 Harry L DriveJohnson City, NY 13790(800) 462-5000/empowerfcu.com
$1.36B$1.28B $1.1B$1.08B
147,846409
2/22John Wakefield, President & CEO 1939
4. Corning Federal Credit Union1100 Clemens Center ParkwayElmira, NY 14901(800) 677-8506/corningcu.org $1.14B$1.08B $984.52M
$786.47M96,218276
3/18Gary Grinnell, President & CEO
1936
5. CFCU Community Credit Union
1030 Craft RoadIthaca, NY 14850(607) 257-8500/mycfcu.com $941.01M$908.93M $720.43M$626.18M
64,377178
9/11Lisa Whitaker, President & CEO 1953
6. First Heritage Federal Credit Union
1100 Clemens Center Parkway, Suite 6
Elmira, NY 14901(607) 734-0231/fhfcu.org $416.59M$398.9M $341.14M$223.3M
32,66184
3/8Daniel R. Rourke, President & CEO 1954
7. Sidney FCU65 Genesee St.Greene, NY 13778(877) 642-7328 /sfcuonline.org$415.31M$390.64M $325.67M
$239.01M47,6281483/9
James A. Diog, Manager/CEO1949
8. GHS FCU910 Front St.Binghamton, NY 13905(607) 723-7962/ghsfcu.com $150.34M$137.23M $122.27M
$124.2M16,018
403/3
Howard Meller, President & CEO 1940
9. Horizons FCU120 Main St.Binghamton, NY 13905(607) 724-5876/horizonsfcu.com
$101.46M$99.94M $79.02M$62.13M
11,918
10. Alternatives FCU125 N. Fulton St.Ithaca, NY 14850(607) 273-4666/alternatives.org$91.35M$88.61M $68.83M
11. Nucor Employees Credit Union
5362 Railroad St.Chemung, NY 14825
11,91831
$88.61M $68.83M
SOUTHERN TIER BANKS
Ranked by Southern Tier Market Share, 06/30/15
Rank
NameAddressPhone/Website
ST Market Share (%)1ST Deposits Total DepositsTotal Assets Local OfficesTotal FTE Employees HeadquartersTop Local Executives Year
Estab.
1. M&T Bank49 Front St.Binghamton, NY 13905(607) 723-8231/ mandtbank.com
25.79$1.8B $73.5B$96.4B
2115,972 Buffalo
Peter Newman, President, SouthernNew York Region 1856
2. NBT Bank52 S. Broad St.Norwich, NY 13815(607) 337-2265/ nbtbank.com17.62$1.2B $6.4B
$8B20
1,802 NorwichMartin A. Dietrich, President & CEO
Jeffrey D. Lake, Greater BinghamtonRegional President
1856
3. Tompkins Trust CompanyThe CommonsIthaca, NY 14851(607) 273-3210/ tompkinstrust.com
16.78$1.1B $1.4B
$1.7B10
1,050 IthacaGregory Hartz, President & CEO
1836
4. Chemung Canal Trust Company
1 Chemung Canal PlazaElmira, NY 14901(607) 737-3711/ chemungcanal.com
11.14$758.9M $1.3B$1.6B
17397
ElmiraRonald M. Bentley, President & CEO 1833
5. First Niagara Bank65 Court St.Binghamton, NY 13901(607) 772-5412/ firstniagara.com
6.23$424.5M $29B$39B
95,364 Buffalo
David Kavney, CNY Market Executive 1870
6. Elmira Savings Bank333 E. Water St.Elmira, NY 14901(607) 734-3374/ elmirasavingsbank.com
5.39$366.9M $440.6M$573M9
122Elmira
Thomas M. Carr, President & CEO 1869
7. Tioga State Bank1 Main St.Spencer, NY 14883(607) 589-7000/ tiogabank.com4.79$325.9M $325.9M$417.4M
1196
SpencerRobert M. Fisher, President & CEO 1864
8. Citizens Bank84 Court St.Binghamton, NY 13901(607) 723-5391/ citizensbank.com
4.33$294.5M $73.3B$106.9B8
14,825 Providence, RI James P. Gaspo, President, New York 1828
9. Community Bank, N.A.50 W. Main St.Owego, NY 13827(607) 687-8125/ communitybankna.com
2.53$172.3M $6.2B$7.9B
81,762 Canton
Mark E. Tryniski, President & CEO 1983
10. Five Star Bank150 Lake St.Elmira, NY 14901(607) 737-2165/ five-starbank.com2.12$144.2M $2.7B
$3.3B3
601 Warsaw Martin K. Birmingham, President & CEO 1881
11. First National Bank of Groton161 Main St.Groton, NY 13073(607) 898-5871/ grotonbank.com
1.35$91.8M $135.8M$158.1M
138
GrotonStephen Gobel, President & CEO
1865
12. First National Bank of Dryden7 W. Main St.Dryden, NY 13053(607) 844-8141/ drydenbank.com
1.2$81.8M $119.5M$135.3M
133
DrydenRonald C. Denniston, President & CEO 1902
BASSETT STORY 4
BRIEFS 2
PEOPLE ON THE MOVE 11
THE LISTS 8, 10
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CHORE NO MORE AIMS TO CLEAR AWAY THE SNOW AND THE CLUTTER
PHOT
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MAT
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WAL
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Raymond generates explosive sales growth
2 I SOUTHERN TIER BUSINESS JOURNAL I DECEMBER 7, 2015CNYBJ.COM
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Chemung Financial to pay quarterly dividend of 26 cents a share
ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG), parent company of Chemung Canal Trust Company, an-nounced that its board of directors has approved a quarterly cash dividend of 26 cents a share.
The dividend is payable on Jan. 4 to common stock shareholders of record as of the close of business on Dec. 18, according to a Chemung Financial news release.
The dividend yields about 3.8 percent on an annual basis, at the banking company’s current stock price.
Chemung Financial reported net income of $2.45 million, or 52 cents a share, in the third quarter, That’s an im-provement from a net loss of $319,000, or 7 cents a share, in the year-ago period.
Chemung Financial is a $1.63 billion financial-services holding company, headquartered in Elmira, which operates 34 branches through its main subsidiary, Chemung Canal Trust. Started in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state.
Chemung Canal Trust ranks ninth in deposit market share in the 16-county Central New York area, according to the
latest FDIC data. It has 21 branches in the region.
Chemung Financial is also the parent of CFS
Group, Inc., a financial-services subsidiary offering mutual funds, annuities, broker-age services, tax preparation services, and insurance.
WRITERS/EDITORS:
Eric [email protected]
Norman [email protected]
Adam [email protected]
Nick [email protected]
New York milk production increases 2 percent in October
New York dairy farms produced 1.18 billion pounds of milk in October, up 2 percent from the year-ago period, the USDA’s New York field office reported.
Production per cow averaged 1,910 pounds in October, up 30 pounds from a year earlier.
The number of milk cows on farms in the state totaled 620,000 head in October, up 5,000 head from October 2014 and unchanged from September 2015, the field office reported.
New York dairy farmers received $18.60 per hundred-weight of milk in September, up $1.20 from August, but down $8.70 from September 2014, according to the field office.
United Methodist Homes hires new development director
BINGHAMTON — Ann Highfield-Lomonaco is the new director of development at United Methodist Homes (UMH), the nonprofit an-nounced.
Before joining UMH, she had been direc-tor of volunteer services at Lourdes Hospital since 2007. Prior to that, her experience in-cludes three years as education coordinator at the Broome County Health Department, according to a UMH news release. Highfield-Lomonaco also worked for three years as direc-tor of the local division of the American Heart Association, where she managed fundraising activities and special events.
Highfield-Lomonaco is a graduate of Cedar Crest College in Allentown, Pennsylvania. She earned a bachelor’s degree in business admin-istration and psychology with a concentration in hospital administration.
United Methodist Homes says it is a church-related nonprofit organization, founded in 1958, that operates three continuing-care retirement communities in the Greater Binghamton region of New York and the Scranton/Wilkes-Barre region of Pennsylvania, along with a personal care campus in Tunkhannock, Pa.
United Methodist Homes serves more than 1,100 residents at its four sites and has more than 1,000 employees.
Area unemployment rates decline in October compared to a year ago
Unemployment rates in the Binghamton, Ithaca, Syracuse, Utica–Rome, and Watertown–Fort Drum metro areas fell in October, compared to a year ago, according to the latest New York State Department of Labor data released Nov. 24.
The unemployment rate in the Binghamton region fell to 5.2 percent in October from 5.6 per-cent a year ago.
The jobless rate in the Ithaca region was 3.6 percent in October, down from the 3.9 percent rate in October 2014.
The unemployment rate in the Syracuse area fell to 4.7 percent in October from 5.4 percent a year prior.
The jobless rate in the Utica–Rome region was 4.7 percent in October, down from the 5.4 percent figure posted in the year-earlier period.
The unemployment rate in the Watertown–Fort Drum area was 5.7 per-cent in October, off from 6.4 percent in October 2014, according to figures from the state Labor Department.
The Syracuse and Utica–Rome regions gained jobs in the past 12 months, while the Watertown–Fort Drum, Ithaca, and Binghamton regions lost jobs in the same
time period, according to the latest monthly employment report that the state Labor Department issued Nov. 19.
The local-unemploy-ment data isn’t season-ally adjusted, meaning the numbers don’t reflect seasonal influ-
ences 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.
DECEMBER 7, 2015 I SOUTHERN TIER BUSINESS JOURNAL I 3CNYBJ.COM
BY NICK [email protected]
VESTAL — A new digital marketplace called Chore No More, which seeks to allow consumers to quickly schedule snow-removal service for their driveways and walkways, recently launched in preparation for the approaching winter.
Chore No More was founded by broth-ers Matthew and Peter Walsh, who are general contractors with third-generation, family-owned Walsh & Sons Construction. Both have experience with snow removal, which they use to help fill the void left by the decline in general contracting work in winter, they say.
Chore No More (www.chorenomore.com), whose 2,500-square-foot office is lo-cated outside the city of Binghamton, at 200 Plaza Drive in Vestal, allows contractors to bid on consumers’ snow-removal requests. The business is targeting customers in up-state New York and northern Pennsylvania.
Users seeking snow removal, before or after a storm, provide their address on the company website (along with specific op-tions such as walkway clearing and salt ap-plication), and contractors interested in the job submit bids. Google Maps is imbedded on the website for contractors to approxi-mate the size of the job, according to the Walsh brothers.
Consumers receive an email alert every time a bid comes in, allowing them to com-pare prices and read reviews of specific contractors left by past customers, accord-ing to the Walsh brothers.
“We see how difficult it is for customers to shop for these services,” says Matthew Walsh. “The options out there currently aren’t very streamlined, because custom-ers have to do their own research.”
There is no commitment from custom-ers, be it through subscription or contrac-tor fees, Peter Walsh says. Users can back out if they don’t like any of the bids from contractors. They aren’t locked in until they accept a bid. There is no season-long com-mitment either, which some snowplowing services force customers into, Peter adds.
Chore No More generates its revenue
via a 10 percent service charge added to every job. Peter Walsh says that helps fund the firm’s web development and marketing costs.
Chore No More isn’t just meant to help streamline the process for the consumer. Peter Walsh says they got the idea for the company from working on the other side, as contractors, and Chore No More helps streamline the process for them as well.
Billing is automated for member con-tractors, so they don’t need to worry about sending out invoices and waiting for pay-ments, simplifying their overhead and of-fice work, Peter Walsh says.
He contends that there are competitor services available who take advantage of contractors, but the brothers’ seek to do just the opposite since they are contractors themselves.
Chore No More has four owners, the Walsh brothers being two and the majority, they say.
They first began assembling their team to begin work on the service in December 2014. The exact number of company em-ployees fluctuates regularly, but it had seven full-time employees at the time of its launch in October, which include a market-ing team and web developers.
The brothers say they used a combina-tion of personal assets and local investors to fund the startup costs. They declined to disclose specific financial information.
Once the Chore No More service was set up, a soft launch took place in April, for use by people seeking lawn-mowing service. The soft launch was intended to generate feedback so the kinks could be fixed before the full launch in October, ac-cording to Peter Walsh.
The brothers said the lawn service had success in signing up contractors. They plan on expanding that service this coming spring.
Contractors also appear to be taking to the idea of Chore No More’s snow-removal service, as the number that have signed up has nearly doubled since the start of
October, from about 50 to 90 total, accord-ing to Matt Walsh.
The Binghamton, Elmira, and Buffalo areas are best represented by the contrac-tors, but the Rochester, Scranton, Utica, and Syracuse areas also have contractors signed up, according to Walsh. He an-ticipates further expansion of coverage
areas as winter progresses. The Walshs’ acknowledge they need to
get the contractors ahead of the customers so that work requests can be fulfilled. Once they get through their sampling of contrac-tors, and they learn more, Peter and Matt will continue working to expand in and out of the state, they say.
Chore No More aims to help clear away the snow and the clutter
PHOT
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MAT
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Matthew Walsh (left) and Peter Walsh (right), founders and majority owners of Chore No More, which helps consumers quickly schedule snow-removal service for their driveways and walkways. The brothers are general contractors with third-generation, family-owned Walsh & Sons Construction, and also do some snow plowing themselves.
4 I SOUTHERN TIER BUSINESS JOURNAL I DECEMBER 7, 2015CNYBJ.COM
A conversation with CEO Dr. Vance Brown
BY NORMAN [email protected]
COOPERSTOWN — “Running a health-care system today is like trying to build an airplane at the same time you are fly-ing it,” quips Dr. Vance Brown, president and CEO of Bassett Healthcare Network. “We’re redesigning the practice and deliv-ery of medicine at the same time we are trying to keep up with day-to-day opera-tions … The challenges are … [daunting]: The country is dealing with continually rising health-care costs, large numbers of uninsured and under-insured, an overex-tended health-care infrastructure, an aging population, and the rapid growth of chronic diseases. This puts strains on the nation’s health-care resources, but the strain is par-ticularly hard on rural-delivery systems.”
Brown then lists the unique challenges faced by Cooperstown–based Bassett and other providers caring for a rural popula-tion. “Our health-care network is more de-pendent on public-health reimbursements,” he notes. “Seventy percent of Bassett’s payments come from programs such as Medicare and Medicaid, and their reim-bursements are not increasing. We also serve an older and poorer population on
average, compared to urban health-care systems. The older population is gener-ally sicker with more chronic diseases … Attracting specialists to rural medicine is a big challenge, because most specialty practices are concentrated in urban areas.
“In addition, many rural providers have low operating margins, which make it more difficult to invest in staff, technology, and infrastructure. And then there is the geog-raphy: we serve a population spread over 5,600 square miles.” Rural workers are also more employed by small businesses and the self-employed than are urban popula-tions, which often means less insurance coverage or no coverage.
Bassett’s scope and reachBrown — who became president and
CEO of Bassett Healthcare Network and Bassett Medical Center on July 1, 2014 — says his health-care network has a dual mission: to serve not only its patients, but also the global health of all residents of its eight-county region. “Bassett has done a wonderful job of building an integrated, heath-care system,” avers Brown. “Our net-work includes six hospitals with 330 beds, 33 health centers spread over 20 communi-ties, a durable-medical-equipment facility, a home health-care agency with multiple locations, 20 school-based health centers, and two long-term-care, skilled-nursing and rehab facilities.”
Brown continues: “Last year, our net-
work’s total patient visits exceeded 700,000. We also support a research institute and a teaching hospital, which serves as a branch campus of Columbia University’s College of Physicians and Surgeons. Bassett employs more than 4,400 people full time, including 363 physicians, and the annual payroll is more than $300 million. At $630 million-plus in revenue last year, the Bassett net-work is clearly a major economic engine of the region.”
Bassett has successfully tied its entire network together through the EPIC soft-ware system, which permits the sharing of electronic-medical records in real time. “This is just one example of improving patient care,” notes Brown. “We have also been innovative in reducing patient re-admissions by identifying high-risk patients and providing them education about their illness supplemented by nurse-care man-agement after they leave the hospital … The network has added more primary-care doctors and nurse-practitioners, while fos-tering more patient engagement to change lifestyles by teaching best practices. We have a [continuing] commitment to get many of our patients activated and involved in their own care.”
Taking care of its patients is just one half of the Bassett mission. “We also are com-mitted to improving the global population, whether they are our patients or not,” em-phasizes Brown. “For example, the school-based clinics we operate serve all who enroll with comprehensive health care. We work with the child’s health provider in caring for the child. For children without a primary-care provider, the school-based health center (SBHC) staff may become the primary provider. I like to think that it intersects the general population with our patients’ health. Bassett provides and staffs a clinical setting right on the school’s prem-ises and works with the nurse employed by the school.”
He continues, “We have a team of nurse-practitioners, licensed-practical nurses, medical-office assistants, and licensed clini-cal social workers who staff the clinics. In addition, a pediatrician is on site at least once a month, and a dental hygienist vis-its the clinics to provide preventive, oral health care on a regular basis. The families incur no out-of -pocket expenses for SBHC services: We bill the student’s health in-surance. Our focus is not just on physical health, but also on improving mental and social health. The school setting gives us the opportunity to demonstrate best prac-tices when the children are young and the care is readily available.”
Bassett also sponsors the New York Center for Agricultural Medicine and Health (NYCAMH), recently designated by the National Institute for Occupational Safety and Health as a Northeast Center for Agriculture, Forestry, and Fishing Health and Safety (NEC), one of only 10 cen-ters nationwide. NEC serves 11 states, from Maine through West Virginia, by researching injuries and illnesses in order to develop preventive teaching, educa-tional health screening, demonstrations, and other activities. The target audience includes farmers and their families, agri-cultural workers, high school and college
agricultural classes, commercial anglers along the Northeast coastline, those work-ing in woodlots, members of the media, and policymakers.
Rural medicineThe mission to teach medical students
serves Bassett’s commitment both to its patients and to the global population. “One of the most innovative things we have done at Bassett is to create a rural campus here in Cooperstown,” observes Brown. “In 2009, we launched a new model of medical training which addresses the shortage of rural physicians, while promoting both the quality of medicine and the cost-effective delivery of care. It’s a new paradigm es-tablishing a longitudinal relationship with patients. The program promotes a passion about patient care, good communications, and accountability for being responsible managers of the health-care system.
“In contrast to most medical schools, where students have blocks of experiences, going from one set of patients to another, Bassett students care for patients over an extended period of time and have an op-portunity to manage a patient’s care from diagnosis to cure. The curriculum includes some topics far removed from most medi-cal teaching schools: finance, risk-manage-ment, patient safety, quality improvement, and medical informatics.”
From a pool of 1,000 applicants, only 10 students were accepted for the current entering class. Students spend the first 18 months of basic science instruction in Manhattan at Columbia’s College of Physicians and Surgeons and the remain-ing 30 months in upstate. Each student is eligible for $30,000 in tuition support under the program.
Brown points out that the Columbia part-nership is designed to encourage the stu-dents to join a rural health system, such as the Bassett Healthcare Network, after grad-uation. “While the applicants are evaluated according to Columbia’s rigorous academic standards, special emphasis is placed on re-cruiting students from rural communities. We know that recruitment and retention of rural practitioners is more successful when it targets candidates raised in a rural community and who completed their medi-cal school and/or residency training in the same environment.”
Chronic diseases are the primary driver for the rising costs of health care, accord-
SEE BASSETT, PAGE 11 4
Bassett innovates to deliver rural health care
Dr. Vance Brown
DECEMBER 7, 2015 I SOUTHERN TIER BUSINESS JOURNAL I 5CNYBJ.COM
HEART CARE AT ITS BEST
Cayuga Heart InstituteClinically linked with the Sands-Constellation Heart Institute at Rochester General Hospital, a Cleveland Clinic Heart Surgery Center
• Eight fellowship-trained cardiologists
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• Extensive invasive cardiology program
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• Comprehensive cardiac rehab program
For more information, call or visit us online:
ITHACA:Cayuga Medical Center101 Dates DriveIthaca, New York 14850(607) 274-4590
Meet our team (from left):Brian Marino, DOQutaybeh S. Maghaydah, MD, FACCMarcis Sodums, MD, FACC, FSCAILynn Swisher, MD, FACCMalcolm Brand, MD, FACCTina Ellis, RPA-CJonathan Mauser, MD, FACCPaul Stefek, MD, FACC, FSCAIAmit K. Singh, MD, FACC, FASNC, Medical Director, Cayuga Heart Institute
MONTOUR FALLS:Schuyler Hospital220 Steuben StreetMontour Falls, New York 14865(607) 269-0100
cayugamed.org
6 I SOUTHERN TIER BUSINESS JOURNAL I DECEMBER 7, 2015CNYBJ.COM
BY NORMAN [email protected]
ITHACA — “TCAD (Tompkins County Area Development) doesn’t spend a lot of time trying to attract new businesses to the area,” avers Michael Stamm, president of the eco-nomic-development agency. “Our focus is pri-marily on developing homegrown businesses. We have a very large base of entrepreneurs and tech businesses supported by a strong higher-education community. [It’s fair to say] … that Tompkins County is a full-fledged, startup hub with 100 companies forming a vibrant business ecosystem. That makes us unique [in this region].”
The Tompkins County startups represent a wide range of industries. The Ithaca Beer Co. is adding a new bottling line, a new pack-aging line, a barrel-aging room, and a larger cooler. BinOptics, a technology company that manufactures lasers for data and telecom-munications, is renovating and expanding its space. The company was sold last year for $230 million and elected to stay in Ithaca. Incodema 3D, an industrial 3D printing com-pany, opened a 60,000-square-foot manufac-turing site this year to produce metal and plastic products primarily for the aeronautical and health-care industries. The business plan anticipates that Incodema 3D will, within a few years, be the largest industrial firm of its type in the country. Kionix, Inc., which manu-factures accelerometers, now employs more than 200 people. The founder of Kionix, Greg Galvin, has gone on to found other startups, including Rheonix, Inc.
Other area startups include Ursa Space Systems, a space-systems integration com-pany that provides spacecraft and space-based intelligence data; Rosie Applications, a leading SaaS provider of predictive, online- and mo-bile-shopping applications; GiveGab, a social network for volunteers; and South Hill Cider, a producer of small-batch, hard cider from the Finger Lakes.
The college scene“The area is home to Cornell University,
Ithaca College, and Tompkins Cortland Community College (TC3),” notes Stamm, “which are all invested in fostering entrepre-neurship. The schools encourage students to launch startups and help to turn their technol-ogy designs into commercial products. (Most of the startups have a connection to Cornell through research partnerships or facility use.) Last year, Cornell, Ithaca College, and TC3, with funding help from New York State, opened a new downtown incubator called Rev Ithaca Startup Works, which provides both co-working space and resources like network-ing, mentoring, programs, and events. Rev provides support for all entrepreneurs. In keeping with the community’s goals, anyone can apply to Rev; you don’t have to be affiliated with a school.”
Developing entrepreneurs is not limited to incubators. Ithaca’s mayor, Svante Myrick, wants to build an entrepreneurial environ-ment that is welcoming to all startups. That’s why the mayor promoted a downtown loca-tion for Rev. His goal was to attract more local residents. He has also rezoned the city to allow for larger commercial buildings and more mixed-use space to attract entre-preneurs to the city’s downtown district, re-duced license fees, and worked to eliminate bureaucratic red tape.
MissionTCAD was founded in 1964 as a 501(c)(6)
corporation to act as the county’s develop-ment engine. The mission was to create jobs, strengthen the tax base, and stimulate private-sector investment. “Since 1963, TCAD incen-tives have stimulated 5 million square feet of new construction and renovation, $800 million of capital investment, and created more than 5,200 jobs,” says Stamm. “TCAD also man-ages as the county’s industrial-development agency (IDA) where we act as a conduit to the tax-exempt bonds market for not-for-profit projects and act to abate certain local and state taxes. The IDA also offers the City of Ithaca Community Investment Incentive Tax-Abate Program and the Lansing Town Center Incentive Program. Examples of our IDA in-vestments include Harold’s Square, the Carey Building, Advanced Design Consulting, the Downtown Marriott, Dairy One, the Ithaca Beer Co., and BinOptics.
“We also administer a revolving-loan fund of $1.7 million,” continues Stamm, “designed to fill gap-financing for capital projects. Our goal is to add another $300,000 to this fund next year. In 2009, we expanded the program to include loans to high-tech, pre-revenue, startup companies. TCAD typically takes back warrants, [giving us the right to purchase a company’s stock at a specified price within a certain time frame]. Recognizing the inherent risk, the agency has a solid vetting process for each applicant. There has to be a strategic rea-son for the company to remain in the county, for example, proximity to cutting-edge tech-nology; management must exhibit a strong, personal commitment to staying here; and the company must have the ability to attract and retain a workforce. The agency is also assum-ing a long-term horizon for these investments, because we need to be patient to increase the [investment] pipeline.”
TCAD works closely with the Tompkins County Workforce Development Board, which is co-located in the same downtown Ithaca office. “We are engaged in a joint venture to study the regional demand for entry-level positions in advanced-manufactur-ing settings,” notes Stamm. “The goal is to identify and help to train these workers. The private-sector companies teach the technical skills associated with the job, while we focus on soft skills, such as math, teamwork, and how to work independently. Our office is currently conducting a study to create a work-force center for ages 18-45. I expect the study to be completed in the first quarter of 2016.The goal is to ensure that the county has a trained workforce to fill all of the new positions being created. The workforce center would be led and funded by the private sector; our role would be to act as the facilitator.” The of-fice also houses a representative of the Small Business Development Center.
Stamm points out another area of concern for TCAD. “The agency is very concerned that our infrastructure matches or exceeds the demand put on it,” observes Stamm. “The county has to be sure our water and sewer capacities are adequate to accommodate our growth. In the area of transportation, the air-port is critical to expedite travel. Fortunately, we currently have all three major air carriers — American, United, and Delta — serving the airport. But we need to be cognizant that the industry is moving to 75-seat jets for its regional travel. That means we have to be
proactive and help the airlines fill their seats by promoting their service. The challenge of adequate broadband is critical in our high-tech setting, and fortunately the county is in good shape. We do have the proverbial last-mile challenge, but it’s not a major hurdle. Then there is the question of energy. We have established a task force to be sure we can support our growth, with particular attention paid to the shortage of natural gas distributed within the county. And finally, the county is focused on ensuring adequate housing suited to a diverse workforce.”
Revenue modelFrom its inception, TCAD created an un-
usual revenue model supported equally by a grant from the county, fee-based income, and investment from local employers. In re-cent years, the agency came to depend, in large measure, on fees. Judging the funding model to be unsustainable, TCAD, at the di-rection of the board of directors, turned to the Tompkins County Legislature for a five-year commitment to underwrite one-third of the operational budget. The legislature approved the measure unanimously. The agency then turned to the business community to commit $1.4 million over the same five-year period. The campaign, called Transform Tompkins, was launched in February 2014. The goal was exceeded by $300,000. TCAD’s long-term, rev-enue projections from fee income is adequate to cover one-third of TCAD’s annual operating budget, which is projected at $782,000 in 2016. The 2014 annual report posted the agency’s total net assets at just under $3 million.
To expand its development efforts, TCAD established a foundation in 2014 as a 501(c)(3) corporation. “We have identified a number of national foundations interested in support-ing economic development and workforce training,” states Stamm. “We are ramping up slowly in this area, but have already secured a [$56,638] grant from the U.S. Department of Agriculture, which will partially fund the study. The feasibility study, which covers a three-county region, will determine whether the [defined] market warrants setting up a business incubator center serving the food-processing sector. We have already identified two consultants: a food-manufacturing indus-try expert and a business-incubator expert. The study should be completed by the first quarter of 2016. Our foundation’s study is directed at just one of six, key sectors essen-tial to diversifying the county’s economic de-velopment: higher education, manufacturing, technology, food/beverage, tourism, and ag-riculture. That’s where we see the maximum return on our investments.”
The expanding startup scene is helping to
drive a revitalization of Ithaca. In just the past three years, the city has benefitted from $300 million in real-estate development funding, compared to just $150 million over the past de-cade. According to PricewaterhouseCoopers (PWC), last year the city enjoyed about $22 million in venture funding. “We need to attract more venture capital (VC),” acknowl-edges Stamm. “The Cayuga Venture Fund, for example, which invests from the seed to the growth stage [and focuses on businesses in Upstate and those with a significant Cornell–technology connection], does a great job. Cayuga Venture has supported a number of successful area startups, among them Advion, BinOptics, e2e, Ecovation, Kionix, Mezmeriz, and Rheonix. Recently, DFJ (the venture capi-tal firm Draper Fisher Jurvetson) made two local investments, which is an indication that Tompkins County is gaining national recog-nition.” (DFJ, started in 1985 by the three eponymous founders and headquartered in Menlo Park, California, has raised more than $4 billion and invested in more than 300 com-panies, including foursquare, twitter, tumblr., Tesla, and Netzero.) “While these investments … [highlight] our growing economy here, I recognize that we need to increase our ef-forts to attract more VC dollars.” (According to PWC, San Francisco and Berkeley raised $5.3 billion last year.)
For an agency with only five employees, TCAD has an ambitious agenda. “We are charged with developing a thriving regional (county) economy that is diverse, attract-ing local investing, creating an international reputation, all while protecting our natural resources, supporting a vibrant cultural … [scene], and attracting and retaining qual-ity employment opportunities,” exclaims Stamm. “With limited resources, we have to be very careful about how we allocate our investments and monitor the ROI for each project.”
After three decades at the helm of TCAD, Stamm has no illusions about the magnitude of the task. As the county’s chief economic gardener, he is encouraged by the communi-ty’s commitment and by the county’s substan-tial economic growth. His agency’s cultivation efforts are recognized not only locally, but also by numerous accolades from Kiplinger’s, CNN Money, Forbes, Smart Money, and the Huffington Post, among others, as “a great place to live,” the “smartest city,” “best small places for business and careers,” “Top-10 best places for Millennials,” and “prime workforce growth.” Stamm credits his staff and a dy-namic board of directors for TCAD’s success, but recognition for the success of the county’s homegrown-business strategy rests largely with the chief gardener. n
TCAD prefers “homegrown” economic gardening
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Phu-Christine Lam, assistant director of economic development services, and Michael Stamm, president of Tompkins County Area Development (TCAD), sit in the agency’s board room. TCAD has successfully focused on developing “homegrown” business.
DECEMBER 7, 2015 I SOUTHERN TIER BUSINESS JOURNAL I 7 CNYBJ.COM
BY NORMAN [email protected]
GREENE — In the last half decade, the Raymond Corp. — a global provider of lift trucks, forklifts, and material-handling solu-tions based in Chenango County — has seen its sales explode.
“Since late 2010, our sales are up 300 per-cent,” says Timothy Combs, the company’s president for sales and marketing. “Just in the last three years, the industry has experi-ence compounded annual growth of 6 to 7 percent. Electric truck sales are up 9 percent over the last two years and are projected to increase 11 percent this year. Raymond specializes in manufacturing electric fork-lift trucks that are especially popular for moving materials in distribution centers. I think part of our rapid growth is driven by the increase in online sales, which, in turn, has spurred the construction of more distribution cen-ters.”
To keep up with orders for its forklift trucks, Raymond just completed a 47,000-square-foot expansion at its Greene plant. “The addi-tion to the existing facility includes the new Raymond Operations Center, office space, team rooms, break rooms, a 60-foot high testing bay, and an employee-fitness room,” adds Richard L. (Rick) Harrington, senior VP of operations. “The addition, plus reconfigur-ing some space on the shop floor, has freed up 60,000 square feet of badly needed pro-duction space. We have also upgraded our technology by installing automatic welding machines and advanced laser-cutting tech-nology. These investments have allowed us to triple the number of units produced daily. In addition, we have evolved our logistical plan with just-in-time delivery of equipment and materials and upgraded our warehouse-management software and the warehouse facilities to create more efficiency in the operation.”
The Raymond Corp. was a pioneer in de-veloping this industry. The first forklifts were crude attachments to tractors, developed in World War I because of the shortage of man-power. George Raymond, Sr., an engineer, bought the Lyons Iron Works in 1922 with an eye to making this new product more efficient. He patented the first, double-faced wooden pallet and the hydraulic, hand-pallet truck in 1939. In the 1950s, the company designed the first, narrow-aisle forklift, which revolutionized the construction of warehous-es and distribution centers.
George Raymond’s commitment to quality and constant improvement still guides the company, which now employs 2,200 people total — including more than 1,700 at the Greene plant. The second manufacturing plant in Muscatine, Iowa and a parts-distri-bution center in Syracuse account for the remainder of the employees. The Greene facility sprawls over about 600,000 square feet, and Muscatine adds another 168,000 feet. Both plants are owned by the com-pany. Raymond also owns 60,000 square feet at the Syracuse operation and leases 160,000 square feet in Syracuse. The enter-prise owns another 77,000 square feet and leases space in Greene and Binghamton. Globally, Raymond has 59 distributors that offer sales and service, of which 22 are in North America. Raymond retains a major-ity ownership interest in dealerships. The Business Journal estimates Raymond’s an-nual sales at $750 million.
Raymond, which is part of the $8 billion material-handling group of Toyota Industries Corp. (a $26 billion company), “… operates multiple shifts,” notes Harrington. “The fabri-cation section runs three shifts a day, welding runs two, and assembly one. Our forklifts are made to order in a production process that takes five days: Day one we cut the metal, day two we weld it, day three we assemble the components, paint the vehicle on day four, and test it on day five before shipping it out the door. The process consumes 210,000 pounds of steel every day, and we ship out, on average, 79 vehicles at a sale price of $25,000 to $35,000. (The cost of a battery adds another $6,000 to $12,000 to the total customer price.) Out of 250,000 forklifts manufactured yearly in North America, Raymond is producing 20,000 just in Greene.”
While recognized as a leader in the forklift industry, Raymond also offers fleet-management and warehouse solutions. Its automated storage-and-retrieval systems can be tailored to a distribution center with a compact footprint, offering conveyor systems, vertical and horizontal carousel systems, a radio-shuttle racking system, industrial ro-bots, in-plant modular offices, and automated guided vehicles. “Our goal is to optimize not only warehouse space but also operations,” notes Combs. “Raymond knows how to make a difference in a customer’s bottom line. We’re staffed with professionals who can evaluate a company’s needs, recommend the right products and equipment, and utilize space more effectively to maximize the customer’s investment.”
CompetitionRaymond competes against industry
heavyweights, such as Crown Equipment and NACCO Industries, Inc., which makes Hyster and Yale trucks. “This is a very competitive business,” asserts Harrington. “The secret to our success consists of a lot of moving parts: our investment in R&D; dedication to constantly improving; employee training; the drive to eliminate defects; communicating with our customers, vendors, and employ-ees; creating a supportive company culture; and meeting customer expectations. Of 2,200 employees, over 200 are focused on research and development of new and improved energy sources. They are also focused on automat-ing our forklifts both to control the long-term costs and to compensate for the difficulty of finding drivers today. People just don’t seem eager to work in a warehouse. Our research efforts have generated hundreds of patents over the years.”
Harrington also touts the company’s commitment to “kaizen,” which in Japanese means good change. “Good ideas don’t just come from the top of an organization,” con-tinues Harrington. “Everyone needs to be-lieve in continuous improvement,” an idea popularized by Dr. W. Edwards Deming in his book ‘Out of Crisis.’ “Raymond focuses on building quality into our products in the first place. Improving quality and productiv-ity decreases our cost. We have a kaizen wall here where all our employees contribute suggestions. We’re on track to receive 40,000 suggestions since the program was imple-mented in 2006.”
“In the final analysis, our employees really make us competitive,” asserts Combs. “They are well trained and hard working. There are also no barriers between departments; we work as a team. The environment here feels
like a family business, because we care about all of the employees. It’s a great place to work … This Thanksgiving, Raymond gave away 2,100 turkeys to the staff. We didn’t just hand out vouchers to be redeemed at the supermar-ket; rather, we handed each employee a bird.”
Hiring challengesFinding qualified workers for a world-
class manufacturer in a rural setting is not easy. “Raymond certainly competes well for talent with our salary-and-benefits package,” affirms Harrington, “but we need to be pro-active in our recruiting and retention efforts. After nearly a century in business here in Greene, ‘Raymond’ is still not a household word. I’m amazed at the number of people who drive by, see this huge plant, and have no idea what we manufacture. That’s why the company works very closely with area universities, such as Cornell, Binghamton, RIT, and Clarkson, to offer internships. We support local and regional job fairs and part-ner with the Society for Human Resource Management. Raymond also works closely with BOCES and area high schools to spon-sor onsite tours and programs. This past October, Raymond hosted 250 area high-school students for National Manufacturing Day, a program here at the Greene plant that drew students from 12 area schools. The pur-pose of the program was to demonstrate how STEM (science, technology, engineering, and mathematics) careers can be exciting, challenging, and rewarding.”
Recruiting in a rural setting, name recogni-tion, and competition are not the only chal-lenges Raymond faces. “Our truck corridors are not adequate,” intones Harrington, “and we can only utilize rail from Syracuse. Route 12 runs right past the plant, but the state hasn’t made an adequate investment in road upgrades to service the number of trucks we load daily. Fortunately, we have a municipal-owned electrical grid, so the electric rates are low. There is, however, no natural-gas line into which we can tap. We have been working on the problem for years, but progress is very
slow.”Prior to joining the Raymond Corp., Combs
was the senior VP of sales and marketing for Fujifilm Graphic Systems USA. He later became the general manager of Associated Material Handling Industries, Inc., a Raymond sales-and-service center located near Chicago. He moved to the position of executive VP of Raymond’s sales and marketing and later also assumed the leadership of distribution development. Harrington worked as the quality auditor of Universal Instruments in Binghamton before joining Raymond in 1983. He served as the VP of U.S. manufacturing and VP and general manager for Raymond’s Greene operations group. He was promoted to senior VP of operations in 2015. He earned an MBA at the Binghamton University School of Management.
HonorsToday, material-handling vehicles repre-
sent a $150 billion industry in the U.S., according to the Electric Power Research Institute, and more than 61 percent are bat-tery-powered. Raymond is recognized as a leader in the industry. “Don’t take my word for it,” says Combs. “Last year, Industry Week magazine recognized us for a best-plants award. This year, the Frost & Sullivan Manufacturing Leadership Council present-ed Raymond with a manufacturing award for operational excellence. The award is granted to those companies which are shaping the future of global manufacturing through in-novation and customer response. This year, the company also received an award from the Association for Talent Development. We were recognized for results achieved through the use of practices and solutions from the entire scope of talent development. The award is given to companies which de-liver measurable business results in achiev-ing organizational goals.”
On a wall in the Greene plant is a sign that reads: “Run better, manage smarter.” The explosive sales growth at Raymond suggests that the company is taking its own advice. n
Raymond generates explosive sales growth
Rick Harrington, left, senior VP of operations, and Tim Combs, right, president of sales and marketing, sit in front of a display of the Raymond Corporation’s forklift trucks.
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8 I SOUTHERN TIER BUSINESS JOURNAL I DECEMBER 7, 2015CNYBJ.COM
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SOUTHERN TIER BANKSRanked by Southern Tier Market Share, 06/30/15
Rank
NameAddressPhone/Website
ST Market Share (%)1ST Deposits
Total DepositsTotal Assets
Local OfficesTotal FTE Employees Headquarters Top Local Executives
YearEstab.
1.M&T Bank49 Front St.Binghamton, NY 13905(607) 723-8231/ mandtbank.com
25.79$1.8B
$73.5B$96.4B
2115,972
Buffalo Peter Newman, President, SouthernNew York Region
1856
2.NBT Bank52 S. Broad St.Norwich, NY 13815(607) 337-2265/ nbtbank.com
17.62$1.2B
$6.4B$8B
201,802
Norwich Martin A. Dietrich, President & CEOJeffrey D. Lake, Greater Binghamton
Regional President
1856
3.Tompkins Trust CompanyThe CommonsIthaca, NY 14851(607) 273-3210/ tompkinstrust.com
16.78$1.1B
$1.4B$1.7B
101,050
Ithaca Gregory Hartz, President & CEO 1836
4.Chemung Canal Trust Company1 Chemung Canal PlazaElmira, NY 14901(607) 737-3711/ chemungcanal.com
11.14$758.9M
$1.3B$1.6B
17397
Elmira Ronald M. Bentley, President & CEO 1833
5.First Niagara Bank65 Court St.Binghamton, NY 13901(607) 772-5412/ firstniagara.com
6.23$424.5M
$29B$39B
95,364
Buffalo David Kavney, CNY Market Executive 1870
6.Elmira Savings Bank333 E. Water St.Elmira, NY 14901(607) 734-3374/ elmirasavingsbank.com
5.39$366.9M
$440.6M$573M
9122
Elmira Thomas M. Carr, President & CEO 1869
7.Tioga State Bank1 Main St.Spencer, NY 14883(607) 589-7000/ tiogabank.com
4.79$325.9M
$325.9M$417.4M
1196
Spencer Robert M. Fisher, President & CEO 1864
8.Citizens Bank84 Court St.Binghamton, NY 13901(607) 723-5391/ citizensbank.com
4.33$294.5M
$73.3B$106.9B
814,825
Providence, RI James P. Gaspo, President, New York 1828
9.Community Bank, N.A.50 W. Main St.Owego, NY 13827(607) 687-8125/ communitybankna.com
2.53$172.3M
$6.2B$7.9B
81,762
Canton Mark E. Tryniski, President & CEO 1983
10.Five Star Bank150 Lake St.Elmira, NY 14901(607) 737-2165/ five-starbank.com
2.12$144.2M
$2.7B$3.3B
3601
Warsaw Martin K. Birmingham, President & CEO 1881
11.First National Bank of Groton161 Main St.Groton, NY 13073(607) 898-5871/ grotonbank.com
1.35$91.8M
$135.8M$158.1M
138
Groton Stephen Gobel, President & CEO 1865
12.First National Bank of Dryden7 W. Main St.Dryden, NY 13053(607) 844-8141/ drydenbank.com
1.2$81.8M
$119.5M$135.3M
133
Dryden Ronald C. Denniston, President & CEO 1902
THE LISTResearch by Vance [email protected](315) 579-3911Twitter: @cnybjresearch
NOTES
1. Data for this list came from the 6/30/15 FDIC Deposit Market Share Report, previously reported data from other lists, and the institu-tions’ individual websites.
ABOUT THE LIST
While The Business Journal strives to print accurate information, it is not possible to inde-pendently verify all data submitted. We reserve the right to edit entries or delete categories for space considerations.
WHAT CONSTITUTES THE SOUTHERN TIER REGION?
For this list, Southern Tier includes Broome, Chemung, Chenango, Tioga, and Tompkins counties.
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Jim’s Formal Wear combines Endicott officesBY JOURNAL [email protected]
ENDICOTT — Jim’s Formal Wear recently leased 2,800 square feet of space at 31 Adams Ave. in Endicott.
The tuxedo and suit-rental provider relo-cated to the multi-tenanted office building to combine local offices with its delivery hub fleet facility, according to a news release from the real-estate firm CBRE.
Rick Searles and Ed Kiesa of CBRE represented the tenant. Financial arrange-ments of the lease were not disclosed.
Jim’s Formal Wear, headquartered in Illinois, carries almost 250,000 tuxedos and serves more than 5,000 menswear stores, bridal shops, and other formalwear-related retailers across the U.S., according to its website.
Endicott is one of its eight delivery hubs nationally.
Area retailers that carry Jim’s Formal Wear products include Spybaby Bridal in Syracuse, Frank Vita Men’s Clothing in Utica, and Sall Stearns in Binghamton, ac-cording to the site.
DECEMBER 7, 2015 I SOUTHERN TIER BUSINESS JOURNAL I 9 CNYBJ.COM
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N.Y. manufacturing conditions remain weak for a fourth straight month in November BY ERIC [email protected]
A monthly gauge of New York manufacturing conditions indicates the industry statewide continues
struggling.The Empire State Manufacturing Survey
general business-conditions index regis-tered a reading of -10.7 in November, the fourth straight month that it has been nega-tive.
The index figure improved slightly from October’s -11.4 measurement and September’s -14.7, the Federal Reserve Bank of New York reported on Nov. 16.
But readings below zero indicate manu-facturing contraction. Also, the index was worse than the -6.5 number that economists had expected, according to Marketwatch.
“Basically, no movement,” Randall Wolken, president of the Manufacturers Association of Central New York, says about the index’s latest reading “Obviously, I’d like to see it move into positive territory at this point.”
He found it “comforting” that at least the index didn’t get “any worse.”
The survey found that 19 percent of New York manufacturers reported that conditions had improved over the last month, while 29 percent said conditions had worsened.
Inside the reportThe new-orders index rose 7 points, but
at -11.8, it pointed to an ongoing decline in orders.
Similarly, the shipments index climbed 10 points to -4.1, signaling that shipments also declined. The unfilled-orders index fell 3 points to -18.2.
“New orders and shipments are … good indicators. They tend to be moving back toward zero, with shipments actually getting pretty close. So, those are two positives,” Wolken says.
Delivery times were shorter again this month, with the delivery-time index holding steady at -10.9.
The inventories index fell 10 points to -17.3, indicating a significant reduction in inventory levels.
The prices-paid index edged up to 4.6, suggesting that input prices increased some-what after holding steady the prior month.
The prices-received index remained nega-tive at -4.6, indicating that selling prices de-clined for a third consecutive month.
Manufacturing labor-market conditions continued to weaken, the New York Fed said.
The index for number of employees was “little changed” at -7.3, a sign that manufac-turing employment levels fell for a third con-secutive month, and the average-workweek index moved down 7 points to -14.6, its low-est level since mid-2011.
Indexes for the six-month outlook were little changed from last month.
The index for future business conditions was slightly lower at 20.3, and the indexes for future new orders and future shipments, while positive, also edged lower.
Employment was expected to improve, with the index for expected number of em-ployees climbing to 16.4 and the index for
expected workweek rising to 5.5. The capital-expenditures index was little
changed at 12.7, and the technology-spend-ing index fell 4 points to 1.8.
The New York Fed distributes the Empire State Manufacturing Survey on the first day
of each month to the same pool of about 200 manufacturing executives in New
York. On average, about 100 executives re-turn responses. n
PHOT
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10 I SOUTHERN TIER BUSINESS JOURNAL I DECEMBER 7, 2015CNYBJ.COM
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THE LISTResearch by Vance [email protected](315) 579-3911Twitter: @cnybjresearch
NOTES
1. Information from the NCUA 5300 report and credit union websites. Financial data through 6/30/15. Year-to-year comparisons from 6/30/14.
ABOUT THE LIST
While The Business Journal strives to print accurate information, it is not possible to inde-pendently verify all data submitted. We reserve the right to edit entries or delete categories for space considerations.
WHAT CONSTITUTES THE SOUTHERN TIER REGION?
For this list, Southern Tier includes Broome, Chemung, Chenango, Tioga, and Tompkins counties.
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SOUTHERN TIER CREDIT UNIONSRanked by Total Assets1
Rank
NameAddressPhone/Website
Total Assets20152014
Total Shares &Deposits Total Loans
MembersFT Employees
ST/Total Locations Top Local ExecutiveYear
Chartered
1.Visions FCU24 McKinley Ave.Endicott, NY 13760(607) 754-7900/visionsfcu.org
$3.46B$3.31B
$2.58B $2.13B 177,442416
19/39
Tyrone Muse, President & CEO 1966
2.SEFCU3460 Vestal Parkway E.Vestal, NY 13850(800) 727-3328/sefcu.com
$3.03B$2.82B
$2.65B $1.69B 327,6727715/47
Michael J. Castellana, President &CEO
1934
3.Empower FCU760 Harry L DriveJohnson City, NY 13790(800) 462-5000/empowerfcu.com
$1.36B$1.28B
$1.1B $1.08B 147,8464092/22
John Wakefield, President & CEO 1939
4.Corning Federal Credit Union1100 Clemens Center ParkwayElmira, NY 14901(800) 677-8506/corningcu.org
$1.14B$1.08B
$984.52M $786.47M 96,2182763/18
Gary Grinnell, President & CEO 1936
5.CFCU Community Credit Union1030 Craft RoadIthaca, NY 14850(607) 257-8500/mycfcu.com
$941.01M$908.93M
$720.43M $626.18M 64,3771789/11
Lisa Whitaker, President & CEO 1953
6.First Heritage Federal Credit Union1100 Clemens Center Parkway, Suite 6Elmira, NY 14901(607) 734-0231/fhfcu.org
$416.59M$398.9M
$341.14M $223.3M 32,661843/8
Daniel R. Rourke, President & CEO 1954
7.Sidney FCU65 Genesee St.Greene, NY 13778(877) 642-7328 /sfcuonline.org
$415.31M$390.64M
$325.67M $239.01M 47,6281483/9
James A. Diog, Manager/CEO 1949
8.GHS FCU910 Front St.Binghamton, NY 13905(607) 723-7962/ghsfcu.com
$150.34M$137.23M
$122.27M $124.2M 16,018403/3
Howard Meller, President & CEO 1940
9.Horizons FCU120 Main St.Binghamton, NY 13905(607) 724-5876/horizonsfcu.com
$101.46M$99.94M
$79.02M $62.13M 11,918314/4
Mario DiFulvio, President/CEO 1937
10.Alternatives FCU125 N. Fulton St.Ithaca, NY 14850(607) 273-4666/alternatives.org
$91.35M$88.61M
$68.83M $64.65M 9,863461/1
Tristram Coffin, CEO 1979
11.Nucor Employees Credit Union5362 Railroad St.Chemung, NY 14825(607) 529-9002/nucorcu.com
$33.34M$32.11M
$27.8M $21.22M 6,7349
1/9
Paul D. Chappell, Manager 1962
12.Finger Lakes Health Care FCU519 Hart St.Elmira, NY 14905(607) 733-1304/flhc.com
$23.38M$23.12M
$18.47M $10.13M 2,7967
1/2
Robert W. Mace, CEO 1973
DECEMBER 7, 2015 I SOUTHERN TIER BUSINESS JOURNAL I 11CNYBJ.COM
ing to Brown. To deal with this, “Medicare and Medicaid are interested in reduc-ing reliance on the traditional medical-reimbursement model of fee-for-service by introducing payment for outcomes,” emphasizes Brown. “Bassett has taken the lead in our region to create the Bassett Accountable Care Partners, LLC, which is one of the nation’s shared-savings pro-grams promoted by Medicare.
“Accountable Care Organizations (ACO) are voluntary collaborations among doctors, hospitals, and other health-care providers who work together to provide high-quality, coordinated care to their patients, especial-ly the chronically ill, while simultaneously slowing the growth of health-care costs through such actions as avoiding unneces-sary duplication of services. The ACOs share with Medicare any savings generated by lowering health-care costs as long as the care delivered meets Medicare’s standards … Currently, the program has between 900 to 1,000 metrics, which makes compliance unnecessarily complicated. We need to re-duce the metrics down to about 50.”
Bassett has also been designated by Medicaid as the lead agency in a five-coun-ty region (Delaware, Herkimer, Madison, Otsego, and Schoharie) to guide nearly 100 other entities in the Performer Provider
System (PPS). The PPS was created under the Delivery System Reform Incentive Payment Program (DSRIP) inaugurated by the New York State Department of Health. The Empire State has set aside nearly $72 million for the five-county region to be distributed over five years to provid-ers that effectively address disparities of care relating to Medicaid beneficiaries and low-income, uninsured individuals. The benchmarks for sharing in the DSRIP/PPS award are improved care, improving health, and cost reductions. Bassett’s group has already chosen 11 projects, includ-ing behavioral health, substance abuse, chronic disease, and hospital re-admissions of vulnerable populations.
“While the transition in business models can be … [unnerving],” confesses Brown, “Bassett is embracing the change. It may seem strange for doctors and hospitals to talk of efficiency, but it’s not so unusual for us to introduce Six Sigma into our operations. (Six Sigma is a disciplined, data-driven approach and methodology for eliminating defects.) The entire staff needs to be conscious of cost, because there are limited resources and we have to employ them wisely. [At the same time, I don’t want people to think that I am comparing health care to manufacturing.] Our patients
are not standardized parts in an automated process: each patient is different and has to be treated accordingly. While we can apply benchmarks and collaborate on health care, in the final analysis it’s the skill and experience of the practitioner that ensures a patient’s healing.”
Brown’s backgroundBrown, a native of Maine, earned his
bachelor’s degree from Stanford University and his M.D. from Yale. He completed resi-dencies in internal medicine, emergency medicine, and family medicine. “I spent 10 years at the Cleveland Clinic,” states Brown, “where I came to appreciate their model: efficiency, multi-specialty groups, salary-based compensation, and practitio-ners working closely with the patients. The focus was always on what’s right for the patient.”
After leaving the Cleveland Clinic, Brown returned home to spend the next six years as the chief medical officer of MaineHealth, the largest integrated health system in the three northern New England states with eight member hospitals, three affili-ated hospitals, and annual revenue of about $2 billion.
“Maine has the largest rural population in the country,” Brown notes.
Brown says his decision to then join Bassett Healthcare Network was easy. It was “… like panning for gold. Bassett is an integrated rural health-care network, with an academic and research focus, multi-specialties, a salary model, and a history of innovation. There are very few options [in the U.S.] that combine these charac-teristics.”
Brown is drawn to practicing rural medi-cine because of the unique culture of small towns. “A physician actually gets to see his patients in multiple settings other than just his office or the hospital,” he intones. “He sees them in church and in the grocery story; he knows the family and its [medi-cal] history. A rural physician nurtures and sustains generations of lives, which is both a great responsibility and a privilege.
“My goals at Bassett are to continue improving patient care and patient health, encourage more research, teach quality and process, continue expanding the num-ber of primary-care providers, institute a family-medicine program, and take good care of the staff,” Brown affirms. “The only way to accomplish all these goals is through teamwork and collaboration. Then Bassett will become recognized nationally as the premier health-care network I know it to be.”
BASSETT: Brown is drawn to practicing rural medicine because of the unique culture of small towns Continued from page 4
ARCHITECTS
MEREDITH JOHNSON has joined Keystone Associates Architects, Engineers and Surveyors, LLC, as an architectural tech-nician. Johnson recently graduated from SUNY Delhi with a bachelor’s degree in architectural design & building and an as-sociate degree in architectural technology.
BANKING
Norwich–based NBT Bank has promoted JOHN H. WATT, JR. to executive VP. Watt joined NBT Bank early in 2014 to lead the bank’s expansion into Maine and establish a regional head-quarters in Portland. He has also provided execu-tive leadership for NBT’s credit administration and consumer lending divi-sions. Watt has 31 years of experience in the financial-services in-dustry. Prior to joining NBT Bank, he was executive VP of commercial banking,
investment management, and bank opera-tions at Alliance Bank. He was also a mem-ber of the board of directors for Alliance Bank and its holding company. Watt previ-ously worked at JP Morgan Chase and its predecessor banks, where he held a num-ber of roles in commercial banking.
ENVIRONMENTAL
ROBERT KISACKY re-cently returned to Jennings Environmental Management, Inc. in Binghamton as a field technician. He is respon-sible for field work includ-ing, but not limited to, asbestos air technician/ project monitor.
HEALTH CARE
Bassett Healthcare Network and A.O. Fox Hospital announced that JEFF JOYNER has been named president of Fox Hospital, effective Jan. 1, 2016. He previously was
system VP for operations at St. Joseph’s Healthcare System in Paterson, New Jersey. At Fox, Joyner succeeds John Remillard, who earlier this year announced plans to re-tire after 27 years with the hospital. Joyner also previously was VP of professional services at Sibley Memorial Hospital in Washington, D.C., a member of Johns Hopkins Medicine, from 2009-2013. From 2003-2009, he was VP of patient support services at Holy Cross Hospital in Silver Spring, Maryland. Joyner holds a bach-elor’s degree in business administration / economics from the University of Maine at Farmington and a master’s degree in health administration from the University of New Hampshire.
INSURANCE
VALERIE WHEELDON has joined Preferred Mutual Insurance Company as a business analyst. She brings more than 19 years
of insurance industry experience to Preferred, most recently serving as a compensation/recruit-ing supervisor. Wheeldon earned a bachelor’s de-gree from SUNY Empire State College, and holds several insurance asso-ciate certificates. She is also currently pursuing a graduate degree in hu-man-resources manage-ment. JOHN POWELL has joined Preferred Mutual as an associate project manager. Prior to this, he worked as a project manager for an IT managed service pro-vider. Powell earned a bachelor’s degree in business management from Michigan State University and holds A+, Network+, and Security+ CompTIA certifications. He is also currently pursuing his project man-agement professional certification through the Project Management Institute.
People on the Move NEWS
Kisacky
Joyner
Wheeldon
Powell
Watt
Reach us on the Web www.bizeventz.com
Send your People-On-the-Move News to [email protected]
12 I SOUTHERN TIER BUSINESS JOURNAL I DECEMBER 7, 2015CNYBJ.COM
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