>> COMING UP FOR "ON THE MONEY" :WE EXPLORE THE GROWING ENTERTAINMENT INDUSTRY AND HOW SYRACUSE IS BECOMING A HUB FOR POST PRODUCTION.

THEN WE DISCUSS,THE RECENT TORNADO THAT HIT THE CITY OF ROME AND THE STEPS THEY'RE TAKING TO REBUILD AND FOR OUR SPOTLIGHT SERIES J. DANIEL PLUFF SITS DOWN WITH THE CEO OF COMMUNITY BANK TO TALK EXPANSION, BANKING AND THE MEANING OF COMMUNITY.

JANUARY 6 INSUR INSURRECTION STORMED THE CAPITOL, FOR THIS REASON,LY VOTE TO IMPEACH.

>> THE ONES THAT VOTED TO IMPEACH, WE ARE GETTING RID OF THEM FAST.

>> WHEN POLITICS BECOMES A CIRCUS, IT'S NOT THE POLITICIANS AND PUNDITS WHO SUFFER BUT YOU, THE BALANCING ACT WITH JOHN KATKO IS A HALF HOUR TALK SHOW THAT SEEKS TO FIND THE CENTER INORY OTHERWISE PARTISAN POLITICAL SYSTEM.

THIS IS A BALANCING ACTED.

WELCOME TO THE MOST BALANCED SHOW ON EARTH.

♪ ♪ ♪ ♪ GOOD EVENING AND WELCOME TO ON THE MONEY, WCNY'S FINANCIAL AND ECONOMIC DEVELOPMENT PROGRAM - THINK OF IT AS YOUR LOCAL FINANCIAL NEWS PROGRAM FEATURING SOME INTERESTING PEOPLE, BUSINESSES AND HAPPENINGS FROM EVERY CORNER OF CENTRAL NEW YORK.

I'M YOUR HOST, LAIZA SEMIDEY.

DURING OUR SEASON WE'LL SEE WHERE MONEY IS BEING MADE, SPENT AND SOMETIMES LOST AND FOCUS ON PROJECTS AND ACTIVITIES AFFECTING US LOCALLY.

OUR FIRST REPORT KEEPS US RIGHT HERE IN SYRACUSE.

THE ENTERTAINMENT INDUSTRY IS ON THE RISE IN SYRACUSE.

TWO SYRACUSE-BASED COMPANIES HAVE PARTNERED UP TO MAKE EACH OTHER BETTER.

STUDIO CENTRAL JOINS ESTABLISHED SUBCAT STUDIOS, COMBINING POWERS FOR A ONE-STOP-SHOP FOR ALL POST PRODUCTION NEEDS.

♪ ♪ >> SUBCAT STUDIOS IS PRIMARILY A RECORDING STUDIO BUT OVER THE PAST FEW YEARS, WE HAVE BEEN TRANSITIONING MORE INTO THE FILM SIDE OF THINGS.

SUBCAT STUDIOS STARTED IN THIS LOCATION IN ARMORY SQUARE, THE BUILD STARTED IN 2010 WITH STUDIO A IN 2011 AND STUDIO B IN 2012.

THE IDEA FROM THE START WAS TO GIVE MUSICIANS THE CHANCE TO GET AWAY FROM THE CITY AND JUST CUT AN ALBUM.

PROBABLY 85 TO 95% OF THE MUSICIANS WE WORK WITH ARE RIGHT HERE IN CENTRAL NEW YORK.

A LOT OF THEM STAY IN ARMORY SQUARE AND UTILIZE LOCAL HOTELS AND RESTAURANTS.

IT'S MORE THAN JUST THE JOBS CREATED BY WORKING ON THE POST PRODUCTION BUT JUST HELPING DOWNTOWN SYRACUSE.

THEY CAN TAKE ADVANTAGE OF THE TAX CREDIT HERE.

I THINK IT'S HUGE TO HAVE THE UNIVERSITY HERE AS WELL WITH NEWHOUSE HAVING SUCH A LONG RUNNING, JUST HISTORY OF THESE TV, FILM EDITORS, PRODUCERS THAT HOPEFULLY IT KEEPS THE JOBS HERE.

>> I DO A LOT OF THE VIDEO EDITING, GRAPHIC DESIGN.

I CAME ON IN 2017.

A LOT OF THE STUDIOS WERE NOT OFFERING THAT.

THAT GAVE US ANOTHER SERVICE TO OFFER THE CLIENTS.

THE PEOPLE WOULD COME IN AND HIRE OUTSIDE VIDEO PRODUCTION TEAMS TO DO VIDEOS IN THE STUDIO.

ME COMING HERE ALLOWS SUBCAT AT THE TIME TO JUST OFFER THAT.

EVERYTHING YOU ARE SEEING WITH STUDIO CENTRAL IS WITHIN A VERY SHORT PERIOD OF TIME AND THEY HAVE DONE AMAZING AND WITHIN THAT PERIOD OF TIME, THROUGH THE CONNECTIONS THEY'VE HAD, WE HAVE SEEN A NICE AMOUNT OF WORK.

>> OUR STUDIO CENTRAL IS A POSTPRODUCTION FACILITY SO WE DO POETRY PRODUCTION FOR TELEVISION OR FILMS THAT ARE FILMING IN EITHER CENTRAL NEW YORK OR PRETTY MUCH ANYWHERE IN THE WORLD.

WE ALSO DO ANIMATION.

SO THE ANIMATION VOICEOVER.

WE ARE DOING IN THE SUB CAT SIDE OF THE BUILDING AND WE USE THEIR FACILITIES FOR OUR ADR WORK.

WE BASICALLY TAKE CARE OF EVERYTHING THE PICTURE WOULD NEED FROM START TO FINISH.

WHAT WE DO IS NOT ONLY PROVIDE THE SERVICES BUT WE ALSO PROVIDE INPUT TO PEEL THAT WANT IT.

SO ALL THE EQUIPMENT HERE THAT WE HAVE IS TOP OF THE LINE, THE SAME EQUIPMENT THAT SONY WOULD USE OR MAJOR STUDIO WOULD USE TO EDIT THEIR FILMS AND ALSO, YOU KNOW, PRODUCE THEIR FILMS.

WHEN I REALIZED THAT THE INCENTIVE WAS 45% UPSTATE PROPOSED PLUS AN ADDITIONAL INCENTIVE FROM THE COUNTY, I THOUGHT THAT THAT WAS REALLY GOOD BUSINESS TO START A POST PRODUCTION FACILITY IN CENTRAL NEW YORK.

WE STARTED THE BUILDOUT IN DECEMBER OF 2023 AND WE OPENED IN LATE MARCH.

INCLUDING THE BUILDING AND ALL THE BUILDOUT, IT IS BETWEEN 4.5 AND 5 MILLION.

WE HAVE BEEN TALKING TO THE FILM COMMISSION AND THE VISIT SYRACUSE ABOUT THIS CORRIDOR, THIS AREA, TO KIND OF MODIFY IT AND DEVELOP IT INTO A FILM CORRIDOR.

SO WE ARE REALLY NOW THE BASE.

WE ARE THE FIRST ONES HERE.

AND THEN THERE IS A SOUND STUDIO OR SOUND STAGE THAT THEY'RE BUILDING WITHIN WALKING DISTANCE, ABOUT A QUARTER MILE FROM HERE.

SO THE WHOLE POINT IS TO ATTRACT PRODUCTIONS AND CREATE JOBS AND THAT'S HOPEFULLY WHAT WE CAN DO IN THE NEXT FOUR YEARS.

AND I THINK WE CAN.

>> OUR THANKS AGAIN TO EVERYONE AT STUDIO CENTRAL POST AND SUBCAT STUDIOS.

UP NEXT FOR OUR COMMON CENTS AND JOINING US TONIGHT IS DAVID WEAVER VICE PRESIDENT INSURANCE ACCOUNT EXECUTIVE AT ONE GROUP WELCOME.

>> THANKS FOR HAVING ME.

>> I'M VERY EXCITED ABOUT OUR TOPIC TODAY BECAUSE INTEREST RATES ARE DROPPING IN HOME SALES, AND ONE OF THE MOST IMPORTANT THINGS AS HOMEOWNERS, WE HAVE TO GET IS HOME INSURANCE.

WHAT IS THE PROCESS OF ATTAINING HOME INSURANCE WHEN YOU ARE A NEW HOME BUYER?

>> SURE.

SO WHAT WE DO IS WE WILL TAKE A CALL IN FROM A NEW HOME BUYER.

WE'LL GATHER A LOT OF INFORMATION AND TALK ABOUT HOW OLD THE ROOF IS, PLUMBING, ELECTRIC, HEATING, YOU KNOW, WHETHER THEY HAVE PETS, YOU KNOW, THINGS LIKE THAT.

SO WE'LL GET ALL THAT INFORMATION.

WE'LL PROVIDE THEM WITH A QUOTE.

IF THEY WANT TO MOVE FORWARD WITH IT, WE'LL GET THE APPLICATION DONE AND THEN WE WILL GET A BINDER OVER TO THE BANK AND THE BINDER IS WHAT THE BANK NEEDS IN ORDER TO SCHEDULE THAT CLOSING ON THE INSURANCE SIDE OF THINGS.

>> AND DO YOU HAVE TO PAY UP FRONT FOR THE FULL YEAR OR CAN YOU DO A MONTHLY PAYMENT?

>> YEAH, SO THAT'S ACTUALLY A BANK REQUIREMENT, NOT AN INSURANCE REQUIREMENT.

SO IF YOU HAVE A MORTGAGE, MOST OF THOSE BANKS ARE GOING TO REQUIRE THAT YOU PAY FOR THAT FIRST YEAR IN FULL.

IF YOU DON'T HAVE A MORTGAGE OR IF YOU HAVE A DIFFERENT BANK THAT DOESN'T REQUIRE IT, WE CAN TAKE MONTHLY AUTOMATIC PAYMENTS.

WE CAN TAKE PAYMENT IN FULL.

WE CAN TAKE QUARTERLY PAYMENTS.

THERE ARE A LOT OF DIFFERENT WAYS TO DO IT.

>> GOT IT.

SO YOU NAMED A FEW THINGS THAT ARE COVERED UNDER HOME INSURANCE WHAT IS NOT COVERED UNDER THE HOME INSURANCE THAT WE SHOULD BE THINKING ABOUT?

>> ABSOLUTELY.

THE MAIN POLICY IS GOING TO COVER THE HOUSE ITSELF.

IT WILL COVER OTHER STRUCTURES LIKE GARAGES, SHEDS, THINGS LIKE THAT.

IT WILL ALSO COVER YOUR PERSONAL PROPERTY.

AND IT WILL COVER A LOSS OF USE.

SO THOSE ARE THE BASICS OF IT.

BUT THERE ARE A LOT OF THINGS THAT WE ARE SEEING THAT PEOPLE NEED COVERAGE FOR THAT THEY'RE NOT GETTING AUTOMATICALLY INCLUDED IN THERE.

A COUPLE BIG ONES ARE WATER BACKUP.

SO IF YOU HAVE WATER COMING BACK UP THROUGH YOUR SEWERS AND DRAINS OR SOMETHING LIKE THAT, THAT'S NOT AUTOMATICALLY COVERED.

THAT'S SOMETHING YOU HAVE TO BUY EXTRA COVERAGE FOR.

FLOOD INSURANCE IS A TOTALLY SEPARATE POLICY.

>> I DIDN'T KNOW THAT.

>> THERE IS REALLY A LOT OF COVERAGES.

>> THERE IS SO MUCH.

>> YOU KIND OF HAVE TO PICK AND CHOOSE WHAT YOUR RISK TOLERANCE IS AND WHAT YOU REALLY WANT TO HAVE COVERED.

>> ANY BEST PRACTICES THAT YOU WANT TO SHARE WITH EVERYONE ABOUT HOME INSURANCE AND WHAT TO LOOK FOR?

>> YEAH, SO WE ARE REALLY RECOMMENDING GOING WITH A HIGHER DEDUCTIBLE NOWADAYS TO SAVE ON COSTS, SO BEFORE 10 YEARS AGO, THE PEOPLE WERE LOOKING AT $500 DEDUCTIBLES.

NOW WE ARE RECOMMENDING A THOUSAND OR 2500 DEDUCTIBLES TO HELP SAVE ON COSTS.

>> AWESOME.

THANK YOU SO MUCH FOR SHARING THAT INFORMATION WITH ME ME AND EVERYONE AT HOME THAT ARE, YOU KNOW, GETTING READY TO BUY A HOME SINCE INTEREST RATES AGAIN ARE DROPPING.

SO THANK YOU AGAIN FOR COMING, DAVE.

>> THANK YOU FOR HAVING ME.

>> FOR OUR NEWEST SEGMENT, PROPERTY PULSE, WE DISCOVER ALL THINGS RELATED TO HOUSING.

ON JULY 16TH 2024, A TORNADO TORE THROUGH ROME, NEW YORK ALONG A 5-MILE PATH NEARLY 300 YARDS WIDE WITH A WIND SPEED OF 135 MILES PER HOUR.

THIS CREATED SOME OF THE WORST DAMAGE IN NEARLY 40 YEARS FOR THE AREA.

OUR TEAM SAT DOWN WITH THE MAYOR OF ROME TO TALK ABOUT THE EFFORTS THAT ARE BEING MADE TO REBUILD AFTER THIS NATURAL DISASTER.

WE ALSO CHATTED WITH UNITED WAY OF MOHAWK VALLEY ABOUT THEIR 211 HELPLINE FOR RESIDENTS WHO HAVE BEEN AFFECTED.

>> NOBODY EXPECTS IN CENTRAL NEW YORK TO DEAL WITH A TORNADO AT ANY TIME.

SO IT WAS DEFINITELY NOT SOMETHING WE WERE PREPARED FOR.

>> OBVIOUSLY OUR PRIVATE SECTOR GOT HIT QUITE A BIT.

I THINK WE ARE UP TO 440 HOMES THAT WERE AFFECTED WITHIN OUR COMMUNITY.

ON THE PUBLIC SIDE OF IT, JUST THE CLEAN ASPECT OF IT, I MEAN WE ARE UPWARDS OF BETWEEN DAMAGE AND CLEANUP AND EVERYTHING OF $40 MILLION.

WE'VE HAD A GREAT PARTNERSHIP WITH COUNTY EXECUTIVE ANTHONY PICENTE THROUGHOUT THIS WHOLE THING.

HE CONTRIBUTED $5 MILLION TO THE CITY TO HELP WITH THE EFFORTS.

THE GOVERNOR HAS KICKED IN $4 MILLION TOWARDS DEMOLITION.

OBVIOUSLY WE ARE GOING HAVE A LOT OF BUILDINGS THAT NEED TO COME DOWN.

$2 MILLION TO HELP WITH THE EFFORTS ON OPERATING AND THE REBUILD SIDE OF IT.

PEOPLE CAN REACH OUT TO THE 211 APP, REPORT ANYTHING THEY NEED TO.

THEY CAN ALSO GET ASSISTANCE.

>> 211 TAKES OVER NON-EMERGENCY PHONE CALLS WHEN NATURAL DISASTERS OCCUR.

WE WERE UPDATING EVERY FIVE MINUTES SINCE THE TORNADO HIT.

I FEEL LIKE THE FIRST COUPLE DAYS THE TORNADO ACTUALLY HIT, IT WAS PROBABLY CHANGES EVERY 20 MINUTES TO EVERY HALF HOUR.

WE HAD TO KEEP UPDATING THOSE ALL DAY ROUND.

IT WAS JUST WHEN ANY CHANGES WERE MADE, WE WERE UPDATED AND PUSHING THOSE UPDATES OUT TO RESIDENTS.

IF ANYONE NEEDS HELP THAT HASN'T RECEIVED ANY SERVICES OR DOESN'T KNOW HOW TO GO ABOUT RECEIVING SERVICES, JUST STILL CALL.

WE'LL ALWAYS BE THERE TO HELP.

>> THE IMMEDIATE SUBSTEP WE TOOK FOLLOWING THE TORNADO, AN UNUNMET NEEDS FUND WENT LIVE THAT MORNING.

WE HAVE CURRENTLY RAISED $40 MILLION TO DATE.

PART OF THAT MONEY WAS EARMARKED FOR CANNES STOWEDDA AND MADISON COUNTY BECAUSE OF THE DAMAGE THEY SUFFERED.

THE MAJORITY WAS SENT TO COMMUNITY FOUNDATION SENDING IT TO THE COUNTY WITH THEIR COLLECTIVE FUNDS.

WE WERE ABLE TO WORK WITH OUR LOCAL COALITION WHO SUPPORTS IN THE HOUSE AGO REFUGEE AAS WELL AS OUR OWN HOUSING TEAM AND WORK WITH THE COALITIONS TO IDENTIFY THE PEOPLE THAT NEEDED TO BE IN THE SHELTERS AND ENSURE THAT PEOPLE WERE SHELTERED.

>> IN THIS INSTANCE IT WAS AN ENTIRE CITY AND IT WAS GREAT TO SEE EVERYBODY COMING TOGETHER.

WHETHER IT WAS FOOD STANDS IN FRONT OF THEIR HOUSE TO HELP WITH THE WORKERS OR SETTING UP IN COMMUNITIES WHERE THEY DIDN'T HAVE POWER FOR SEVERAL DAYS AND THEY COULDN'T GET TO FOOD AND LOST FOOD IN THEIR FRIDGES AND THE AMOUNT OF DONATIONS THAT CAME THROUGH, CLOTHING, FOOD, WATER.

YOU REALLY SAW WHAT THIS COMMUNITY CAN DO.

I THINK WE ARE GOING TO BOUNCE BACK BIGGER AND BETTER THAN EVER.

AS HORRIBLE AS THIS WAS, AND AS DIFFICULT AS IT WAS TO MANAGE THROUGH IT, I COULDN'T BE PROUDER TO SIT IN THIS SEAT AND BE HERE TO LEAD THIS CITY INTO THE FUTURE.

TONIGHT FOR OUR BY THE NUMBERS WE BREAK DOWN HOW MUCH HOMEBUYERS ARE PAYING WITH TODAY'S PRICES AND INTEREST HOUSING PRICES ARE GOING UP.

WE ARE SEEING MEDIAN HOUSE SALES IN SYRACUSE IS $195,000.

BUT WHAT WE ARE SEEING NOW IS FOR A $15 YEAR FIXED RATE LOAN, INTEREST RATES ARE NOW 5.49% AND FOR A 30-YEAR FIXED LOAN, THEY'RE A LITTLE OVER 6%.

AND I HOPE THEY KEEP GOING DOWN.

SO I WANT TO GIVE YOU AN EXAMPLE IF WE WERE TO BUY A HOUSE THAT WAS $300,000.

FOR A 15-YEAR LOAN FIXED, THE TOTAL AMOUNT OF THE HOUSE WOULD BE $412,000, A LITTLE OVER THAT.

SO THE INTEREST YOU PAY ON THAT HOUSE WOULD BE AROUND $112,000.

IT WOULD TAKE THAT SAME $300,000 HOME AND GET A 30-YEAR LOAN FIXED, THE TOTAL AMOUNT FOR THE HOUSE WOULD BE $583,000.

WE WOULD BE PAYING $283,000 IN INTEREST.

THE DIFFERENCE BETWEEN THE 15 AND THE 30 IS A LOT.

IT'S $170,000.

I THINK WE CAN BUY A HOUSE FOR THAT PRICE, ANOTHER HOUSE.

THESE ARE YOUR NUMBERS FOR TONIGHT WE CONTINUE WITH OUR SPOTLIGHT SERIES WITH J. DANIEL PLUFF.

THE SERIES HIGHLIGHTS BUSINESSES AND PEOPLE DOING SOMETHING SPECIAL IN OUR AREA.

THE ROLL OF BANKS AND BANK SERVICES HAVE CHANGED DRAMATICALLY OVER THE YEARS.

WHAT ONCE WAS A BASIC BUSINESS OF DEPOSITS AND LENDING HAS GROWN INTO SEVERAL NEW SERVICES AND OPTIONS.

COMMUNITY BANK, HEADQUARTERED IN DEWITT, NEW YORK, HAS SEEN ITS SHARE OF GROWTH AS WELL AND NOW HAS A FAR REACHING FOOTPRINT WELL BEYOND CENTRAL NEW YORK.

BUT HOW CAN A GROWING BANK STAY CLOSE TO LOCAL NEEDS?

WHAT'S THE IMPACT OF ONLINE BANKING AND IMPORTANTLY, HOW CAN CUSTOMERS SAFEGUARD THEIR ACCOUNTS FROM HACKING AND FRAUD?

OUR DANIEL PLUFF MET WITH COMMUNITY BANK'S CHIEF EXECUTIVE OFFICER DIMITAR KARAIVANOV FOR ANSWERS ALONG WITH THE BANK'S VIEW ON THE CENTRAL NEW YORK ECONOMY AND WHAT THE FUTURE OF BANKING MAY LOOK LIKE.

>> SO THE NAME IMPLIES, YOU KNOW, LOCAL, YOU KNOW, YOU THINK COMMUNITY, COMMUNITY BANK.

BUT IT'S ACTUALLY A PRETTY GOOD SIZED BANK.

YOUR FOOTPRINT, AS YOU CALL IT.

HOW FAR REACHING ARE YOU?

HOW FAR DO YOU GO 1234 FROM.

>> FROM WESTERN NEW YORK, BUFFALO AND JAMES DOWN ALL THE WAY TO VERMONT, WESTERN MASSACHUSETTS AND EASTERN PENNSYLVANIA.

WE'VE GOT $15 BILLION IN ASSETS AND 200 BRANCHES IN THAT FOOTPRINT.

WE ARE ONE OF THE 100 LARGEST BANKING INSTITUTIONS IN THE COUNTRY AND THE LARGEST IN CENTRAL NEW YORK.

>> 200 BRANCHES.

>> THAT'S RIGHT.

>> BIG AREA.

SO HOW DO YOU KEEP IT LOCAL THOUGH?

I MEAN THE NEEDS, SAY, IN WHEREVER, YOU KNOW, THE SOUTH ARE DIFFERENT THAN MAYBE THE NEEDS IN THE NORTH.

HOW DO YOU KEEP THAT LOCAL APPEAL?

>> GREAT QUESTION.

IT'S OUR PEOPLE.

SO WE EMPOWER OUR PEOPLE IN THOSE MARKETS TO REALLY BE THE BANK PRESIDENT OF THOSE BRANCHES AND THOSE MARKETS ESSENTIALLY.

AND THEY ARE PEOPLE THAT ARE ACTIVE, INVOLVED IN THE COMMUNITY.

THEY VOLUNTEER THEIR TIME, THEY KNOW THEIR NEIGHBORS.

IT'S PART WHAT HAVE WE ALL DO.

SO KEEPING THAT SMALL TOWN FEELING AND SERVICE WHILE PROVIDING ON THE BACK BONE OF A MUCH LARGER INSTITUTION WITH THE PRODUCTS AND CAPABILITIES.

>> OLD SCHOOL, BANKS TOOK MONEY IN, PAID INTEREST ON THOSE DEPOSITS.

YOU LOANED MONEY OUT, YOU CHARGED ON THE LOAN AND THAT DIFFERENCE OR THE SPREAD YOU FOLKS CALL IT IS MAYBE WHERE YOU MADE YOUR MONEY.

BUT BANKING HAS CHANGED.

I MEAN YOU ARE OFFERING ALL KINDS OF NEW SERVICES NOW, CORRECT?

>> CORRECT.

AND THAT'S WHERE, AGAIN, WHERE WE HAVE MOVED REALLY TO A RELATIONSHIP OPPOSED TO PURELY A TRANSACTION.

THAT'S WHERE BEING A DIVERSIFIED FINANCIAL SERVICES COMPANY COMES INTO PLAY FOR US BECAUSE WE ARE FAIRLY UNIQUE.

WE DO NOT ONLY THE BANKING PIECE, NOT ONLY ADDING THE WEALTH MANAGEMENT PIECE OR THE INSURANCE PIECE BUT WE HAVE A LARGE BENEFITS ADMINISTRATION BUSINESS THAT IS NATIONWIDE.

>> SO BECAUSE BANKING IS COMPETITIVE.

I'M TELLING YOU WHAT YOU ALREADY KNOW AND YOU'VE GOT TO DISTINGUISH YOURSELF.

IS THAT WHAT YOU ARE TRYING TO DO HERE, TO PROVIDE AS MANY PRODUCTS AND SERVICES AS POSSIBLE, NOT NECESSARILY ONE STOP SHOPPING BUT ALMOST?

>> WE ARE TRYING TO MAKE IT EASY FOR CUSTOMERS SEAMLESSLY TO DO BUSINESS WITH US AND SOLVE MOST OF THEIR FINANCIAL NEEDS.

WE ARE NOT GOING TO SOLVE ALL OF THEM, RIGHT, BUT WE ARE TRYING TO MAKE IT EASY FOR THEM.

>> I DON'T HAVE ANYTHING CONCRETE YET TO SAY ON THIS, BUT PEOPLE THAT I TALK TO THAT ARE IN BUSINESS, AND MANY TIMES THEY'LL TELL ME THEY PREFER A LOCAL PRESENCE.

I MEAN NO DISRESPECT TO THE JP MORGANS AND BIG BANKS OF THE WORLD.

THEY WANT TO KNOW THE PEOPLE.

DO YOU FIND THAT TO BE THE CASE HERE?

>> ABSOLUTELY.

100%.

AND AGAIN, YOU CAN'T REPLACE THE RELATIONSHIP THAT YOU BUILD WITH PEOPLE IN PERSON AND THE TRUST THAT YOU BUILD.

OUR BUSINESS IS TRUST AT THE END OF THE DAY.

SO KNOWING WHO YOU ARE DOING BUSINESS WITH GOES A LONG WAY AND THAT'S WHY WE ARE EXPANDING, ACTUALLY, OUR FOOTPRINT.

A LOT OF BANKS ARE CLOSING DOWN BRANCHES.

WE ARE ACTUALLY OPENING BRANCHES ACROSS OUR FOOTPRINT.

>> FORGIVE ME.

THAT BEGS A COUPLE OF QUESTIONS RIGHT THEN.

OPENING A BRANCH HAS TO BE EXPENSIVE.

>> THAT'S RIGHT.

>> HOW DO YOU DETERMINE WHERE AND WHEN AND WHY TO PUT A NEW FACILITY IN SOME AREA?

HOW DO YOU DO THAT?

>> SO THERE IS A COUPLE THINGS WE LOOK AT.

ONE IS THE ECONOMIC OPPORTUNITY.

AND LUCKILY FOR US, I THINK WHAT IS HAPPENING IN UPSTATE NEW YORK AND CENTRAL NEW YORK, BUT ALL THE WAY FROM BUFFALO TO 90 CORRIDOR IN ALBANY WE ARE SEEING A LOT OF ACTIVITY COMING BACK ON SHORING OF PRIOR OFFSHORE MANUFACTURING, FOR EXAMPLE.

WE HAVE AN ECONOMIC UPTICK IN OUR MARKETS.

WE ARE ALSO, AS AS A COMPANY, UNDER PENETRATED IN THE LARGER MARKETS.

WE GREW UP IN THE SMALLER MARKETS, TERTIARY AREAS BUT IF YOU LOOK AT SYRACUSE, WE ONLY HAVE THREE OR FOUR LOCATIONS.

SO WE HAVE A LOT OF ROOM TO GROW.

>> YOU KNOW, IN THIS DAY AND AGE, ONLINE BANKING SEEMS TO BE A GROWING TREND.

NO DISRESPECT TO THE BRANCHES BUT DO WE REALLY NEED MORE BRANCHES?

>> SO IT'S VERY INTERESTING THAT YOU SAY THAT BECAUSE WAS YOU ARE SEEING IS THE TRANSACTIONS IN THE BRANCHES, THE PURE TRANSACTIONAL BUSINESS IS COMING DOWN, WHICH IS ACTUALLY GOOD BECAUSE PEOPLE CAN GET SERVICE IN MULTIPLE WAYS ONLINE OR ON THEIR PHONE.

BUT THE RELATIONSHIP BUILDING NEEDS ARE ACTUALLY INCREASING.

AND ESPECIALLY WHEN PEOPLE HAVE ANY SORT OF A PROBLEM, RIGHT?

IF YOU HAVE AN ISSUE WITH YOUR ESCROW FOR YOUR MORTGAGE OR YOU ARE A SMALL BUSINESS.

>> YOU WANT TO TALK TO SOMEBODY.

I'M PART OF THAT GROUP.

>> YOU WANT TO TALK TO THEM RIGHT THERE.

THAT'S WHERE YOU NEED THE PRESENCE.

>> BUT HAVE YOU SEEN-- I'M GUESSING-- AN UPTICK IN PEOPLE USING THEIR PHONES FOR APPLICATIONS ON THE PHONES, ET CETERA.

THAT'S A GROWING AREA.

>> ABSOLUTELY.

SO IT'S HARD BECAUSE YOU ARE INVESTING IN BOTH OF THE LEGACY, YOU KNOW, RETAIL BRANCH NETWORK AND ALSO IN THE TECHNOLOGICAL BACKBONE TO IT.

>> SO LOOK DOWN THE ROAD FOR ME.

A LOT OF CHANGES HAVE TAKEN PLACE OVER THE YEARS.

WHERE DO YOU SEE BANKING HEADING?

HOW WILL BANKING LOOK DIFFERENT FIVE, 10 YEARS FROM NOW?

>> BANKING HAS BEEN DIFFERENT EVERY FIVE OR 10 YEARS AND AT THE END OF THE DAY THOUGH, IT COMES BACK TO THE PEOPLE AND THE INTEGRITY AND YOUR VALUES AND WHO YOU ARE AND BEING INVOLVED IN THE COMMUNITY.

SO THERE IS NO REPLACING THAT.

THE TECHNOLOGY IS GOING TO KEEP CONTINUING TO ESCALATE AND IMPROVE.

WE ARE GOING TO CONTINUE TO HAVE LESS TRANSACTIONS IN THE BRANCHES, BUT THOSE TOUCH POINTS WITH THE CUSTOMERS, THE MOST IMPORTANT TIMES WHEN YOU GET A MORTGAGE, RIGHT?

WHEN YOU SIGN UP FOR THE 529 FOR YOUR KIDS, OR OPEN UP A BUSINESS, THOSE INTERACTIONS OCCUR WITH A PERSON.

>> THE OTHER THING THAT I'M HEARING A LOT ABOUT IS, YOU KNOW, FRAUD.

WHAT SAFEGUARDS DO HAVE YOU IN PLACE AND AS A CUSTOMER WHAT SHOULD I BE WATCHING FOR?

HOW DO BETTER SAFEGUARD THE ASSETS?

>> IT'S A HUGE ISSUE.

THEY'RE EXTREMELY GOOD, SOCIAL ENGINEERING, THEY CAN PRETEND WHO YOU ARE.

YOU HAVE TO BE VERY SKEPTICAL OF ANY OUTREACHES THAT CLAIMING TO BE YOUR FINANCIAL INSTITUTION.

IT HAPPENS ALL THE TIME.

SO ON THE BUSINESS SIDE, ONE OF THE THINGS WE ARE SEEING IS A LOT OF CHECK FRAUD, FOR EXAMPLE.

SO WE ENCOURAGE OUR BUSINESS CUSTOMERS TO SIGN UP FOR WHAT IS POSITIVE PAY WHERE THEY HAVE TO APPROVE THE CHECKS BEFORE THEY GET PAID OUT.

IT'S A LITTLE BIT MORE WORK BUT IT'S EXTREMELY BENEFICIAL.

>> SO IF YOU SAW SOMETHING THAT LOOKED ODD, YOU WOULD SAY WHOA.

>> PUT A STOP ON IT RIGHT AWAY.

ON THE PERSONAL SIDE, USE MULTIFACTOR AWE THEN AUTHENTICATION.

>> IF I HAVE AN ACCOUNT AND IT GETS HACKED, AM I RESPONSIBLE FOR THAT?

>> DEPENDING ON THE CIRCUMSTANCES.

TYPICALLY IT IS OUR RESPONSIBILITY, WHICH IS WHY WE MAKE A LOT OF INVESTMENTS TO MAKE SURE THAT DOESN'T HAPPEN.

AND LUCKILY FOR US, IT HASN'T BEEN AN ISSUE.

>> AS A MAJOR PLAYER IN THE MARKET THAT YOU ARE YOU PROBABLY TALK TO A LOT OF BUSINESS PEOPLE, BUSINESS OWNERS, ALL DIFFERENT SIZES.

HOW DO YOU THINK THE LOCAL ECONOMY IS DOING HERE IN CENTRAL NEW YORK?

>> IT'S REALLY EXCITING TIMES, TO BE HONEST WITH YOU.

AGAIN, WE HAVEN'T SEEN THIS IN A LONG TIME IN OUR MARKETS BUT ALL OF OUR CLIENTS, I MEAN THEY'RE EXPANDING, THEY'RE SEEING MORE DEMAND FOR THEIR PRODUCTS.

WHAT IS HAPPENING WITH MICRON AND THE CHIPS MANUFACTURING.

AND EVERYTHING AROUND IT, YOU KNOW, THERE IS A HUGE ECOSYSTEM THAT IS COMING ALONG WITH ALL OF THAT.

IT'S NOT JUST MICRON.

IF YOU LOOK AT-- AND THESE ARE STATS FROM CENTERSTATE C.E.O., IF YOU LOOK AT THE ECONOMIC PIPELINE TODAY IN CENTRAL NEW YORK VERSUS 2019, IT'S 20 X.

THAT DOES NOT INCLUDE MICRON.

SO THERE IS JUST A LOT OF ACTIVITY HAPPENING.

>> WHERE ARE WE WEAK?

IF YOU LOOK AROUND, WHERE WOULD YOU SAY WE NEED A LITTLE HELP?

>> I THINK IF YOU LOOK AT THE AREAS, IN MY MIND, THAT WE NEED A LOT OF HELP IS HOUSING.

WE HAVEN'T BUILT HOUSING IN OUR MARKETS FOR A LONG TIME BECAUSE THERE WAS NO DEMAND.

NOW THERE IS DEMAND, WE DON'T HAVE DELIVER NEAR THE NUMBER OF UNITS WE NEED TO DELIVER.

>> SOME ARE BLAMING YOU BECAUSE THE INTEREST RATES HAVE COME HIGHER, MORTGAGE RATES ARE HIGHER AND IT'S A LITTLE MORE DIFFICULT GETTING THE LOAN.

IS THAT PART OF THE PROBLEM OR IS IT MORE ON THE INVENTORY SIDE?

>> THERE IS NO INVENTORY.

WE HAVE PLENTY OF BUYERS.

NO INVENTORY.

>> AS WE WRAP UP, LET'S TALK SPECIFICALLY ABOUT THE BANK.

WE TALKED AT THE BEGINNING ABOUT, YOU KNOW, THE COMMUNITY ASPECT.

BUT IN BANKING AND FINANCIAL SERVICES, IN GENERAL, THERE IS A LOT OF MERGERS GOING ON.

ONE TAKING OVER THE OTHER.

YOU KNOW, CAN YOU STAY COMMITTED TO THE COMMUNITY?

IS THERE A CHANCE YOUR NAME MAY CHANGE DOWN THE ROAD?

>> I THINK THERE IS A VERY LOW CHANCE THAT OUR NAME WILL CHANGE BECAUSE WE EARN OUR INDEPENDENCE EVERY DAY.

WE ARE ONE OF THE HIGHEST VALUED BANKING INSTITUTIONS IN THE COUNTRY.

AND IF WE EARN OUR INDEPENDENCE, IT IS HARD FOR ANYONE TO PARTNER WITH US WITH US BEING QUIET.

WE ARE AN ACTIVE CONSOLIDATOR AND IT'S PART OF OUR BUSINESS MODEL AND WE BRING OUR COMMUNITY BUSINESS MODEL TO THE OTHER COMMUNITIES WE ENTER.

>> WE ARE HERE IN THE OFFICES IN DEWITT BUT YOU ARE MOVING TO A NEW LOCATION PRETTY SOON, A NEW BUILDING FOR YOU.

IS THAT A SIGN THAT YOU ARE COMMITTED LOCALLY?

>> 100%.

WE ARE MAKING A BIG INVESTMENT HERE IN SYRACUSE.

>> THAT MOVE SHOULD TAKE PLACE SOMETIME IN '25.

>> '25.

YEP.

WE ARE REDOING THE FLOORS OF THE FORMER AGWAY BUILDING AND WE LOOK FORWARD TO MOVING AND KIND OF CONSOLIDATING OWL ALL OF OUR BUSINESSES IN ONE PLACE TO FUNCTION AS ONE COMPANY.

>> I LIKE THE CONVERSATION ABOUT BANKING, THE ECONOMY, WHAT IS GOING ON HERE LOCALLY.

THANK YOU VERY MUCH FOR YOUR TIME.

APPRECIATE IT.

>> THANK YOU VERY MUCH.

APPRECIATE THE OPPORTUNITY.

>> BIG THANKS TO DIMITAR KARAIVANOV FOR TAKING THE TIME TO TALK TO US ABOUT BANKING AND THE FUTURE OF COMMUNITY BANK IT IS THE END OF OUR PROGRAM TONIGHT BUT WE'RE JUST GETTING STARTED WITH OUR SEASON• NEXT WEEK WE HIGHLIGHT ONONDAGA COMMUNITY COLLEGE WITH THE CONSTRUCTION OF THEIR CLEAN ROOM SIMULATED LAB FOR THE FUTURE OF MICROCHIP MANUFACTURING THEN WE TALK ABOUT ELIMINATING HOUSING DISCRIMINATION AND LEARN ALL ABOUT BECOMING A HOMEOWNER SHIP POSSIBLE.

AND FOR OUR SPOTLIGHT SERIES J.DANIEL PLUFF VISITS SYRACUSE REGIONAL MARKET TO EXPLORE THE FUTURE OF FARMER BASED SHOPPING AND THEIR $90 MILLION REVITALIZATION PLAN WE HAVE A LOT MORE COMING THIS SEASON SO IF YOU HAVE AN IDEA FOR A BUSINESS, PERSON OR JUST SOMETHING SPECIAL HAPPENING IN CENTRAL NEW YORK, CONTACT US BY EMAILING NEWS AT WCNY.ORG.

TO FIND OUT MORE ABOUT THE PROGRAM, PLEASE VISIT OUR WEBSITE AT.

WCNY DOT/ORG/ON THEMONEY.

YOU CAN ALSO VIEW OUR PREVIOUS EPISODES THERE TOO.. AND YOU CAN FOLLOW US ALL OF OUR SOCIAL MEDIA PLATFORMS, AS WELL.

I'M LAIZA SEMIDEY, THANKS AGAIN FOR WATCHING.