PROGRESS BUSINESS JOURNAL G
Vol. VI • No. 3
★ 6-page special section Page 5 ★
January 31-February 13, 2011
Construction firm’s archery business on target so far
ENSCO to get boost from $1.5 million Naval contract
BY TRACI DELORE
BY TRACI DELORE
BINGHAMTON — When spaced opened up in his building, Franklin Jones, Jr. opted to turn a long-time hobby of his into a business instead of leasing the space to someone else. Jones, owner and operator of F.E. Jones Construction, Inc. since 1986, runs his construction business from a 40,000-squarefoot building at 73 Griswold St. F.E. Jones Construction employs 30 people and is a commercial general contractor that specializes in medical and educational facilities.
ENDICOTT — A new, two-year naval contract will create two new jobs and sustain four engineering positions in the Endicott office of ENSCO, Inc., a Virginia–based engineering firm. The $1.5 million contract to integrate ENSCO’s Tactical Synthetic Vision System (TSVS) as a three-dimensional acoustic display for the Multistatic Active Coherent Program is with the Naval Air Systems Command. The contract is funded through the Office of Naval Research Rapid Technology Transition pro-
PHOTOS COURTESY OF INSIGHT ARCHERY, INC.
Archery participants aim at the targets at Insight Archery, Inc. in Binghamton. The business employs two full-time bow technicians who are also certified instructors, and two part-time employees.
See ARCHERY, page 11
See ENSCO, page 4
Community Bank, Wilber face lawsuits over merger BY KEVIN TAMPONE JOURNAL STAFF
Nov. 17. They allege that Wilber’s board discouraged alternative bids to Community Bank’s when seeking a merger partner and failed to maximize shareholder value. An initial appearance in New York Supreme Court in Otsego County took place in mid-January, says Scott Kingsley, Community Bank executive vice president
and CFO. Whether the suits could ultimately delay closing of the Wilber deal is uncertain, he adds. There have been mergers in the past that have been able to close successfully despite lingering unresolved lawsuits, Kingsley says. Community Bank is still See MERGER, page 15
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ommunity Bank System, Inc. (NYSE: CBU) is facing two lawsuits over its planned acquisition of Oneonta–based Wilber Corp. (AMEX: GIW), which has a significant Southern Tier presence.
Community Bank, based in DeWitt, announced the deal in October. The banking company plans to buy Wilber, parent of Wilber Bank, in a $102 million cash and stock deal. The two lawsuits are both class actions seeking to block the acquisition. Shareholder Robert Becker filed a suit Nov. 3 and Richard Soules filed a second
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• The Greater Binghamton Business Journal
January 31-February 13, 2011
Norwich financial planner to open Rome office By Traci DeLore Journal Staff
News of note for and about Greater Binghamton businesses
KMT obtains minority-owned business status BINGHAMTON — Keystone Material Testing (KMT), LLC, a construction-materials testing firm, recently received MinorityOwned Business Enterprise status from the New York State Department of Economic Development, Division of Minority and Women’s Business Development, and the Commonwealth of Pennsylvania Department of General Services. KMT qualified for certification as a privately held company with at least 51 percent minority ownership. “Though our clients know we are experienced and qualified, certification is important to many of them,” said Patrice Robitaille, managing member. “We can now help our clients accomplish their diversity-program goals and objectives.” The certification program aims to promote the growth and development of businesses owned and controlled by women and minorities and to encourage and assist state agencies in their efforts to increase participation by minority and women-owned businesses on state contracts. KMT (www.4kmt.com) provides construction-material testing services, special inspection services, and environmental-consulting/ remediation services in New York and Pennsylvania for the industrial, transportation, commercial, educational, municipal, and residential sectors.
ENSCO completes ISO 9001 standards qualification ENDICOTT — ENSCO, Inc. says it has successfully completed AS9100 Rev B and ISO 9001:2008 certification by fully demonstrating that its Quality Management System meets all registration requirements. The registration scope certifies ENSCO to provide aviation, space, and defense software solutions. The AS9100 and ISO international standards signify a globally recognized, qualitymanagement framework for continual quality monitoring and delivery. ENSCO expects to achieve AS9100 Rev C certification later this year as part of its ongoing qualityimprovement initiative. ENSCO provides engineering, science, and advanced-technology products and services for the defense, security, transportation, and aerospace industries.
e-mail your company news to email@example.com
NORWICH — After buying a house near Delta Lake, Joseph Gunther knew nearby Rome would be the perfect spot to open a third location for his Norwich–based financial-planning business, Joseph A. Gunther, Certified Financial Planner. The Rome area needs services like those his firm provides, Gunther contends. “We work with individuals and help them to establish a special type of payout of their pension,” he says. His firm segments clients’ pension plans into five-year “buckets” so that payouts are tailored to meet the changing needs of retirement, he says. Gunther already has some clients in the Rome area, so the new office will make it easier to serve those clients, as well as help the firm grow in the market. Along with working with the Rome Area Chamber of Commerce, Gunther says he will do some advertising with local media, but he expects the bulk of his business to come via referrals from existing clients. His typical client has $250,000 or more in assets. Gunther, who hired an office manager and one other employee, expects the office to serve clients from Albany to Waterville. He also signed affiliation agreements with two financial planners, which he did not name, who work as independent agents through his office. The new Rome office, expected to open in February, is located in the non-profit Rome Up and Running, Inc.’s REACH
Microenterprise Center at 201-211 W. Dominick St. The 28,000-square-foot building includes four 1,000-square-foot storefront spaces — one of which Gunther will use — along with 14,000 square feet of space open to microenterprises as well as other businesses, says Kim Cook, treasurer of Rome Up and Running. The facility will offer other amenities in the future such as a black-box theater. Cook declined to release lease prices for the building. Ilion law firm Radley & Rheinhardt, P.C. is also moving into one of the storefronts. Gunther, in business for 24 years, em-
ploys nine people at his firm. Joseph A. Gunther, Certified Financial Planner is headquartered at 19 Eaton Ave. in Norwich, and also has an office in Oneonta. The business (www.joegunther.com) has $32 million in assets under management and is affiliated with Integrated Financial Group, a consortium of independent financial planners in 11 states with combined assets under management of $1.2 billion. The firm offers securities through Securities America, Inc. and advisory services through Securities America Advisors, Inc. Contact DeLore at firstname.lastname@example.org
The Greater Binghamton Business Journal • 3
January 31-February 13, 2011
State dairy farmers get lower prices in December By Journal Staff
airy farmers in New York received an average of $18.40 per hundred weight of milk sold during December 2010, down $1 from November, according to the U.S. Department of Agriculture (USDA). However, the average price was up $1.30 from December 2009. New York dairy herds produced 1.07 billion pounds of milk during December 2010, up 4.6 percent from a year ago, as the number of milk cows and production per cow increased from the previous year, the USDA reports. The number of milk cows averaged 611,000 head in December 2010, up 1,000 head from a year earlier. Milk produced per cow was up 75 pounds from the December 2009 rate, according to the USDA. q
Correction In the article, entitled, “Former Bay Ridge Group begins life as United Advisors,” in the Jan. 17-30 issue of The Greater Binghamton Business Journal, the titles for Cosmo Smith and Robert Sedor, Jr. were incorrect. Smith is United’s chairman and Sedor is the company’s president and CEO.
Westover power plant to close temporarily By Traci DeLore Journal Staff
UNION — AEE2, LLC will close down its Westover plant, which employs 37 people, on March 18 for six months, according to a letter from the energy provider to the New York Public Service Commission (PSC). The company acknowledged media inquiries, but did not respond to them prior to press time. According to the letter, provided by the PSC, AEE2 owns the plant, and its subsidiary AES Westover, LLC operates the coalfired generating facility. Both companies are subsidiaries of AES Corp., (NYSE: AES) based in Arlington, Va. Market conditions, including current and forecasted wholesale electric prices in Central New York, along with current and pending environmental regulations, negatively affect the plant, which is and will continue to operate at a net loss if it isn’t closed, the letter read. Shutting the plant down, known as a “layup,” will limit the costs incurred at the facility. AES said it plans to explore all options to ensure the layup isn’t a permanent one. Efforts will include talking with suppliers and other parties to explore ways it can reduce costs. The 80-megawatt facility is one of four the company operates in New York. The others are located in Lansing, Dresden, and Somerset. The Somerset plant is already off-line and the company plans to shutter the Lansing facility in March.
bob brazill/THE greater binghamton BUSINESS JOURNAL
AEE2, LLC’s Westover plant, located in Union. The plant will close for six months starting in March. According to PSC Spokesman James Denn, the commission, which needs to approve the plant closures, is reviewing the notice it received from AES. “We just need to ensure the region the plant serves [will have adequate power] if this facility is shut down,” he says. According to the letter, AEE2 has invested $60 million in the facility for retrofits that boost its operating capacity making the plant one of the cleanest coalfired facilities in the state.
Parent company AES Corp. (www.aes. com) reported third-quarter net income of $397 million, down from $440 million a year earlier, and earnings-per-share of 5 cents, down from 26 cents. The company’s stock traded for $12.82 per share on January 26. The company has power-generation or utility subsidiaries in 29 countries on five continents. q Contact DeLore at email@example.com
Deadline is February 10th presents
Celebrate the exceptional work done in our community by the vast number of nonprofit groups in Central New York, the Mohawk Valley Region, and Greater Binghamton. New This Year: Several honorees will be selected from each category, announced prior to the event and will be recognized at an awards luncheon on March 28 at the DoubleTree Hotel in Syracuse. The Honorees will be featured online and in the special event publication in The Business Journals prior to the event. For more information or to nominate, contact Marny Nesher at firstname.lastname@example.org, visit www.bizeventz.com, or call (315) 579-3925
March 28, 2011 www.bizeventz.com
• The Greater Binghamton Business Journal
January 31-February 13, 2011
New York, CNY manufacturers report business improvement By Adam Rombel Journal Staff
ew York manufacturers say they are seeing improving business conditions, with rising new orders and sales, leading to plans to boost capital
spending and hiring. That’s according to the latest Empire State Manufacturing Survey report, which the Federal Reserve Bank of New York issued Jan. 18. The survey’s benchmark general business-conditions index rose 2 points to 11.9
in January from a revised 9.9 in December. Previously, the New York Fed had reported the December number as 10.6. It was the second consecutive positive reading for the index since it dipped below zero in November. “This is good news. Business condi-
tions did rise and there were other good pieces of information [in the report],” Randall (Randy) Wolken, president of the Manufacturers Association of Central New York (MACNY), says, commenting on the See empire state, page 13
ENSCO: The Endicott office houses the company’s Innovative Systems Solutions Division Continued from page 1
bob brazill/THE greater binghamton BUSINESS JOURNAL
ENSCO employees work on a project together. The company won a $1.5 million contract to integrate ENSCO’s Tactical Synthetic Vision System (TSVS) as a threedimensional acoustic display for the Multistatic Active Coherent Program with the Naval Air Systems Command. is the use of our 3-D synthetic-vision solution in systems that will help degraded visualenvironment situations for helicopters. Also
known as brownout, our situations will make landing helicopters in sand and snow safer by providing needed situational awareness
gram. The TSVS will enhance aircrew situational awareness for the Navy’s P-3 maritime surveillance fleet during anti-submarine warfare missions, and it could be the forerunner for more business at ENSCO, says Thomas Matarese, director of business development at the company. “Initially, it might not mean a lot of new jobs,” he says. “This work will allow us to bring on two additional engineers and will sustain four others — essentially keeping our core vision-systems team in place. However, winning this work not only keeps our key team in place but it also allows us to keep internal funding going to continue to develop our synthetic vision-product core and adds further legitimacy to the planned applications of our software,” he added via e-mail. The real long-term payoff, Matarese says, is the eventual “productizing” of the solution to be used for other customized military applications. “We are initially focusing on military applications but will hopefully look to bring it into commercial applications as well,” he says. “Another current initiative we are pursuing
to the aircrews.” In a news release, ENSCO officials attribute the contract win to the company’s continued investment in synthetic, enhanced, and combined vision-system technologies. “By continuing to invest in these technologies, we can help solve military operational challenges where aircraft situational awareness is critical,” said Innovative Systems Solutions Division Vice President Neil Fifield. Headquartered in Falls Church, Va., ENSCO (www.ensco.com) provides engineering, science, and advanced technology products and services for the defense, security, transportation, and aerospace industries. The company’s Endicott office is located at 3 Holiday Hill Road, where it employs 225 people. The Endicott office houses the company’s Innovative Systems Solutions Division, which works with avionics systems for customers such as Lockheed Marin, BAE Systems, GE Aviation, Pratt & Whitney, and Hamilton Sundstrand. Dr. Paul Broome founded the privately held company in 1969. ENSCO employs a total of 550 people and generates annual revenue of $90 million. q Contact DeLore at email@example.com
SAVE THE DATE Date: April 28, 2011 Time: 11am-4 pm Location: Broome County Veteransʼ Memorial Arena
SPONSORSHIP OPPORTUNITIES AVAILABLE! CALL (607) 348-0748 For more information or to exhibit, visit us online at www.bizeventz.com
January 31-February 13, 2011
The Greater Binghamton Business Journal • 5
WORKS IN PROGRESS SPECIAL REPORT
Haas Landscape Architect’s Owego River Walk project.
elcome to the 2011 edition of The Greater Binghamton Business Journal’s Works In Progress feature. Every year we yield the floor to the businesses and nonprofit organizations we cover in order to obtain a
snapshot of the local business scene. The information listed here was compiled and edited from forms that companies and nonprofits completed to showcase their 2010 accomplishments and outlook for 2011. Businesses and organizations also
submitted photographs to spotlight their achievements and plans under way. Limited space did not allow us to publish even close to all of the initiatives companies and nonprofits are pursuing, nor include more than a
fraction of the photos. Again, this feature is but a snapshot of the many activities that firms are undertaking. Take a look around to see where your clients and competitors expect to be in 2011 and what they accomplished last year.
• The Greater Binghamton Business Journal
January 31-February 13, 2011
WORKS IN PROGRESS
600 Roe Ave., Elmira, NY 14905 Website: www.arnothealth.org Products/Services: Health care Total Employees: 2,200 Top Executive: Anthony J. Cooper, president and CEO Geographic Area Company Serves: As a regional health-care provider, Arnot Health provides services to the Southern Tier of New York and Northern Tier of Pennsylvania. 2010 Corporate Highlights: 2010 brought “unprecedented” growth at Arnot Health, and expanded access to care for the residents of the Southern Tier of New York and the Northern Tier of Pennsylvania. The Arnot Health system finalized its affiliation with Bath’s Ira Davenport Memorial Hospital and announced it has entered into a consolidation with St. Joseph’s Hospital in Elmira. Arnot also strengthened its partnership with Schuyler Hospital in Montour Falls. System-wide efforts to implement electronic medical records in a quality-improvement and cost-saving programs were recognized in the fall. Arnot Health added a new interventional radiology suite of equipment in 2010. Arnot Medical Services, a multispecialty group associated with Arnot Health, continued to grow in 2010. The practice group now offers care in 14 locations throughout the system’s service area in the areas of cardiology, cardiac surgery, endocrinology, family practice, infectious diseases, internal medicine, nephrology, Center for Occupational & Environmental Medicine, and psychiatry. 2011 Corporate Plans/Outlook: In 2011, Arnot Health plans to move forward in its strategic consolidation with St. Joseph’s Hospital and partnership with Schuyler Hospital. Coordinated management of the area’s hospitals will be established to stabilize health-care costs by eliminating duplications of services within the market, and expand access to needed specialty care in the more rural parts of the Twin Tiers region.
Snapshots of results and expectations for Greater Binghamton businesses and nonprofits
BASSETT HEALTHCARE NETWORK One Atwell Road, Cooperstown, NY 13326 Website: www.bassett.org Products/Services: The Bassett Healthcare Network is an integrated health-care system providing care and services to people in a region covering 5,600 square miles in upstate New York. The organization includes six corporately affiliated hospitals, as well as skillednursing facilities, health centers, and health partners in related fields. Total Employees: 3,301 Top Executive: Dr. William F. Streck, CEO Geographic Area Company Serves: Chenango, Delaware, Fulton, Herkimer, Montgomery, Madison, Otsego, and Schoharie counties 2010 Corporate Highlights: Bassett Healthcare Network served the most patients ever in 2010. The new Columbia-Bassett Medical School Program enrolled its first class of students. The Bassett Research Institute conducted its third once-every-decade health survey of people living in Central New York. Bassett welcomed a fifth affiliate, A.O. Fox Hospital in Oneonta, to the network. Bassett closed the year in solid financial shape. In the Mohawk Valley specifically, Bassett Healthcare Network opened a new dialysis center at Little Falls Hospital, expanded specialty services at the Herkimer Health Center, and in St. Johnsville, Bassett added 1,500 additional square feet to its 8 Park Place health center, and brought on a new physician assistant. 2011 Corporate Plans/Outlook: Plans for 2011 include: The completion of a newly renovated and modernized Birthing Center at Bassett Medical Center; the opening of an
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expanded surgical suite; establishment of the Bassett Research Institute Center for Rural Community Health, and Bassett will offer a postgraduate residency program for physician assistants, the first in the country to specialize in rural emergency medicine.
esting business owners, and help support the marketing efforts of local businesses in the Greater Binghamton area.
BIZEVENTZ, INC. Bates Troy headquarters in Binghamton.
BATES TROY, INC. 151 Laurel Ave., Binghamton, NY 13905 Website: www.batestroy.com Products/Services: Health-care linen services, dry cleaning and laundering, tailoring, fire and water textile restoration Total Employees: 95 Top Executive: Brian Kradjian, president and CEO Geographic Area Company Serves: Southern Tier of New York, Central New York, and Northeastern Pennsylvania 2010 Corporate Highlights: Expanded service territory, invested in new equipment, and expanded store services, including UGG boots cleaning. Implemented and supported a new cost-containment program for health-care clients by creating a new position. Earned Healthcare Linen Accreditation Council reaccreditation. 2011 Corporate Plans/Outlook: 10 percent growth in health-care markets, territorial expansion, new hiring (one to five jobs).
BINGHAMTON MARKETING 146 Main St., Box 651, Binghamton, NY 13905 Website: http://binghamtonmarketing.com Products/Services: Website design and Internet marketing Total Employees: 1 Top Executive: Ben Giordano Geographic Area Company Serves: Greater Binghamton Area 2010 Corporate Highlights: It has been a very successful year for our company and we have brought some great clients on board, built and carried out great marketing programs for them, and watched them succeed. 2011 Corporate Plans/Outlook: Looking to continue our growth, meet more inter-
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The Forum Theatre 236 Washington Street • Binghamton, NY For tickets call 607-772-0400 or purchase online at www.tricitiesopera.com. General Operating Support is provided to Tri-Cities Opera by a grant from the United Cultural Fund, a program of the Broome County Arts Council. Tri-Cities Opera productions are made possible with public funds from the New York State Council on the Arts, a State agency. Funding is provided, in part, by a grant from Theatre Development Fund’s TAP Plus program in cooperation with the New York State Council on the Arts.
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269 W. Jefferson St., Syracuse, NY 13202 Website: www.bizeventz.com Products/Services: Plan and produce corporate events/award recognitions Total Employees: 1 full time, 1 part time Top Executive: Marny Nesher Geographic Area Company Serves: 16 counties, including the Greater Binghamton area 2010 Corporate Highlights: Created a new awards program for the construction industry — “A Time to Build” — focusing on honoring those construction projects and partners that reflect excellence in craft and quality. The event program, honoring participating companies in multiple categories, was designed to heighten the community’s awareness of the creativity, depth, and professionalism of the local architectural, engineering, real estate, construction, and development industries. 2011 Corporate Plans/Outlook: Outsourcing our expertise in planning and implementing more events for other corporations, including a ribbon-cutting & anniversary party for The Central New York Business Journal. Producing new award events such as Healthy Workplace Awards scheduled for fall 2011. Also, continuing to produce the Greater Binghamton Chamber Business Show, set for April 28.
BLACK BEAR WINERY 248 County Road 1, Chenango Forks, NY 13746 Website: www.blackbearwinery.com Products/Services: Wine production and retail sales Total Employees: 3 Top Executive: Mark Stacey Geographic Area Company Serves: Southern Tier 2010 Corporate Highlights: Steps have been taken to buy local, working with Stacey fruit growers as close as Oxford, Cortland, and Homer, bottling supplies manufactured in
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January 31-February 13, 2011 New York, and corks grown in the U.S. q 2011 Corporate Plans/Outlook: Entering into its ninth year of business. Continuing to strive for unique, top-quality wines, ciders, and meads and will soon introduce cassis, cherry, and apple cordial wines as well as new vintages of elderberry wine and an awardwinning gooseberry wine called Blushing Goose.
BROWN & BROWN EMPIRE STATE 36 Washington Ave., Endicott, NY 13760 q Website: bbempirestate.com q Products/Services: Full-service insurance company q Total Employees: 89 q Top Executive: Nicholas J. Dereszynski, president q 2010 Annual Revenue Total: $18 million q 2011 Projected Revenue Total: $19.5 million q Geographic Area Company Serves: Upstate New York q 2010 Corporate Highlights: In 2010, our focus was the Dereszynski development of a
Community Insurance Services unit whose purpose is to provide insurance products and solutions to New York’s small-business community. Supporting the health and success of businesses within this sector is one way we hope to fuel the economic strength of our community as a whole. Further committing ourselves to this ideal, in 2010 we purchased the assets of Ladd’s Agency, a well-respected local insurance agency, with a client base comprised predominantly of small-business accounts. Adding the Ladd’s clientele to our own has further strengthened our position within the small-business arena allowing us to more favorably negotiate with insurance carriers and, ultimately, to respond to the unique needs of our clients during this unusually difficult economic period. q 2011 Corporate Plans/Outlook: We expect 2011 to be another challenging but recordsetting year for our agency. We plan to hire additional talent, consider new acquisition opportunities, and add to our portfolio of satisfied clients. We will continue to focus on the individual, small business, and corporate employee-benefit and insurance needs of upstate New York.
The Greater Binghamton Business Journal • 7
WORKS IN PROGRESS
Snapshots of results and expectations for Greater Binghamton businesses and nonprofits allowing employers to manage their upfront health-care dollars by funding a portion of the claims paid. Will enter into a three-year partnership with the Alliance for a Healthier Generation’s Alliance Healthcare Initiative to address the prevention, assessment, and treatment of childhood obesity in clinical settings and offer comprehensive health benefits.
Damomics, Inc. headquarters, Elmira.
DAMOMICS INC. 120 W Water St., Elmira, NY 14901
Artist’s rendering, Chianis + Anderson Architects, PLLC.
CHIANIS + ANDERSON ARCHITECTS, PLLC 84 Court St., 7th Floor, Binghamton, NY 13901 q Website: www.chianisanderson.com q Products/Services: Architectural and interior design q Total Employees: 16 q Top Executives: Greg A. Chianis, Todd J. Anderson q 2010 Annual Revenue Total: $2.4 million q 2011 Projected Revenue Total: $2.7 million q Geographic Area Company Serves: New York State, Pennsylvania, and the surrounding New England states q 2010 Corporate Highlights: VMR Electronics, Inc. manufacturing-facility renovations; UHSH Vestal new extension clinic; Our Lady of Lourdes Primary Care in New Hancock; CRMC emergency-department expansion; new company studio in Albany; and new company website. q 2011 Corporate Plans/Outlook: Looking forward to providing continued professional design services to core clients and the expansion of services into Albany and Northeastern New York State.
500 Patroon Creek Blvd., Albany, NY 12206
19 Eaton Ave., Norwich, NY 13815
q Website: www.cdphp.com q Products/Services: Health-plan offerings for small and large employers including HMO, PPO, EPO, high-deductible PPO and EPO, and self-insured plans, as well as government programs, Medicare Choices (HMO and PPO), Healthy New York, Medicaid, Child Health Plus, and Family Health Plus. q Total Employees: 847 q Top Executives: John D. Bennett, M.D., president and CEO q 2010 Annual Revenue Total: $1.37 billion q 2011 Projected Revenue Total: $1.52 billion q Geographic Area Company Serves: 24 counties in New York including Broome, Chenango, and Tioga. q 2010 Corporate Highlights: Launched the second phase of its medical home initiative with a $1 million investment in 21 additional area primary-care and pediatric practices. Became the new lead sponsor of the Workforce Team Challenge. Developed an online health-care reform website and social-media campaign to keep constituents informed about health-care and impending reform. q 2011 Corporate Plans/Outlook: Will launch Shared Health, health-promotion program
q Website: www.chenangony.org q Products/Services: Chamber of commerce, tourism, economic development q Total Employees: 6 q Top Executive: Maureen Carpenter q 2010 Annual Revenue Total: $602,000 q 2011 Projected Revenue Total: $620,000 q Geographic Area Company Serves: Chenango County and surrounding region q 2010 Corporate Highlights: Successful outcome with several expansion projects including The Raymond Corp. and Agro-Farma, Inc. Several small businesses and start-ups were established and/or expanded with chamber assistance. Legislative activities: advocating to retain the former NYS Vets Home, advocating for natural-gas development legislation to benefit Chenango County, and against state park and Roger’s Center closures. Membership drive in September resulted in 28 new members. Enjoyed record levels of event attendance. q 2011 Corporate Plans/Outlook: Expanding on the Chenango County Microenterprise Program; new membership programming and events; professional development opportunities; legislative activities: push for reforms to reduce burden on local municipalities.
q Website: www.damomics.com q Products/Services: Business consulting, inventory management, general business computing support q Total Employees: 10 q Top Executive: Gloria S. Friedman q 2010 Annual Revenue Total: $1 million q 2011 Projected Revenue Total: $1.5 million q Geographic Area Company Serves: Southern Tier of New York, I-81 from Scranton to Syracuse, and I-88 from Binghamton to beyond Albany q 2010 Corporate Highlights: Nine of our clients, mostly in the Southern Tier and Central New York, added new locations this year and this has fueled both their growth and ours. Increased staff size and now offer support services in e-mail marketing and ecommerce. Added about 10 new installations this past year. Held annual User Conference in June 2010 in Oneonta and have been holding bi-weekly webinars for new and existing clients looking to increase their sales using Customer Loyalty programs. q 2011 Corporate Plans/Outlook: We feel that 2011 will continue similar to 2010. We had two large projects slated for January and at least two clients that we know of plan to add locations. We hope to release our book on customer loyalty and continue the webinar series. Our current business projection will probably result in increasing our staff size to meet client demand.
EMPOWER FEDERAL CREDIT UNION 760 Harry L Drive, Johnson City, NY 13790 q Website: empowerfcu.com q Products/Services: Savings, loan, and transaction services q Total Employees: More than 300 q Top executive: John Wakefield, president and CEO q 2010 Annual Revenue Total: $63.35 million (estimated) q 2011 Projected Revenue Total: $63 million q Geographic Area Company Serves: Areas of Onondaga, Oswego, Oneida, Broome, Montgomery, Chemung, Erie, and Westchester counties, in accordance with our charter. q 2010 Corporate Highlights: Initiated $2.5 million dividend giveback; opened new branch in Fayetteville; 5-star rating of Empower Visa Platinum credit card awarded by The Credit Union Connection for fair and ethical credit card programs; Ellen Swallow Richards Award for Empower’s youth money-management education program; continued support of community agencies, and title sponsorship of the inaugural New York State High School Football Classic.
ENERGY SOLUTIONS USA INC. (ESUI) 1325 College Ave., Elmira, NY 14901 q Website: www.energy-solutions-usa.com q Products/Services: Energy management q Total Employees: 8 q Top Executive: Henry Fuksman, president q 2010 Annual Revenue Total: $1 million (approx.) q 2011 Projected Revenue Growth: 150 percent increase projected q Geographic Area Company Serves: Primarily Mid-Atlantic and Eastern states q 2010 Corporate Highlights: ESUI has widened its footprint into new markets and services. This has served our clients well as their needs have changed. q 2011 Corporate Plans/Outlook: Continue growth into new markets and add larger clients whose needs are multi-faceted.
ENSCO, INC. – INNOVATIVE SYSTEMS SOLUTIONS DIVISION (ISS) 3 Holiday Hill Road, Endicott, NY 13760 q Website: www.ensco.com q Products/Services: Engineering services and solutions geared around software and programmable-hardware development; embedded-application development; synthetic and enhanced-vision solutions. q Total Employees: 225 q Top Executive: Neil Fifield, vice president of ISS Division q 2010 Annual Revenue Total: $24 million (ISS Division) q 2011 Projected Revenue Total: $26 million (ISS Division) q Geographic Area Company Serves: National and regional customers q 2010 Corporate Highlights: Continued to grow national Avionics Solutions customer base and now serve leading aerospace customers including BAE Systems, Lockheed Martin, GE Aviation, Goodrich, Hamilton Sundstrand, Honeywell, ITT Industries, L-3 Communications, Pratt & Whitney, Rockwell Collins, and Unison Industries. q 2011 Corporate Plans/Outlook: Continued investment and development of 3-D synthetic vision solution for aircraft situational awareness. Continued Avionics Solutions growth through varied avionics applications development support projects.
GUTHRIE FCU 104 N. Elmer Ave., Sayre, Pa. 18840 q Website: www.guthriefcu.org q Products/Services: Full-service financial institution q Total Employees: 22 q Top Executive: Eric L. Chase q 2010 Annual Revenue Total: $3.3 million q 2011 Projected Revenue Total: $3.5 million q Geographic Area Company Serves: Tioga County and Bradford County, Pa. q 2010 Corporate Highlights: Reached the $50 million in assets mark. Upgraded ATMs to the latest check-cashing technology. Purchased land in the Troy, Pa. area for expansion. q 2011 Corporate Plans/Outlook: Build new facility in the Troy, Pa. area. Bringing the Power Team # 1 school-assembly program to the area to benefit the schools (GFCU is subsidizing the costs to the school).
HAAS LANDSCAPE ARCHITECTS 9 S. Washington St., Binghamton, NY 13903 q Website: www.haas-la.com q Products/Services: Landscape architecture, site planning, urban and community design q Total Employees: 4 q Top Executive: Michael Haas q 2010 Annual Revenue Total: $410,000 q 2011 Projected Revenue Total: $425,000
• The Greater Binghamton Business Journal
WORKS IN PROGRESS
Snapshots of results and expectations for Greater Binghamton businesses and nonprofits q 2011 Corporate Plans/Outlook: Continued slow growth; some staffing increases are possible.
Owego overlook, a project by Haas Landscape Architects. q Geographic Area Company Serves: New York State and northern Pennsylvania q 2010 Corporate Highlights: Celebrated 20th anniversary; updated website; opened the Owego River Walk, Owego; unveiled Martin Luther King, Jr. statue at the renovated Chenango River Promenade; opened the Stage at Little Italy, Endicott; and designed first two ‘Green Roofs’ installed in Southern Tier of NY. q 2011 Corporate Plans/Outlook: Optimistic attitude toward core municipal projects including waterfront development, gateways and streetscapes, urban planning and institutional projects. Resurgence in small-scale site design and stormwater management projects.
HAWKES FEE-ONLY ADVISORS 721 Chenango St., Binghamton, NY 13901 q Website: assetsgrow.com q Products/Serves: Investment management q Total Employees: 2 q Top Executive: Peyton Hawkes q Geographic Area Company Serves: Greater Binghamton, plus 75-mile radius q 2010 Corporate Highlights: Successful development and implementation of risk-controlled investment methodology.
Haylor, Freyer & Coon headquarters
HAYLOR, FREYER & COON, INC. 700 Harry L Drive, Johnson City, NY 13790 q Website: www.haylor.com q Products/Services: All types of personal and commercial insurance including employee benefits and financial services. Specialists in construction, transportation, municipalities, schools, collegiate health, and manufactured housing. Specialty services for loss control, safety analysis, workers’-compensation claims, property and liability claims settlement. q Total Employees: 205 q Top Executives: Victor A. DiSerio, chairman and CEO; C. Bruce Wichmann, president; Richard C. Howland, COO q 2010 Annual Revenue Total: $28 million q 2011 Projected Revenue Total: $29.5 million q Geographic Area Company Serves: New York, New England, and Mid-Atlantic States q 2010 Corporate Highlights: Completed
the relocation of our Johnson City, Utica, and Oswego offices; conducted educational seminars for more than 500 upstate New York employers on the health-care reform act; recertified to the ISO 9001 standard; achieved recognition as the 86th largest broker by revenue in the United States by Business Insurance Magazine; continued working with New York companies with international locations. q 2011 Corporate Plans/Outlook: Continue expansion in upstate New York; launch of newly designed website; expansion of our programs for municipalities, school districts and colleges; continued development of our international capabilities through Assurex Global; continued expansion of health-care programs; expanding our manufacturing housing program into Texas and Washington State.
HEALTHWEAR RENTAL, INC. 703 North St., Endicott, NY 13760 q Website: www.HealthWearRental.com q Products/Services: Medical linen and uniforms for non-hospital medical and dental offices q Total Employees: 16 q Top Executive: Mark Berghorn, president q 2010 Annual Revenue Range: $500,000 to 750,000 q 2011 Projected Revenue Range: $650,000 to $1 million q Geographic Area Company Serves: Southern Tier of New York, Central New York, Finger Lakes region, and Northern Tier of Pennsylvania q 2010 Corporate Highlights: Saw an overall sales increase of approximately 10 percent. Added two new pieces of equipment to better aid quality, and upgraded all processing equipment so that washers and dryers are less than five years old. Achieved our goal of having more than 85 percent of processing done with environmentally friendly ozone processing. Added a vice president of sales and business development to increase new business growth. q 2011 Corporate Plans/Outlook: Project to increase new business by 15 percent, and also to increase national presence through the addition of HealthWear licensees. Planning to become SBMLS accredited.
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Gazing ball display, Hillside Garden Center.
HILLSIDE GARDEN CENTER, INC. 1449 Front St., Binghamton, NY 13901 q Website: hillsidegardencenter.com q Products/Services: Retail nursery, garden center, florist, gift shop, and landscaping. q Total Employees: 20 q Top Executives: Casey Krause and Jim Hoteling q 2010 Annual Revenue Total: $1 million q 2011 Projected Revenue Total: $1.1 million q Geographic Area Company Services: Greater Binghamton, Vestal to Norwich q 2010 Corporate Highlights: Joined
January 31-February 13, 2011 Facebook, classes through BCC, expanded selection of organic and locally made products, completed our 14th year as “Your Home Gardener” on WBNG TV 12. q 2011 Corporate Plans/Outlook: Beginning 54th year in business.
Horizons FCu headquarters, Binghamton.
HORIZONS FEDERAL CREDIT UNION 120 Main St., Binghamton, NY 13905 q Website: www.horizonsfcu.com q Products/Services: Financial institution q Total Employees: 30 q Top Executive: Mario C. DiFulvio q 2010 Annual Revenue Total: $5.2 million q 2011 Projected Revenue Total: $5.1 million q Geographic Area Company Serves: Broome County q 2010 Corporate Highlights: 2nd May Mayhem Loan Promotion; Horizons Platinum VISA 7.25 percent variable rate (dependent on credit worthiness); partnership with Invest in America Program offering discounts to our credit-union members; first place Dora Maxwell Social Responsibility Award; 9th Annual Family Fun Fridays event held in August. q 2011 Corporate Plans/Outlook: New online financial system; cell-phone financial services
HUNT ENGINEERS, ARCHITECTS & LAND SURVEYORS, PC 100 Hunt Center, Airport Corporate Park, Horseheads, NY 14845 q Website: www.hunt-eas.com q Products/Services: Architectural, M-E-P/ HVAC, structural and site/civil engineering, landscape architecture, interior design, surveying. Design consultants for K-12, college, municipal, industrial, commercial clients. q Total Employees: 115 q Top Executive: Daniel Bower, president and CEO q 2010 Annual Revenue Total: $15 million q 2011 Projected Revenue Total: $18 million q Geographic Area Company Serves: Southern Tier of NY/Northern Tier of Pennsylvania; Rochester/Buffalo regions q 2010 Corporate Highlights: Completion of several K-12 capital projects and the start of several others; successful referendums in three school districts totaling approximately $100 million in new projects; increased work in college/university segment; opening of new office in Towanda, Pa.; strong steady work with municipal and industrial clients. q 2011 Corporate Plans/Outlook: We project that state agencies, municipalities and schools will be cautious in early 2011, followed by growth when the improving economy takes hold later in the year. We expect industrial work will remain strong throughout the year. We plan to maintain staff in most areas, with some growth expected in mechanical and civil engineering.
INNOVATION 627 Field St., Johnson City, NY 13790 q Website: www.innovat.com q Products/Services: PharmASSIST pharmacy automation systems (pharmacy workflow software, counting technologies, robotics, and
The Greater Binghamton Business Journal • 9
WORKS IN PROGRESS
OGDENIAN WEB DESIGN SERVICES
January 31-February 13, 2011
Snapshots of results and expectations for Greater Binghamton businesses and nonprofits
Equipment produced by Innovation.
high-volume systems) q Total Employees: 140 q Top Executives: Harry Boyer, chairman; Mary Reno, CEO q Geographic Area Company Serves: Worldwide q 2010 Corporate Highlights: Introduced next generation of the PharmASSIST SmartCabinet (counting technology) to industry. q 2011 Corporate Plans/Outlook: Continue to lead the field in development and sales of pharmacy automation systems to the retail, institutional (hospitals/health clinics), government (U.S. Dept. of Defense), and closed-door pharmacy (mail order) market segments.
LAND CLEARING BY ROBBINS (A DIV. OF ROBBINS SIGN CO., LLC) 2187 US Route 11, Kirkwood, NY 13795 q Website: www.landclearingbyrobbins.com q Products/Services: Track-mounted equipment cuts/grinds brush and small trees into a layer of mulch. q Total Employees: 1 q Top Executive: Glenn R. Robbins q Geographic Area Company Serves: New York State and Pennsylvania q 2010 Corporate Highlights: Land clearing in 2010 was very diversified — from clearing for ponds and new home sites to clearing for salvage forest logging operations and large windmill projects. q 2011 Corporate Plans/Outlook: More advertising and visibility in the Northeastern Pennsylvania area to help farmers reclaim their pastures and farmland, which they are now economically able to do because of gas revenue.
MARCHUSKA BROTHERS CONSTRUCTION, LLC 436 Airport Road, Endicott, NY 13760 q Website: www.marchuskabrothers.com q Products/Services: General contractor q Total Employees: 12 q Top Executives: Bernard Marchuska and Justin A. Marchuska II, members q 2010 Annual Revenue Total: $2.5 million q 2011 Projected Revenue Total: $3 million q Geographic Area Company Serves: 70-mile radius of Binghamton q 2010 Corporate Highlights: Expansion of Marchuska Glass, LLC (sister company), increased public-project workload, and increased bidding of projects by firm. q 2011 Corporate Plans/Outlook: Increasing the project size that firm bids on and expanding commercial-development division.
MATRIX INTEGRATED FACILITY MANAGEMENT 19 Avenue D, Johnson City, NY 13790 q Website: www.cleanforhealth.com q Products/Services: Janitorial services and consulting
q Total Employees: 1,700 q Top Executive: James R. Peduto q 2010 Annual Revenue Growth: 12 percent gain over 2009 q 2011 Projected Revenue Growth: 14 percent increase over Peduto 2010 q Geographic Area Company Serves: Mid-Atlantic region q 2010 Corporate Highlights: Record sales growth. Increased employment in all regions. EcoSmart green-cleaning program earned certification to the Cleaning Industry Management Standard with honors. q 2011 Corporate Plans/Outlook: Challenge is to manage an aggressive growth strategy while navigating the starts and stops of the marketplace. Maintain consistent investments in technology and personnel that are the cornerstone of success. Leverage expertise in green cleaning and sustainable buildings.
MICHAEL FOLDES, INC. 3124 Chatham Road, Endwell, NY 13762 q Website: www.mfi-electronics.com q Products/Services: Manufacturer representative, electronic displays, power sources, components, and related products q Total Employees: 1 to 9 q Top Executive: Michael Foldes q Geographic Area Company Serves: New York, New Jersey, Eastern Pennsylvania, and select accounts in other areas q 2010 Corporate Highlights: Expanded coverage for Kyocera LCD division to Southern New Jersey and Eastern Pennsylvania. Added Amgis Toroidal Power Products and Tecate Group (capacitors & supercapacitors) as principals. q 2011 Corporate Plans/Outlook: Cautiously optimistic that an improving economy will result in an overall increase in demand for the products offered and the opportunity to add another complementary product line or two. Potential for improved sales from 10 percent to 30 percent overall.
MORTON BUILDINGS, INC. 5106 Route 11 N., Homer, NY 13077 q Website: www.mortonbuildings.com q Products/Services: Design/build services of pre-engineered, timber-column building systems q Total Employees: 3,000 q Top Executive: Jeff Neihouser q Geographic Area Company Serves: 36 states q 2010 Corporate Highlights: A leading manufacturer of timber-column buildings erecting approximately 5,000 buildings each year for farm, suburban, commercial, and industrial applications.
NBT BANK 52 South Broad St., Norwich, NY 13815 q Website: www.nbtbank.com q Products/Services: Offers a full range of financial services, including checking accounts, savings and retirement plans, residential mortgages, personal and small business loans, commercial banking and trust and investment services. q Total Employees: 1,438 q Top Executive: Martin Dietrich, president and CEO q Top Regional Executive: Jeffery Lake, Greater Binghamton regional president q Geographic Area Company Serves: NBT Bank, N.A., has two banking divisions and 123 offices. NBT Bank has 86 offices in upstate
New York and Vermont. Pennstar Bank, based in Scranton, Pa., has 37 offices in northeastern Pennsylvania. q 2010 Corporate Highlights: While the country and our local community continued to face a challenging economic environment in 2010, opportunities to grow and develop business also abounded. NBT Bank performed strongly and continued to build upon its commitment to its customers. Highlights include the grand reopening of NBT Bank’s Binghamton Northgate Office following extensive interior and exterior renovations. NBT Bank also delivered enhanced offerings to customers of this community and those across the bank’s footprint, including the launch of a redesigned website. The bank also hosted a series of cybercrime-prevention seminars q 2011 Corporate Plans/Outlook: In 2011, NBT Bank will continue to deliver value to its customers and communities by maintaining a focus on its fundamental community-banking practices. By maintaining developing and building our group of employees from the local communities, NBT Bank aims to raise the bar in customer satisfaction.
THE NIGHT SHIFT 2721 E. Main St., Endwell, NY 13760 q Website: www.greenofficecleaning.net q Products/Services: Contract commercialcleaning services: janitorial and office cleaning, floor and carpet cleaning, wood floor cleaning and refinishing, window cleaning, day-cleaning porter service, building-maintenance management. q Total Employees: More than 150 q Top Executive: David Maione, president q 2010 Annual Revenue Total: $3 million q 2011 Projected Revenue Total: $3.3 million q Geographic Area Company Serves: Central New York and the Southern Tier q 2010 Corporate Highlights: Personnel development and green office cleaning advancements. q 2011 Corporate Plans/Outlook: Growth to expand more services to Elmira, Syracuse, Cortland, Oneonta, and Northeastern Pennsylvania
NORTH POINT TECHNOLOGY, LLC 530 Columbia Drive, Suite 102, Johnson City, NY 13790 q Website: www.northpointusa.com q Products/Services: Automation engineering and control system integration encompassing full project lifecycle, from consulting and project management to design, procurement, fabrication, programming, commissioning, and service. q Total Employees: 12 q Top Executive: Robert P. Lee, principal q 2010 Annual Revenue Total: $1.8 million q 2011 Projected Revenue Total: $2.2 million q Geographic Area Company Serves: Global, with emphasis on North America q 2010 Corporate Highlights: The company increased its staff by 50 percent in 2010, which included adding a dedicated field-service engineer to the team and opening a new office in Denver, Colo. We also expanded our client base, increased sales by 30 percent over the previous year, and nearly doubled our facility square footage by moving our headquarters to new space in Columbia Office Park in Johnson City. q 2011 Corporate Plans/Outlook: North Point Technology plans to continue controlled growth with possible staff increases in Johnson City, New York, and Park City, Utah, as well as through continued expansion of our client base and our scope of supply.
2104 Tracy St., Endicott, NY 13760 q Website: www.ogdenian.com q Products/Services: Web design, SEO, and development q Total Employees: 1 q Top Executive: Ogden McGahan q 2010 Annual Revenue Total: $40,000 q 2011 Projected Revenue Total: $45,000 q Geographic Area Company Serves: International McGahan q 2010 Corporate Highlights: Completed website designs for a number of clients including: Kiefer-Randall Construction & Remodeling, Ron Balicki Martial Arts Research Systems, Mad Hatter Antiques, Sharon Mastrosimone Photography, and Tamara Designs Jewelry q 2011 Corporate Plans/Outlook: Continued growth and the offering of cutting-edge web services.
OLIN CAPITAL ADVISORS 468 Algerine St. Afton, NY 13730 q Website: www.olincapital.com q Products/Services: Business exit planning, mergers and acquisition advisory, business valuation q Total Employees: 3 q Top Executive: Cliff Olin q Geographic Area Company Serves: Upstate New York and Northern Pennsylvania q 2010 Corporate Highlights: Identified need for mergers and acquisitions advisoryOlin related services for small- and mediumsized businesses. Formed Olin Capital Advisors as a subsidiary of our parent LLC. Developed business model and began execution of an integrated business plan to address small- and medium-sized businesses. q 2011 Corporate Plans/Outlook: Continue execution of business plan with emphasis on establishing value-added, strategic partnerships with owners to assist with the successful transfer or recapitalization of their businesses.
POOL PURE WATER, LLC 141 Washington Ave, Endicott, NY 13760 q Website: www.poolpurewater.com q Products/Services: Water-purification systems for whole-house system, swimming pool filtration q Total Employees: 2 q Top Executives: Bob Watts and Bob Smithgall q Geographic Area Company Serves: New York and Pennsylvania q 2010 Corporate Highlights: Opened a distributorship representing ECOsmarte systems for municipal house water, well water, and swimming-pool water purification, eliminating bacteria, unwanted minerals, and the need for pool chemicals.
PROFORMA SHRADER & SHRADER P.O. Box 562, Apalachin, NY 13732 q Website: www.shraderandshrader.com q Products/Services: Business forms, promotional products, and e-commerce q Total Employees: 11 q Top Executives: Mike Shrader, Bob Shrader, Pete Pribulick q 2010 Annual Revenue Total: $1.5 million
• The Greater Binghamton Business Journal
2011 Projected Revenue Total: $1.8 million Geographic Area Company Serves: National 2010 Corporate Highlights: Acquisition of Proforma franchise; now part of the nation’s largest provider of forms and promotional products. Growing rapidly in the area of ecommerce (company stores, websites, etc.)
RED BARN TECHNOLOGY GROUP, INC. 1235 Upper Front St., Suite 3, Binghamton, NY 13905 Website: www.redbarncomputers.com Products/Services: Retail computer sales, business-technology services, high-performance computing and custom design and promotional products Total Employees: 15 Top Executive: Jon Layish 2010 Annual Revenue Growth: Increased 33 percent from 2009 2011 Projected Revenue Growth: Anticipate increase of 30 percent Geographic Area Company Serves: Binghamton area for retail sales and business services, nationwide for high-performance computing 2010 Corporate Highlights: Red Barn Technology Group increased its high-performance computing sales dramatically with an increase in orders from existing customers including Cornell University and Cold Spring Harbor Laboratories, as well as by developing relationships with new customers — including the Air Force Research Lab in Rome, NY. RBTG also expanded its business-services division with the addition of managed services. Hackerthreads, another division of Red Barn Technology Group, has grown and expanded into its own retail space next to Red Barn Computers. 2011 Corporate Plans/Outlook: 2011 will see the addition of Red Barn Wireless sales to Red Barn Computers retail location. Steady growth in our HPC and business services are anticipated to continue.
ROBBINS SIGN CO., LLC 2187 US Route 11, Kirkwood, NY 13795 Website: www.robbinssigns.com Products/Services: Family owned and operated for 31 years, Robbins Signs offers custom designs and manufacturing to fit customers’ personal or corporate identity. Electric-sign manufacturing, vehicle/ fleet lettering, construction-project signs, interior, exterior, directional, decals, banners, engraving, ADA Braille. Now offering business cards, brochures, t-shirts, and hats. Total Employees: 4 Top Executives: Kelly-Jo Hunink, Glenn Robbins Geographic Area Company Serves: Upstate NY, Northeastern Pa. 2010 Corporate Highlights: Worked with large companies to incorporate new identities; helped and encouraged many entrepreneurs to start up their own businesses with vehicle signs, storefront signs, and business cards; developed new interior and exterior signage for many of our long-time clients with new offices and storefronts this year. 2011 Corporate Plans/Outlook: Designing and manufacturing new signage for many new corporate facilities in the area. A few large projects under way for other area businesses. We are looking to encourage sales in our wide-format printing of banners, signs, vehicle wraps, etc. while keeping all the aspects of our business new and unique.
SERVPRO 134 Conklin Ave., Binghamton, NY 13903 Website: www.servpro.com Products/Services: Fire and water cleanup and restoration Total Employees: 33 Top Executive: Louis Sepe Geographic Area Company Serves: Broome,
January 31-February 13, 2011
WORKS IN PROGRESS
Snapshots of results and expectations for Greater Binghamton businesses and nonprofits Cortland, Chemung, Chenango, Delaware, Otsego, Tioga, and Tompkins counties 2010 Corporate Highlights: Enlarged and enhanced facility to accommodate a state-ofthe-art electronics and ultrasonics cleaning and processing center for customers’ contents.
STANTEC 111 Grant Ave., Suite 201, Endicott, NY 13760 Website: www.stantec. com Products/Services: Full-service consulting firm providing a complete range of professional services in architecture; mechanical, electrical, structural, and site/civil engineering; planning; Gomes program management; landscape architecture; environmental services; land surveying; and compliance services. Total Employees: Services are offered through approximately 10,000 employees operating out of 150 locations in North Larson America, including the Binghamton office. Top Executives: Robert Gomes, president and CEO; Brian Larson, vice president 2010 Annual Revenue Total: $1.43 billion (2009) 2011 Projected Revenue Growth: 10 percent to 15 percent Geographic Area Company Serves: Global 2010 Corporate Highlights: Celebrated five years of trading on the New York Stock Exchange and acquired several new firms including: Industry and Energy Associates, Wilson Miller, Natural Resources Consulting, CommArts, ECO:LOGIC, Street Smarts, Anshen + Allen, and Burt Hill. 2011 Corporate Plans/Outlook: Will continue to pursue its goal of becoming and remaining a top-10 global design firm by focusing on organic growth in existing locations and more targeted growth in key markets in the U.S.
TERRY J. KELLOGG AND ASSOCIATES 24 Johnson Road, Binghamton, NY 13905 Website: www.terryjkellogg.com Products/Services: General construction and natural gas consulting services Total Employees: 1 Top Executive: Terry J. Kellogg, principal Geographic Area Company Serves: Eastern half of the U.S. 2010 Corporate Highlights: Provided Critical Path Method scheduling services on several area projects including the upcoming Route 17/81 Interchange Project and the Engineering and Science Building at Binghamton University. Expanded into the natural-gas industry including services such as gas-well property relations, environmental best practices, implementation, and dispute resolution and mediation services. 2011 Corporate Plans/Outlook: Hope to increase footprint into neighboring communities in Chenango, Delaware, and Tioga counties as well as in Broome County. Planning to expand into real-estate development with the purchase of a lodge in northern Chenango County and the development of lakefront properties in eastern Broome County for additional vacation rentals and also to be used
as temporary housing units for gas-related personnel coming to New York.
TRADITIONS AT THE GLEN 4101 Watson Blvd., Johnson City, NY 13790 Website: www.traditionsresort.com Products/Services: Hotel, banquet facility, conference center, spa, and 18-hole championship golf course Total Employees: 125 Top Executive: Candace Jones, general manager 2010 Annual Revenue Total: $3.4 million 2011 Projected Revenue Total: $3.6 million Geographic Area Company Serves: Southern Tier, Upstate New York, East Coast 2010 Corporate Highlights: Added many new services; new menus; new bar in pro shop, added GPS golf carts, laser services to the spa, spray tanning to the spa. Banner year in sales.
UHS (UNITED HEALTH SERVICES) 10-42 Mitchell Ave., Binghamton, NY 13903 Website: www.uhs.net Products/Services: Regional health-care system Total Employees: 5,400 Top Executive: Matthew J. Salanger, president and CEO Geographic Area Company Serves: Broome, Tioga, Delaware, Chenango, and Otsego counties in the Southern Tier 2010 Corporate Highlights: In 2010, UHS combined a number of clinical and support areas, from pharmacy to radiology to accounts payable, that previously had been operating separately. The locally owned, not-for-profit hospital and health-care system worked to reduce duplication of services and improve efficiency. During the year, it opened state-ofthe-art ambulatory surgery and pre-admission testing centers on the UHS Wilson Medical Center campus and expanded its network of primary-care offices. In addition, UHS completed a rebranding under a bold new logo to identify more clearly all member and affiliate organizations as members of one system. 2011 Corporate Plans/Outlook: In 2011, UHS plans include the opening of a state-ofthe-art medical facility on the Vestal Parkway that will include primary-care offices and such ancillary services as laboratory and pharmacy. In addition, UHS Primary Care will expand its network of doctors’ offices, with care provided by members of the UHS Medical Group. The system plans to modernize its computer technology, with the addition of Soarian, a new internal clinical and business information system that will make patient care and service more efficient.
UPSTATE SHREDDING – BEN WEITSMAN & SON, INC. 1 Recycle Drive Owego, NY 13827 (headquarters) Website: www.upstateshredding.com Products/Services: Scrap-metal recycling Total Employees: 150 Top Executive: Adam Weitsman 2010 Annual Revenue Total: $400 million 2011 Projected Revenue Total: $500 million Geographic Area Company Serves: Regional, national, and international 2010 Corporate Highlights: Acquired Matlow Company Inc. of Solvay and generated exceptional growth; won Tioga County Business of Year award; the new Solvay location generated sales that were 400 percent beyond management’s conservative expectations; acquired the Weinstein Scrap Metal Corp. of Jamestown; listed as fastest grow-
Upstate Shredding facility, Owego ing, privately held scrap-metal-processing company in the country in the September issue of Inc. entitled “500,” with a 186 percent growth rate from 2006 through 2009; selected by National Geographic to be featured in ‘Pricing the Priceless’ on National Geographic. Began installation of a new model M-122 Megashredder, custom-built for Upstate. Announced acquisition of the property and assets of Towanda Iron & Metal, Inc. Due to a $10,000 a year, five-year donation from Adam Weitsman, Tioga County is cleaning up more old tires than ever before. Scott J. Collins was hired as general manager, assuming management responsibility for all company operations at all locations. 2011 Corporate Plans/Outlook: Additional scrap-yard acquisitions in the Tri-State area, continuing the aggressive expansion plan towards the goal of $1 billion in annual debt-free sales. Donations and contributions to needy organizations and the communities in which Upstate – Ben Weitsman reside. Launch of the new $8 million wire-recovery unit (currently under construction) at Upstate Shredding that separates copper wire from plastic insulation. Hiring of new staff to accommodate the expansion and growth of the company.
U.S. SMALL BUSINESS ADMINISTRATION SYRACUSE DISTRICT Syracuse District Office: 224 Harrison St., Suite 506, Syracuse, NY 13202 Elmira Branch Office: 333 E. Water Street 4th Floor, Elmira, NY 14901 Website: www.sba.gov/ny/syracuse Products/Services: Loan guarantee, counseling, and government contracting programs for startup and existing small businesses Total Employees: 11 Top Executive: Bernard J. Paprocki, district director 2010 Annual Loan Total: $132 million in 739 guaranteed loan approvals Geographic Area Served: 34 counties across upstate New York, including Broome, Chemung, Chenango, and Tioga. 2010 Highlights: The American Recovery and Reinvestment Act and the Small Business Jobs Act increased guarantees and eliminated fees in our flagship loan programs, enabling our lending partners to help small businesses start, grow, and create jobs. The SBA and Syracuse University announced the expansion of the Entrepreneurship Boot Camp for Veterans with Disabilities to a seventh school, Louisiana State University, and launched two new entrepreneurship programs for women veterans and National Guard and Reserve members and their families. 2011 Plans/Outlook: SBA looks forward to building on its success with continued enhancements and new increased loan limits signed into law under the Small Business Jobs Act. Two new loan initiatives launching in 2011 — Small Loan Advantage and Community Advantage — are aimed at increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities. Built on our “Advantage” platform, both Small Loan Advantage and Community Advantage will offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000.
The Greater Binghamton Business Journal • 11
January 31-February 13, 2011
ARCHERY: Jones, an archer since the mid-1970s, says Insight Archery fills a need for the region Continued from page 1
When an unnamed tenant who leased about 10,000 square feet in Jones’ building went out of business mid-year in 2010, Jones says he had to decide between leasing the space to another business and doing something with it himself. In the end, Jones decided to spin one of his hobbies — archery — into a business and opened Insight Archery, Inc. in the space last August. “I just happened to see a business opportunity,” Jones says. “There’s no place in upstate New York like it at all.” Jones employs two full-time bow technicians who are also certified instructors, and two part-time employees. “It’s one of the largest archery shops on the east coast,” he says of the space, which features a 45-yard, three-dimensional indoor range, another 25-yard indoor range, a pro shop, and a retail section with a full line of archery products and accessories. Jones, an archer since the mid-1970s, says Insight Archery fills a need for the region, where about 40 percent of the area’s hunters are archers, and about half of that group of archers are tournament shooters. “It’s a very popular sport,” Jones says. Insight Archery hosts both adult and youth leagues that practice and compete regularly. The business hosted a tournament in late January that drew archers from
PHOTO COURTESY OF INSIGHT ARCHERY, INC.
Insight Archery, Inc.’s retail store in Binghamton. The store features a 45-yard, threedimensional indoor range, another 25-yard indoor range, a pro shop, and a retail section with a full line of archery products and accessories. across New York State, in addition to New Jersey, Massachusetts, Vermont, and New Hampshire, he says. “They were all impressed by the size of the shop,” Jones says. Insight Archery, which opened Aug. 9 after Jones took about a month-and-a-half to
renovate the space from commercial warehouse and office space, is doing well so far, he says. “The business itself has beaten expectations for the first three months, and met them going on the second [quarter],” he says. Jones estimates Insight Archery will generate gross sales between $275,000
and $300,000 in its first year in business. Jones declined to provide revenue figures for his construction business. Insight’s clients are archers who come to practice on one of the indoor ranges, have work done on their bows, or just need supplies. The indoor ranges are popular, Jones says, because weather and hunting regulations can prevent people from practicing outdoors. Insight charges $10 per hour for the 3-D range, and $5 per hour for the regular target range. The cost for bow work varies depending upon the work done. A standard tune-up costs $20 and the bow-technician labor rate is $40 per hour. The key to keeping his customers coming back, Jones says, is to provide high-quality customer service no matter whether those customers are having work done on their bow or just came in to practice for a bit. “People want to know you care about them,” Jones says. Insight Archery also appeals to people, he adds, because it gives archers a place to socialize with other archers. Insight Archery (www.insightarchery. com) is open Monday-Friday from 11 a.m. to 8 p.m., Saturday from 9 a.m. to 5 p.m., and Sunday from 11 a.m. to 4 p.m. Insight also has a Facebook page, where it had 226 fans as of press time. Contact DeLore at firstname.lastname@example.org
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January 31-February 13, 2011
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The Greater Binghamton Business Journal • 13
January 31-February 13, 2011
TOP RANKS: GREATER BINGHAMTON COLLEGES & UNIVERSITIES Ranked by Full-time Enrollment (undergrad./grad.) 2010-2011 2009-2010 Endowment Full-time
David Skorton, President
W. Kent Fuchs, Provost
Cornell University 120 Day Hall
Ithaca, NY 14853
No. of FTE Employees Year
Mary Opperman, VP HR
C. Peter Magrath, Interim President
Jean-Pierre Mileur, Interim Provost
(607) 255-2000/ 255-0065 www.cornell.edu
Binghamton University P.O. Box 6000
Binghamton, NY 13902
James VanVoorst, VP Admin. Bahgat Sammakia, Interim VP for Research
(607) 777-2171/ 777-4445
Marcia Craner, VP External Affairs
Ithaca College 953 Danby Road
Ithaca, NY 14850
Thomas Rochon, President
Greg Woodward, Interim Provost & VP Academic Affairs
Carl Sgrecci, VP Finance Shelley Semmler, VP Advancement
(607) 274-8000/ 274-1670
Eric Maguire, VP Enrollment
Morrisville State College, 3
20 Conkey Ave.
Richard Carreno, Interim President
Jean Boland, VP for Admin. Services and Info. Technology
Candace S. Vancko, President
John Nader, Provost
Brian Hutzley, VP Business & Finance
Norwich, NY 13815 (607) 334-5144 www.morrisville.edu
SUNY Delhi 2 Main St.
Delhi, NY 13753
Barbara Jones, VP Student Life
(800) 96-DELHI/ 746-4104
Craig Wesley, VP Enrollment
Hartwick College One Hartwick Drive
Oneonta, NY 13820
Margaret L. Drugovich, President
George Elsbeck, VP Finance, CFO
David Conway, VP for Enrollment and Marketing Meg Nowak, VP for Student Services
www.hartwick.edu Elmira College
One Park Place
Elmira, NY 14901
Thomas K Meier, President
Joseph Koczan, Financial VP
Julie Baumann, VP Student Life Michael Rogers, Assistant to the President
www.elmira.edu Empire State College, Binghamton 44 Hawley St., Fifth Floor
Pat Thompson, VP Athletics
(607) 735-1800/ 735-1192
James Broshcart, VP for Institutional Advancement
(607) 431-4150/ 431-4154
Binghamton, NY 13901
Alan Davis, President
Meg Benke, Provost
Nikki Shrimpton, Central New York Center Interim Dean
(607) 721-8651/ 721-8656 www.esc.edu/cnystudents Note: Information was provided by representatives of listed organizations and their websites. Other institutions may have been eligible but did not respond to requests for information.
RESEARCH BY JULIE SHARKEY 01/11 firstname.lastname@example.org
Some colleges may have different tuition rates for non-New York residents. The undergraduate tuition rate reported for Cornell University is for its endowed colleges. Its contract colleges rate for New York residents is substantially lower. For details go to www.finaid.cornell.edu/costs. 3 College-wide data 2
For the purposes of this list, we are including colleges in adjacent counties that serve our readership area.
empire state: New York manufacturers expect activity to expand further in the coming months Continued from page 4
report. “It reflects what I’m hearing from the [area] business community — gradual improvement.” The Empire State Manufacturing Survey found 33 percent of respondents reported that business conditions had improved in the last month, led by a rise in new orders, while 21 percent said that conditions had worsened. New York manufacturers expect manufacturing activity to expand further in the coming months. The survey’s future general business-conditions index rose 10 points to 59.0 in January, with 61 percent of respondents expecting conditions to be better in six months. The survey also found that manufactur-
ers are expecting to boost capital expenditures and technology spending in the next six months, and those are two leading indicators for the health of the manufacturing industry, Wolken notes. Manufacturers are “looking to make investments first and do hiring second,” he says. The report contained good news on the hiring front as 52 percent of survey respondents indicated they expected to increase their work force in the year ahead, while 15 percent predicted a reduction in the number of workers. Wolken says he sees an improving hiring outlook locally as well, noting some manufacturers are actually reporting shortages of skilled workers. “We’re starting to see baby boomers retire, so there’s a skills gap starting to
evidence itself. And now we’re starting to see [revenue] growth, adding to the need,” Wolken says. Among the survey respondents expecting to boost employment, 77 percent ranked high expected sales growth as the most important factor behind their plans, according to the New York Fed. An overworked current work force was the second most important factor, followed by the need for skills not provided by the current staff. The prices manufacturers pay for their materials and receive for their goods are also rising. Both the prices paid and prices received indexes rose in January, “pointing to an acceleration in both input prices and selling prices,” the New York Fed said. “Companies are telling us they’re seeing
increasing commodity (metals) prices and materials prices,” Wolken says. “Some of those increases they have been able to pass on to customers. That will be a pressure on companies. As the economy improves, this will continue to be an issue to watch.” 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. Typically, about 100 surveys are returned, it says. MACNY is a not-for-profit 501(c)(6) association, representing about 350 businesses and 55,000 workers across 19 counties in upstate New York, including the greater Binghamton area. q Contact Rombel at email@example.com
• The Greater Binghamton Business Journal
Business Journal GREATER
January 31-February 13, 2011
Governor Cuomo Has the Budget Power: Will He Use It?
Vol. 6, No. 3 — Jan. 31-Feb. 13, 2011
Associate Publisher..................... Bob Brazill firstname.lastname@example.org
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The Greater Binghamton Business Journal (ISSN #1050-3005) is published every other week by CNY Business Review, Inc. All contents copyrighted 2010. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher. Cover price $1.50 Subscription rate: $38 per year Call (800) 836-3539
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n his State of the State address, New York Gov. Andrew M. Cuomo said starkly that the state “spends too much money.” Faced with a $12 billion deficit, the governor must cut spending. Meanwhile, the Democrats in the Legislature will hold out for tax and fee hikes as well. However, the governor also voiced the concern of New York businesses that, “New York has no future as the tax capital of the nation,” and donning our Republican clothes, he pledged “no new taxes.” So dressed, and at his request introduced to audiences by fiscally conservative Republican state senators, Cuomo opinion has toured the state to solicit public support. A newly formed business-supported “Committee to Save New York” is raising $10 million to parry the expected public attacks on Cuomo by special interests. This is good political theater and good politics, but to prevail, the governor must lead by fully utilizing the uniquely strong executive-budget powers granted to his office by the state constitution. He will also need the strong support of the renewed and reenergized, fiscally conservative, and pro-growth Republican legislative force produced by recent elections. High unemployment, reduced home values, and huge fiscal deficits defined these elections with one-party Democratic rule in Albany putting new burdens on already hard-pressed New Yorkers by increasing spending, taxes, and fees with each budget. As a result, although New York is among the most Democratic of states, in the 2009 and 2010 elections the voters elected fiscally responsible, pro-growth Republicans at all levels of government. In the 2009 local elections, pledging to cut spending and to hold down taxes, Republicans won in some of the nation’s highest taxed counties and brought 13 of
edward f. cox
Calling All Opinion Writers The Business Journal is seeking to provide its readers with more opinion articles and more opposing viewpoints. The goal would be to publish a set of “Points/ Counterpoints” on various issues of importance to businesses. The topics could include: • Economic-development policies • Entrepreneurship • Green business • Government spending • Taxes and regulations • Public-sector compensation and benefits
the 17 major counties outside New York City under Republican leadership. In early 2010, the fiscally conservative Democrat Executive of Suffolk County, feeling that his party had left him, became a 14th Republican county leader. As prominent Democratic county executives went down in defeat, Andrew Cuomo first discerned that fiscally conservative Republican clothes might fit him well. The 2010 general elections produced a new anti-spending, tax cutting, and progrowth Republican majority in the State Senate and the most Republican gains in the New York Assembly since 1972. Our seven new state senators, including Tom O’Mara and Patty Ritchie, and 17 new Assembly members, including Christopher Friend, Donald Miller, and Philip Palmesano, are a strong force for fiscal sanity and progrowth policies in Albany. New York Republicans also picked up six Congressional seats from Democrats, the largest such gains in New York since 1946 and more than in any other state in 2010. The wins included Ann Marie Buerkle’s win in the 25th Congressional District (CD), and Richard Hanna’s victory in the 24th CD. The field of battle is set, and Gov. Cuomo has a considerable arsenal at his disposal. New York’s uniquely strong executive-budget powers were devised by Gov. Al Smith (a Cuomo favorite) and added to the state constitution in the 1920s. They provide that the Legislature must act “fully” on the governor’s initial budget proposals with any amendments or additional spending measures subject to his line-item veto, which our strengthened Republican forces in the Legislature can uphold. If the Democratic Assembly majority plays “rope-a-dope” and refuses to act on Cuomo’s budget, the governor can enact his preferred cuts in the budget extenders, which are necessary to fund the government absent a budget. The state’s highest court has affirmed these extraordinary executive budget powers, and in 2005, the people of New York overwhelmingly voted down a proposed
• Unions • Health-care reform and costs Have an opinion about any of these topics or others? Please send us your opinion in the form of a letter or opinion article to email@example.com. Here are some general guidelines for how to compose your opinion piece: • Length should be no more than 800 words. • It should be written for a business audience — specifically business owners and managers. The topic must affect and appeal to this audience. • Pick a theme or trend you want to focus on and then build your opinion around
“High unemployment, reduced home values, and huge fiscal deficits defined these elections with one-party Democratic rule in Albany putting new burdens on already hardpressed New Yorkers…” amendment to the Constitution that would have eviscerated them. Most importantly, to establish a strong position to utilize these powers and control negotiations with his fellow Democrats in the Legislature, Gov. Cuomo must lead and make deep unilateral cuts to major programs, such as Medicaid, in his first budget proposals. Gov. Cuomo’s approval ratings are sky high. The use of political capital implies a drop in approval ratings, but unused political capital depreciates and is wasted with no benefit to the governed and the same result for approval ratings. If the governor leads, uses his political capital effectively, and plays the dominant role in the budget process envisioned by Al Smith, he will have with him in the Legislature a revitalized and strong Republican force. New Yorkers will benefit from bipartisanship at its best. New York voters gave pro-growth Republican candidates spectacular victories in the 2009 and 2010 elections. By allying with Gov. Cuomo to win legislative victories for fiscally conservative progrowth policies, we will earn the support given us on faith by voters in the 2009 and 2010 elections and will continue to grow in strength, even in this most Democratic of states. q Edward F. Cox is the New York Republican Party Chairman.
that, making your key points. We find that lists and bullet points work well to get your views across to the reader. • Include a tag line at the bottom that tells the reader who you are (name, hometown, organization) and how to contact you (e-mail address). For example: John Doe of Vestal is managing partner at Doe Wood Smith LLC. Contact him at firstname.lastname@example.org. • Article must be in Word format • The Business Journal will edit the article, including cutting out portions, to fit space as it sees fit. So whether you’re a conservative, progressive, or anything in between, please get your opinion seen and send it to: email@example.com
The Greater Binghamton Business Journal • 15
January 31-February 13, 2011
FEBRUARY 3 Tioga County Chamber of Commerce Annual Dinner, Community Awards, and Silent Auction, beginning at 5:30 p.m. at the Owego Treadway Inn and Conference Center. The cost of the dinner is $35 per person. For more information and reservations, contact the Tioga County Chamber of Commerce at (607) 687-2020.
FEBRUARY 7 APRIL 25 Broome Community College Entrepreneurial Assistance Training Program – Class VII from 6 to 9 p.m. on Mondays & Thursdays for 20 sessions. The program is designed for women, minorities, dislocated workers, and individuals with disabilities in Broome, Tioga, Chenango, and Delaware counties. For more information regarding the program and registration information, visit http://www.sunybroome. edu/ce. The cost of the program is $60, which is fully refundable if participants attend 80 percent of classes and submit a written business plan.
FEBRUARY 8 Connect 4 Business Speed Networking Event from 5:30 to 7 p.m. at the Terra Cotta, 81 State
Every Thursday, Counseling and Assistance in Norwich at Cornell CoOperative Extension Offices, call (607) 334-5841 (ask for a SCORE appointment) or at the Farm Bureau Offices, call (607) 334-6061 (ask for SCORE appt.)
St., Binghamton. It’s for Greater Binghamton Chamber of Commerce members only. The cost is $10. For details, contact Kathi Murphy by calling (607) 772-8860, e-mail: kmurphy@ greaterbinghamtonchamber.com or visit www.greaterbinghamtonchamber.com
FEBRUARY 14 & 21 What It Takes to Start Your Own Business Workshop from 6 to 9 p.m. Hosted by Broome Community College, this is a two-session business workshop. The fee is $69, and registration is required. The instructor will be Ginny Robert. Register by calling (607) 7785012 or visit www.sunybroome.edu/ce
ONGOING EVENTS Every Tuesday, Local and Regional SCORE Business
Assistance Counseling at 10 and 11 a.m. in Binghamton. Call (607) 772-8860 or (800) 829-6972 (ask for a SCORE appointment). Every Thursday, Local and Regional SCORE Business Assistance Counseling at 6:30 p.m. in Binghamton. Call (607) 772-8860 or (800) 829-6972 (ask for a SCORE appointment). Every Thursday, Local and Regional SCORE Business Assistance Counseling at 6:30 p.m. in Owego. Call (607) 687-2020 (ask for a SCORE appointment). Every Thursday Morning, Local and Regional SCORE Business Assistance Counseling at the Tioga County Chamber of Commerce. Call (607) 687-2020 (ask for a SCORE appointment).
Second Thursday of each month, SBC Network Luncheon from 11:45 a.m. to 1:30 p.m. at various locations. Members are given the opportunity to introduce themselves and discuss their products or services and other events that may be of interest to the community. Costs are: member advance $18; member at door $21. Registration is required. Contact Kathy Murphy at (607) 772-8860 or e-mail: firstname.lastname@example.org First, third, and fifth Friday of each month, Morning Knights Toastmasters Club from 7 to 8:45 a.m. at The McKinley, 1701 Main St., Endicott. Improve your speaking and communication skills. Contact Tom Syrell at (607) 786-0059 for details. To have your business meetings or events in the Business Calendar, e-mail them to email@example.com
PEOPLE ON THE MOVE BANKING & FINANCE NBT Bancorp, Inc. has appointed F. Sheldon Prentice an executive officer of the company. He will also serve on NBT’s executive management team. Prentice has been with the company since April 2010 and currently serves as corporate senior vice president, general counsel, and corporate secretary of the company. Prior to joining NBT, Prentice was senior vice president and general counsel for Merchants Bancshares, Inc. in South Burlington, Vt. Prior to joining Merchants, he served
as senior vice president, general counsel, and secretary of Chittenden Corp. in Burlington, Vt. from December 1985 until it was purchased in December 2007 by Peoples United Bank of Bridgeport, Conn. Prentice remained with Peoples United Bank until March 2008, when he joined Merchants Bancshares. Peoples Financial Services Corp. and Peoples Neighborhood Bank have appointed Scott A. Seasock senior vice president and chief financial officer. He brings more than 30 years executive and finance division management experience to Peoples including 24 years as a senior executive and
CFO of a local community bank. Seasock has a degree in finance from Penn State University and holds an MBA from the University of Scranton.
DRY CLEANING Bates Troy Inc. announced the following promotions in its Dry Cleaning division. Rosalyn Krause has been promoted to retail-operations administrator and will be responsible for overseeing dry-cleaning operations and personnel for three retail locations. Krause will continue to be locat-
ed in the Vestal store. Pearl Neal has been promoted to store manager and will be responsible for store operations and customer service at the Main Street, Binghamton store.
Send your People-on-the-Move news on new hires & promotions via e-mail to: firstname.lastname@example.org
MERGER: Bank became subject to remedial actions including improved loan-portfolio management Continued from page 1
working toward closing in early April. Both Wilber and Community Bank contend the lawsuits are meritless and plan to defend them vigorously. Kingsley notes that Community Bank’s per share price for Wilber of $9.50 is a solid premium. Wilber shares were trading for about $6 each in the days before the deal was announced. Lawyers for the shareholders in the cases could not be reached for comment by press time.
Origins of the deal
In addition to detailing the lawsuits, U.S. Securities and Exchange Commission (SEC) filings provide the first detailed glimpse of how the merger actually came about. Community Bank first made contact with
Wilber in July 2010 and sought a meeting with Chairman Brian Wright. Around the same time, Wilber’s board had started exploring the possibility of a merger. Wilber started running into asset-quality issues as a result of the recession. Those problems came on the heels of a major 2008 expansion into the Capital District and Syracuse markets to support more growth. Filings indicate the bank’s board launched the expansion because it believed growth prospects were limited in Wilber’s existing markets in the Southern Tier. The Syracuse and Capital District expansion helped grow Wilber’s total loans 43.5 percent to nearly $584 million between 2006 and the end of 2008. Many of those loans involved residential and commercial real estate. As the economy slowed, Wilber began running into loan problems. Many of its commercial real-estate borrowers were hit
hard by lower occupancy rates and were missing payments. Charge-offs rose and earnings declined, according to SEC filings. That eventually led to more oversight from Wilber’s regulator, the U.S. Office of the Comptroller of the Currency. The bank became subject to remedial actions including improved loan-portfolio management, a reduction of credit risk, a revision of its written loan policy, and more. The combination of asset-quality problems and regulatory limits on its business led Wilber’s board to a crossroads: raise capital and continue the 2008 expansion plan or merge with another banking company. The board concluded that raising capital would have been difficult and probably would have negatively affected Wilber’s stock price. So, directors decided to ex-
plore a merger. Wilber drew interest from several other banking companies — none of which were identified by name in the SEC filings — but the board ultimately decided to go with Community Bank. Wilber Bank has 22 branches in Otsego, Delaware, Schoharie, Ulster, Chenango, Onondaga, Saratoga, and Broome counties, along with a loan-production office located in Saratoga County. The bank has said that all the offices will remain open after the merger closes. Community Bank System has $5.5 billion in assets and 150 branches across upstate New York and northeastern Pennsylvania. That includes branches in Nichols and Owego. The company operates subsidiaries in employee benefits, insurance, brokerdealer services, and wealth management. Contact Tampone at email@example.com
• The Greater Binghamton Business Journal
January 31-February 13, 2011
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Greater Binghamton Business Journal January 31, 2011 Issue