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GRBblog
Welcome to the GRBblog! Get to know GRB, Rochester's only locally owned and managed commercial bank. A commercial bank, but also a community bank, with an entrepreneurial spirit about everything we do. We're committed to Growing Rochester Business and making our community a better place to live and work.
The GRBblog is where we post bank news and information, stories about the great organizations we support, and share relevant local and national business news.
With 2024 winding down, there are some positive signs that 2025 may be “cautiously optimistic” for the local commercial real estate (CRE) market.
While higher interest rates and inflation had a significant impact on CRE lending in the last 12 to 14 months, GRB Chief Lending Officer Timothy Jones sees a more “settled” 2025.
Chief Lending Officer Timothy Jones
“We had to do a lot of blocking and tackling and we were talking to our customers very often about their deposit rates, certainly, and what that meant overall, in terms of the lending side as well,” Jones said.
Communicating with borrowers about their construction budgets was key.
“We are engaged currently in some construction projects, and we’ll continue to do that, but we are very cognizant in talking to borrowers about making sure their construction budgets are ticked and tied.”
But Jones also sees opportunity in the region moving into 2025. In particular, areas like multifamily housing are fueling lending demand in response to Western New York’s housing inventory shortage.
“We’re certainly cautiously optimistic that Rochester will continue to be somewhat resilient relative to the rest of the country in terms of employment and inflation and all those things,” Jones said. “And as a community bank, we want to be able to support any type of project that needs to be financed in some form.”
Stacey MichaelsWednesday, October 30, 2024GRB Employees
GRB is proud to announce that EVP, Chief Operating Officer Allana Lazeroff has been named to the 2024 KlariVis Banking on Brilliance list.
Now in its second year, the KlariVis Banking on Brilliance Awards celebrate exceptional women redefining what’s possible in community banking. These innovators are transforming their organizations, moving beyond traditional spreadsheets to strategic powerhouses that harness technology and data in groundbreaking ways. Honorees were nominated by a colleague or validated by multiple references for self-nominations. A panel of industry experts reviewed all submissions, with scores aggregated to identify this year’s honorees.
Driving Growth and Change
Lazeroff has been a driver of growth and change during her 17-year tenure at GRB, helping scale the institution from $100 million to more than $1 billion in assets and expanding from 30 to 160 employees. She has been part of numerous enterprise application implementations and led GRB’s two-year infrastructure modernization initiative, migrating the bank’s entire technology platform to Microsoft 365. The project has generated over $100,000 in annual savings.
Today, Allana manages nine direct reports and 33 employees in seven distinct areas of the bank: Commercial Cash Management Services, Project Management, IT & Network Services, Human Resources, Bank Operations, Loan Servicing, Risk and Compliance, Commercial Service Delivery, and Marketing.
“The variety and breadth of her management responsibilities demonstrate the strength of her leadership and business acumen,” said GRB President and CEO Philip Pecora.
Giving Back
Lazeroff’s leadership extends beyond operations through her involvement in Women@GRB, an internal organization she helped establish that advances professional development for female bankers. Additionally, Allana is the executive sponsor for the Bank’s Charitable and Volunteer, Culture, and Employee Recognition committees.
“Allana understands the importance of our responsibility to give back to the community we serve and has been instrumental in leading and participating in the Bank’s community outreach and charitable giving,” said Pecora. “Her commitment to supporting the bank’s growth and creating a fulfilling environment where employees can do their best work drives her innovation strategy.”
Stacey MichaelsFriday, October 25, 2024GRB Employees
Congratulations to Genesee Regional Bank’s (GRB) President and CEO Philip Pecora on being named to the Rochester Business Journal’s (RBJ) Power 30 Banking & Finance 2024 list.
From the RBJ’s Associate Publisher and Editor Ben Jacobs, “The list includes individuals who spend their careers helping members of the Rochester community navigate increasingly ever-changing financial circumstances.”
GRB President and CEO Philip Pecora
Leadership through change
Under Pecora’s leadership, GRB has shown steady growth. While the Fed rate hikes did present a significant challenge for the banking industry as a whole, GRB remained on solid financial ground and has grown to more than $1.1 billion in assets. Pecora sees recent merger and acquisition activity as a signal for further consolidation in the industry.
“Now that interest rates are normalizing, negative marks on bank balance sheets are improving, which will likely open the door for more merger & acquisition activity. Meanwhile, several out-of-town (and state) community banks have announced their intent to open offices in the Rochester market. 2025 looks to be an active year in the banking industry,” said Pecora.
Keeping it personal
According to Pecora, one of the key’s to GRB’s continued growth is the high-touch service that GRB is known for among businesses, residents, and homebuyers. He provides advice for those just starting out in the banking industry that follows that theme.
“Building relationships within your company and in the community is one of the most important drivers of success in banking and, frankly, most careers. There is no better way to build relationships with your co-workers, your boss, vendors, and clients than spending time with them, in person,” said Pecora. “There is also no better way to learn than being around others. Be present.”
Read the full article the Power 30 on the RBJ website.
As a community bank. GRB is proud to offer a wide range of products and services developed to meet the needs of its customers in Central and Western New York. A particular specialty of the bank, niche lending for dental and veterinary practices was recently recognized in Independent Banker Magazine, a publication of the Independent Community Bankers of America (ICBA).
Developing the Expertise
Genesee Regional Bank Vice President, Professional Practice Team Lead Dave Cushman sat for an extensive interview with the publication. He provided insight into GRB’s journey into the Professional Practice niche and offered general tips for setting up a specialty practice area. GRB now serves more than 130 customers in its Professional Practice group and receives the majority of its leads as referrals.
“Creating a niche lending specialty isn’t an easy task for community banks. It is definitely a long-term strategy. You need to pull together a lot of resources and you have to have a significant commitment from executive leadership ,” said Cushman. “We’ve always had that at GRB. Our leadership team invested in the research, product development, personnel, and marketing resources needed for Professional Practice to be successful.”
Leadership and Commitment
“Our Professional Practice Banking team is tied in to the community and dedicated to supporting the dental and veterinary professionals who serve this region. That commitment aligns with our position as a community bank,” said GRB President and CEO Philip Pecora.
“We still see significant competition from larger national lenders,” said Cushman. “But GRB’s combination of competitive rates, flexible terms, and superior service gives professional practices the resources they need whether they are starting out, growing, or preparing to sell. They trust that we know how to help them every step of the way.”
Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. And in this time of expanded use of online and mobile banking, the problem is only growing worse. In fact, the Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $10 billion to phishing scams and other fraud in 2023—an increase of 13.6% over 2022.
It’s time to put scammers in their place.
Online scams aren’t so scary when you know what to look for. And at Genesee Regional Bank, we’re committed to helping you spot them as an extra layer of protection for your account. We’ve joined with the American Bankers Association and banks across the country in a nationwide effort to fight phishing—one scam at a time.
We want every bank customer to become a pro at spotting a phishing scam—and stop bank impostors in their tracks. It starts with these four words: Banks Never Ask That. Because when you know something sounds suspicious, you’ll be less likely to be fooled.
These four phishing scams are full of red flags:
Text Message: If you receive a text message from someone claiming to be your bank asking you to sign in, or offer up your personal information, it’s a scam. Banks Never Ask That.
Email: Watch out for emails that ask you to click a suspicious link or provide personal information. The sender may claim to be someone from your bank, but it’s a scam. Banks Never Ask That.
Phone Call: Would your bank ever call you to verify your account number? No! Banks Never Ask That. If you’re ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.
Payment Apps: Beware of text messages from someone claiming to be your bank saying your account has been hacked. The scammer may ask you to send money to a new account they’ve created for you, but that’s a scam! Banks Never Ask That.
You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying. For tips, videos and an interactive quiz to help you keep phishing criminals at bay, visit www.BanksNeverAskThat.com. And be sure to share the webpage with your friends and family this Cybersecurity Awareness Month.
Congratulations to Genesee Regional Bank (GRB) EVP, Director of Business Development Mike Pulver on being installed as the new President of the Board of Directors for the New York Mortgage Bankers Association (NYMBA) at the organization’s recent annual meeting held in Central New York.
A veteran of the mortgage and financial services industries, Pulver has more than 40 years of experience in sales management, recruiting, training, and business development. He joined GRB in 2014 and helped GRB become one of the top purchase-money lenders in the Rochester region. Pulver went on to double the bank’s mortgage team and expand mortgage operations into Central New York. In 2022, Pulver earned his Certified Mortgage Banker (CMB) designation from the Mortgage Bankers Association. Fewer than 1,500 individuals nationwide have earned the CMB designation.
Pulver will serve as the board president for the next year and help direct the NYMBA’s key initiatives. The NYMBA has already identified ways to increase housing inventory as a major effort for the coming year.
A graduate of St. John Fisher College, Mike is involved in local chapter of the Mortgage Bankers Association (MBA) and volunteers with the American Cancer Society and the United Way.
It is with great pride that we recognize VP, Relationship Manager Ian McLeod as a member of the Rochester Business Journal’s (RBJ) Forty Under 40 Class of 2024. This year’s class represents the 30th anniversary of the prestigious awards program.
Ian joins a select group of outstanding young professionals who will be the future leaders of the Rochester community. These individuals are achieving success in their careers and giving back in meaningful ways to build up our region.
With more than a decade of banking experience, Ian focuses on small business lending and was responsible for originating nearly half of GRB’s Small Business Administration (SBA) loans in 2022. He was recognized by the SBA Rochester Branch Manager with the “Spark Award” for his efforts.
Ian lends his time and talent to the community as a member of GRB’s Charitable and Volunteer Committee, Board Member and Finance and Audit Committee Member at Community Place of Greater Rochester and Charles Settlement House. He is also an Eagle Scout and member of the Scouts BSA Seneca Waterways Council Fund-raising Committee.
“Some people see a need and hope others will take care of it. Ian is the person who sees a need and takes care of it himself,” said GRB President and CEO Philip Pecora. “When we hired Ian, I found out that he was an Eagle Scout. To this day, Ian remains the Eagle Scout – always prepared, and always ready to make this community a better place. I cannot think of a better nominee for the Rochester Business Journal’s Forty Under 40 program.”
Ian holds an MBA in Finance, Accounting & Strategy from the University of Rochester and a Bachelor’s degree in Recreation Management from the University of Vermont.
New Program Offers First-time Homebuyers Up to $20,000 in Assistance Toward the Purchase of a House in the City of Rochester
Effective Aug. 1, 2024, the University of Rochester is expanding its popular Home Ownership Incentive Program. The program helps make the dream of homeownership a reality for university employees. Regular full-time and part-time faculty and staff, residents, and fellows are eligible.*
According to the University, approved recipients can receive up to $20,000 toward the first-time home purchase of a primary residence anywhere within the City of Rochester with a closing date of August 1, 2024, or later.† While there is no service requirement, the plan requires five-year occupancy and employment commitments from the buyer. Eligible faculty and staff whose total household gross income was less than $135,000 in 2022 may apply for calendar year 2024.
The University Home Ownership Incentive Program through Total Rewards provides new homeowners with:
The approval process for Home Ownership benefits may take up to four months. In addition, applicants may also be required to complete pre-purchase and post-purchase education classes at approved agencies.
“As a local community bank, GRB is proud to support the University of Rochester and the City of Rochester in this initiative,” said GRB’s Group Vice President, Residential Mortgage Manager Joseph A. Leone. “Down payment and closing costs can be a significant barrier for many first-time homebuyers. This program helps mitigate that issue and works toward the goal of increasing homeownership in the City of Rochester.”
Getting started
Apply online with the University of Rochester (application will be available beginning on Thursday, Aug. 1, 2024) and the Office of Total Rewards will verify employment eligibility.
Contact the City of Rochester for an application via email at [email protected].
* You are not eligible for the University Home Ownership Incentive Program if you are a postdoctoral fellow, postdoctoral research associate, postdoctoral teaching fellow, EDC Associate, or visiting faculty.
† Does not apply to current City homeowners whose primary residence is in the City.
‡ The loan is secured by a note and mortgage that obligate you to repay the loan to the University and create a lien against your home as security for your repayment obligation. The $10,000 loan becomes taxable when and to the extent that it is forgiven.
Steven Sauer has been selected as new Chairman of the Board for Genesee Regional Bank (GRB). E. Philip Saunders is becoming Chairman of Greater Rochester Bancorp., GRB’s holding company.
Genesee Regional Bank Chairman of the Board Steven Sauer
E. Philip Saunders, Chairman of the Board for Greater Rochester Bancorp
Genesee Regional Bank (GRB), a locally owned and operated bank specializing in commercial banking, personal banking, and residential mortgage lending, announces that after 23 years in the role, E. Philip Saunders has decided to step down as Chairman of the Board. Saunders will remain a Director of the GRB Board and continue to serve as Chairman of the bank’s holding company, Greater Rochester Bancorp. Longtime GRB board member Steven Sauer has been selected as the bank’s new Chairman. The new roles are effective immediately.
“GRB has enjoyed significant growth since its inception, and we see tremendous opportunity for continued growth in the future. Mr. Saunders’ leadership has shaped GRB from top to bottom. His ability to engage and guide GRB team members and directors has been essential to the bank’s success to date,” said GRB President and CEO Philip L. Pecora. “With Saunders as Chair since 2001, assets have grown from $48 million to $1.1 billion, and the bank has been recognized as one of the best performing community banks in the country—and in 2023, the only bank recognized in New York State—by both S&P Global Market Intelligence and the Independent Community Bankers Association. Bringing Sauer in as the new Chair ensures the continuity and steadfast commitment of our Board of Directors as they support GRB’s focus on delivering exceptional service to our valued clients. Mr. Saunders, who has driven the entrepreneurial spirit of GRB from its beginning, will remain integral in setting the bank’s overall strategic vision.”
E. Philip Saunders
E. Philip Saunders is a business icon in the Greater Rochester region, founding and investing in a wide range of businesses throughout his more than 65-year business career. The CEO of Saunders Management, Saunders’ is known for both his business acumen and philanthropic work. He founded Griffith Energy, Sugar Creek Stores, T/A, and Travel Centers of America, and has made impactful donations to colleges, hospitals, museums, and many other charitable organizations. Saunders has spent a tremendous amount of time mentoring both students and colleagues to help the Greater Rochester community thrive.
When selecting the new Chairperson to lead GRB, Saunders saw in Sauer the qualities needed to guide the bank’s growth while staying true to its mission of serving our local communities.
“Steve has been a valued member of the GRB Board of Directors for almost 20 years. Working with him so closely over the years made it clear that he was the right choice to keep moving the bank – and the Greater Rochester community – in the right direction,” said Saunders. “With Steve’s previous commercial banking experience, you have the perfect blend of business insight and community focus. He represents the dynamic progression that we want for GRB. I look forward to continuing working with him to further GRB’s community banking mission.”
Steven Sauer
Steven Sauer, a member of GRB’s Board of Directors since 2005, brings a broad range of experience to the position of Chairman of the Board at GRB. Sauer began his career in banking as a commercial lender before joining a small business. As COO and then CEO of Business Methods, Inc., Sauer turned the struggling company around and grew it to more than $30 million in revenue before selling it to Toshiba in 2004. Sauer stayed on with Toshiba Business Systems (TBS), holding a variety of regional and sales positions before being named president of TBS in 2020. Last year, Sauer was promoted to the role of Chief Revenue Officer for Toshiba America Business Solutions and is responsible for increasing the company’s revenue and profitability via its U.S. direct and indirect sales channels.
Like Saunders, Sauer has given back to the Rochester community in numerous ways, previously holding Chairman of the Board roles for both Young Entrepreneurs Academy and Unity Health Foundation, and President of the Mental Health Association of Rochester/Monroe County. He’s been recognized as a leader in the Rochester business community throughout his career as Chamber of Commerce “Small Businessperson of the Year,” Rochester Business Journal Forty Under 40 recipient, and Mental Health Association of Rochester/Monroe County “Volunteer of the Year.”
Sauer holds a Master of Business Administration degree from Rochester Institute of Technology and a Bachelor of Science degree from the State University of New York College at Geneseo. He is also a graduate of the Harvard Business School Executive Education Owner/President Management Program.
“Carrying on the mission of GRB is an extraordinary opportunity. I am grateful to be in a position where I can lead GRB’s Board and continue to help support the local business community,” said Sauer. “Mr. Saunders has always set an example for the GRB Board and its executive leadership. He is an unwavering champion for small business owners. As Chairman of the Board, I plan to follow that path and stay true to GRB’s founding principles.”
We are proud to announce that GRB President and CEO Philip L. Pecora was named to the Rochester Business Journal’s Power 100 List for 2024. The Power 100 recognizes community leaders making a positive impact on the Greater Rochester region.
Leadership in the Region
We are proud to announce that GRB President and CEO Philip L. Pecora was named to the Rochester Business Journal’s Power 100 List for 2024. The Power 100 recognizes community leaders making a positive impact on the Greater Rochester region.
According to RBJ Associate Editor and Publisher Ben Jacobs, “As with last year, the mix of industries represented is no surprise.
“The health care industry and the nonprofit sector, which are heavily intertwined in Rochester, have faced significant challenges over the past four years and many leaders from these areas appear on this list.
“We are optimistic that the people and organizations listed here will play a large role in helping Rochester continue to move forward and grow into the best community it can be.”
Looking Back on 2023
Responding to the RBJ’s questions, Pecora noted the challenges faced by both businesses and consumers as interest rates rose quickly throughout the last few years. But he also explained that the Fed has shifted its stance and may be prepared to begin trimming rates, which will be good news across the board.
“…My biggest accomplishment was working with my team through this difficult period; coming out of it with GRB in even better position to continue on our consistent growth path and serving the banking needs of our community.”
On a personal note, Pecora shared that if he wasn’t in banking, he would likely be in the construction industry.
“Similar to banking, in construction you play an integral role in helping a client improve their position — whether it’s an individual building a new home, an investor constructing a new project or a company investing in a new facility. I take great pride in being a part of the growth and success of others.”
GRB’s Growth
GRB was established by Founders E. Philip Saunders and partner Dan Gullace in 1996. Their goal was to re-establish a community bank presence and grow small business in the Rochester area. Since that time the bank has continued on a consistent growth path with more than a billion dollars in assets.
Under Pecora’s leadership, GRB spent the last three years focusing on bringing financial stability to small businesses and consumers. The bank supported the small business community during the Paycheck Protection Program and earned a Gold Award from the U.S. Small Business Administration for its small business lending activities last year.
We are proud of GRB’s community commitment and proud to have Pecora’s efforts recognized as part of the Power 100.
Read more on Phil’s Power 100 profile on the RBJ website.
