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 2023 list.

From the RBJ’s Associate Publisher and Editor Ben Jacobs, “The people on this list have helped Rochester’s banking and finance industry navigate COVID-related uncertainty, significant supply chain and labor disruptions, increases in interest and inflation rates, and unpredictable economic conditions. They have kept their clients apprised of new rules and regulations, financing options, investment opportunities and more. They have pushed innovation forward to deal with myriad challenges and have led the way through a period of tremendous uncertainty.”

Leadership through change

Under Pecora’s leadership, GRB has shown steady growth. While Fed rate hikes over the last 18 months have been a significant challenge for the banking industry as a whole, Pecora remains optimistic.

“The Greater Rochester economy was resilient through the pandemic and has shown continued strength through this rising interest rate environment. Our local businesses’ balance sheets are strong, unemployment is low and housing values have stabilized. As a result, there has been a resurgence of community banks in our area who are interested in serving our local businesses and residents. Our recent history of stability as a reinvented, diverse small business town makes our community an attractive place to bank,” said Pecora.

Building on our strengths

According to Pecora, one of the key’s to GRB’s continued growth is the bank’s unique focus on providing products and services for Upstate New York businesses, residents, and homebuyers.

“I’m a Rochester native and I’m proud of how this community continues to evolve. At GRB, we do the same,” said Pecora. “Being privately owned by local entrepreneurs, we at GRB certainly are excited to call Rochester our home and look forward to continuing to grow with our valued clients and greater community.”

This strategy has led GRB through both opportunities and challenges, with the bank appearing on both the Greater Rochester Chamber of Commerce Top 100 list and the Best Companies to Work for in New York list. In 2020, Standard & Poor Global Market Intelligence named GRB one of the “Best-Performing Community Banks for 2020.” Ranking at no. 23, GRB was the only bank in New York state on the national list. GRB was also recognized by the Independent Community Bankers of America (ICBA) as one of the “top-performing community banks of 2023.” Again, GRB was the only New York state bank on the nationwide list.

Read the full article the Power 30 on the RBJ website.

Congratulations, Phil!

October is Fire Prevention Month and this week, October 8-14, is Fire Prevention Week. Since 1922, the National Fire Protection Association (https://www.nfpa.org/) has sponsored the public observance of Fire Prevention Week. In 1925, President Calvin Coolidge proclaimed Fire Prevention Week a national observance, making it the longest-running public health observance in our country. During Fire Prevention Week, children, adults, and teachers learn how to stay safe in case of a fire.

Genesee Regional Bank is not only committed to helping people in our community find the home of their dreams, but also to keep those homes safe so they can continue making memories in them for years to come. We’re fortunate to have some of our own employees serve in the community as volunteer firefighters. Information Security Analyst Joel Kaigler and Vice President, Sr. Commercial Relationship Manager Denis Jefferies provided us with a few tips on keeping your home and family safe from fires and carbon monoxide:

Check Your Smoke & Carbon Monoxide Detectors

First and foremost, check smoke detector batteries and put detectors in every room and sleeping area. It’s important to have them on every level of your home and perform regular testing once a month to ensure the detectors are functioning properly. You should replace your smoke detectors around every 10 years from the manufacture date. Depending on your municipality, the local fire department may have a program to install these and/or provide them for you free of cost, so check to see if a program is offered in your area.

Second, install carbon monoxide (CO) detectors in your home. Carbon monoxide is produced by various fuel burning appliances (gas stoves, gas furnaces, fireplaces, etc.). If those appliances aren’t venting properly, it can create a dangerous buildup of the gas inside your home. Carbon monoxide is lighter than air, so you want to put your detectors around 3-5 feet off the ground. Install these detectors in a garage, outside sleeping areas, and in the basement (but be careful not to place them near any gas burning appliances which can produce false positives). If your carbon monoxide detectors go off, call 911 and evacuate with your family and pets until the fire department arrives.

Have an Exit Plan

In the event of an actual fire or gas leak, it’s crucial to develop an exit plan and review the plan with all the members of your family. You’ll want to review with all family members how to exit the home and get to a meeting spot somewhere out of danger and away from the structure. With younger children, it’s important to take them to a fire department open house and let them see firefighters in full gear, if possible. Once fully masked and suited up, firefighters can look frightening to younger kids, so having a chance to be exposed to them in a friendly setting can prepare children in case of an emergency.

Make Your House Number Visible

Finally, another item that can save valuable time when emergency help is called to your home is making your house number as obvious to see as possible. Replace house numbers that are too small or are falling off or in bad condition. It may not be top of mind, but you want emergency responders to be able to identify the house, park, and go inside to help – because seconds really do count.

At GRB, we are proud to provide this important information and recognize the extraordinary work of Denis, Joel, and the rest of our community’s emergency responders during Fire Prevention Month – and always.

In 2021, Congress enacted the Corporate Transparency Act. This law creates a Beneficial Ownership Information (BOI) reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

New requirements start Jan. 1, 2024

Beginning on January 1, 2024, many companies in the U.S. will have to report information about their beneficial owners. Beneficial owners are the individuals who ultimately own or control the company. Companies must report will report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury. 

Generally speaking, companies structured as corporations, LLCs, and those created by filing a document with the secretary of state or similar office under the law of a State or Indian tribe are likely required to report BOI. For the organization, BOI information includes legal names, DBAs, addresses, TIN, and other basic information.

The information being collected for individual beneficial owners helps establish the identity of the individual. It includes birth date, residential address, and identifying number and image of government-issued documentation (driver’s license, passport, etc.). For reporting entities, a beneficial owner is defined as an individual who either directly or indirectly:

• Exercises substantial control over the reporting company (i.e. senior officer, important decision makers, individuals with appointment or removal authority), or
• Owns or controls at least 25% of the reporting company’s ownership interests (i.e. equity, stock, voting rights, convertible instruments, capital or profit interest, options, and the like)

Additional resources

Consumer protection, business, risk management, and insurance professionals all point to the same conclusion when it comes to check fraud:

Check fraud is not something that can be avoided. It is something you and your business will need to address.

Rising numbers

According to the 2023 AFP Payments Fraud and Control Survey, 65% of organizations were victims of payment fraud attacks. Of those, 63% of cases involved fraud activity via checks.

Check fraud does not discriminate by type of business or geography. Last year, criminals targeted more than 25 GRB customers for over half a million dollars in attempted check fraud. Positive Pay caught and deescalated all of these attacks.  

Check washing is one of the oldest tricks in the book, but with the rise of new video-sharing apps, such as TikTok, a would-be scammer can learn a variety of methods to wash a check in the time it takes to read this article.

In 2022, businesses lost more than $8.8 billion dollars to check fraud, according to the Federal Trade Commission. That represented an increase of 30% from 2021.

Preventing Check Fraud with Positive Pay

The best thing you can do to prevent check fraud is to stop writing checks. Of course, this is not always possible when running a business. The second-best thing you can do is enroll in Positive Pay.

GRB offers Positive Pay, free of charge, to all commercial banking customers. It safeguards against check fraud by implementing a system of validation by cross-referencing them against a pre-approved list of issued checks. Any discrepancies in the checks being cashed are flagged for review by Positive Pay. A business can review Positive Pay items can happen from anywhere in the world, via your mobile device or computer, in a matter of seconds.

Positive Pay is simply the best defense against check fraud, and it costs nothing to enroll. Contact your GRB Relationship Manager or our Commercial Relationship Associate Team for more information about Positive Pay.

Criminals continue to find creative ways to attack businesses. Positive Pay makes sure that every check cashed is one actually written by your business.

$125,600 =

The average amount a company loses to a Business Email Compromise (BEC) attack

Business Email Compromise (BEC) is one of the most financially damaging online crimes. With losses topping more than $2.7 billion last year and a year-over-year increase in attacks of 14.5%, BEC is a significant threat.

What is BEC?

In a BEC scam, criminals send an email message that appears to come from a known source making a legitimate request, like these examples:

• A vendor your company regularly deals with sends an invoice with an updated mailing address or account information.
• A company CEO asks her assistant to purchase dozens of gift cards to send out as employee rewards. She asks for the serial numbers so she can email them out right away.
• A homebuyer receives a message from his title company with instructions on how to wire his down payment.

Versions of these scenarios happened to real victims. All the messages were fake. And in each case, thousands—or even hundreds of thousands—of dollars were sent to criminals instead.

How BEC Works

In this graphic provided by the Federal Bureau of Investigation (FBI) a BEC attack is conducted through careful research to identify targets, groom company representatives, make the request, and finally, secure a fraudulent payment.

Examples of some of the more damaging BEC attacks can be found here.

The ABCs of Avoiding BEC Scams

Scammers do their homework to make their communications sound believeable. They may research company executives’ social media accounts and reference company posts to make their demands sound more realistic.

But in most cases, breaking up a BEC attack is as simple as picking up the phone to verify instructions or reading between the lines to see if an email really “sounds like” the person you know. BEC attacks are preventable. The ABCs below provide a good start for minimizing your company’s risk.

As is the case with most cybercrimes, it’s much easier to prevent a BEC attack than to recover from one. In addition to the financial loss, victims of a BEC attack can end up tied up in lawsuits with customers, vendors, and insurers for years. The cost in time, resources, and reputation warrants taking a few extra seconds to follow the ABCs and keep your business safe.

The Linked Deposit Program (LDP) helps existing New York State firms obtain reduced-rate financing so they can undertake additional investments in their business. GRB has completed a number of these loans successfully and it can be an option for qualifying organizations lower their interest costs and move forward on business objectives.

Businesses commonly use LDP to:

• Improve their competitiveness
• Expand their markets
• Develop new products
• Introduce new technologies
• Facilitate ownership transition
• Modernize their equipment, increase their capacity or capabilities
• Expand their facilities, purchase real estate or make building renovations

How it works

Eligible businesses obtain loans from their bank and the New York Business Development Corporation.

New York State places a deposit for the same amount as the loan at the bank and earns less interest on the deposit, allowing the lender to transfer the interest rate savings on to the borrower. At the end of the four year term of Linked Deposit assistance, the bank returns the deposit to New York State.

For lenders, LDP provides a number of advantages that makes lending to eligible businesses more favorable.

Program limits

• An eligible business can have an unlimited number of LDP loans outstanding, totaling $6 million.
• The single deposit limit has been increased to $4 million; there is no minimum deposit.
• Total lifetime assistance (including renewals and prior deposits) cannot exceed the legislated lifetime maximum of $6 million.

Who qualifies?

• An eligible business can have an unlimited number of LDP loans outstanding, totaling $6 million.
• The single deposit limit has been increased to $4 million; there is no minimum deposit.
• Total lifetime assistance (including renewals and prior deposits) cannot exceed the legislated lifetime maximum of $6 million.

If interest rates have been pushing off plans for expanding your business or adding a new product or service and you qualify, LDP can be a great way to secure the funding needed to meet your goals. Contact GRB’s Commercial Banking Team for more information.

Find more information on LDP on the Empire State Development website.

At Genesee Regional Bank, we want to recognize E. Philip Saunders for all that he does for not only for the bank, but for the community. As a founder and chairman for numerous influential organizations, including GRB, Saunders has played a pivotal role in contributing to the Finger Lakes Region as a businessman and philanthropist.

Saunders was recently acknowledged for advancing a transformative project for the Finger Lakes Region. Featured in Life in the Finger Lakes magazine, the Saunders Foundation made a generous contribution to an up-and-coming museum that will exhibit the culture and natural history of all the Finger Lakes. The museum’s exhibition hall will be expanded and officially named the Saunders Finger Lakes Museum.

The museum stands dedicated to celebrating the cultural and natural history of the area, situated on a breathtaking 30-acre campus along Keuka Lake in Branchport. The Saunders Finger Lakes Museum offers visitors an array of experiences, including wetlands, walking trails, lake views, paddling programs, a children’s natural playscape, and an outdoor exhibit showcasing the region’s 11 lakes. Construction of the new main exhibition building is set to commence after planned demolition and site preparation in the upcoming fall.

Find out more about the museum and its future at www.fingerlakesmuseum.org.

GRB is proud to announce that the bank has been recognized by the Independent Community Bankers of America (ICBA) on the 2023 list of “top-performing community banks” in the most recent edition of “Independent Banker” magazine. Ranked at no. 24 in the more than $1 billion asset category, GRB also appeared on the ICBA list in 2021 and is the only New York state bank on the nationwide 2023 list.

ICBA’s calculations aim to recognize community banks that are consistent high performers. Using FDIC data, it looks at pre-tax return-on-assets (ROA) figures from the past three years, with the most recent year weighted at 3x, second most recent year at 2x and third most recent year at 1x. ICBA divides the community banks into three broad segments based on asset size and ranks each segment based on the three-year weighted average ROA. GRB’s three-year average pre-tax ROA of 2.25% puts it among the top 1.88% of community banks in all 50 states. In the northeast, only four community banks were part of this year’s ICBA list of 75.

“Both the uncertainty of the last few years and the recent interest rate increases have taken a toll on the banking industry as a whole. At GRB, we are pleased that the Bank remains strong financially and continues to effectively serve our clients and the local community,” said GRB President and CEO Philip L. Pecora.

Pecora also credits GRB’s continuous technology investments and high-performing workforce with creating a strong culture of service that resonates with local customers.

“Our investment in technology made it possible to react quickly during the pandemic, but it is our people who continue to make sure that our customers receive the superior level of service that sets community banks, like GRB, apart,” said Pecora. “We strive to cultivate a customer-centric, relationship-driven culture at GRB, which is a key factor in the Bank’s ongoing success.”

Over the past three years, GRB was recognized for a number of other accomplishments, including earning Diamond Award status from the U.S. Small Business Administration, being named to the “Greater Rochester Chamber Top 100” list of fastest-growing privately owned companies, and being recognized as one of the “Best Companies to Work for in New York” by the Society for Human Resource Management.    

Theft and fraud are problems day to day. But when you travel, the risk can increase. Follow these tips before, during, and after to make sure your money and your identity remain safe and secure while traveling.

Before you leave

• Call your bank and credit card companies: Let them know your itinerary to avoid service disruptions. You can also choose to temporarily freeze any financial accounts you won’t need while traveling.
• Don’t share your travel plans online: It’s exciting to talk about your upcoming vacation plans on your socials, but you could be giving fraudsters a helpful heads up. Only share your plans with people you trust.
• Put your mail on hold: Nothing says, “Nobody’s home” like a stack of mail or newspapers. You can een sign up with the USPS to put your mail on hold using their online portal.

Be prepared

• Eliminate unneccessary items from your wallet: Only bring cards and identification that you plan to use. All other identifying information should be removed.
• Keep luggage tag info to a minimum: A phone number and last name are adequate to recover lost luggage. Don’t provide thieves with your full address, email address, or other information on your luggage tag.
• Copy important documents: Keep copies of important documents in a separate, safe place when you travel. This includes passports, driver’s licenses, credit cards, etc. If anything is misplaced or stolen, these copies will be critical.
• Add security options to your devices: Implement multi-factor authentication and set up recovery steps for critical apps. Take advantage of PIN code and biometric scanners on phones, tablets, and laptops. Also, consider installing an app to help locate your devices if they get lost or stolen.

While you are away

• Don’t share your itinerary in real time: Again, social media accounts contain a treasure trove of information that can be used to steal your identity or even plan a theft of your home or hotel. Continue to be cautious about what you post on your socials.
• Think safety first when accessing cash: When using ATMs, try to find ones that are monitored by security cameras or secured in a bank lobby. This will reduce the risk that a skimmer has been installed in the ATM or that thieves can watch your transaction.
• Avoid using public WiFi for financial transactions: Be careful when using public WiFi. Identity thieves may try to hack these connections and steal your personal information.
• Lock up important documents and valuables: If your vacation stay has a safe, use it. Lock up important documents, jewelry, devices, identifiable information, and extra cash and credit cards.

When you return

• Review your bank and credit card account statements: Make sure you can identify all the charges and that the dates and locations match up with your itinerary. If they don’t, contact your bank or credit card company immediately. Don’t forget to let your bank and credit card companies know you’ve returned from your vacation.
• Update account passwords: If you were forced to access any of your accounts from a public computer or public WiFi, change the passwords on those accounts for added security.
• Shred sensitive documents: While some of your recipts may recall fond memories of your travels, they also contain important private information. Consider shredding items such as boarding passes, flight itineraries, and rental receipts.

Vacation should be a relaxing and wonderful experience, but to stay safe and secure while traveling requires special attention. For additional information on fraud and security, check our website. If you have any concern about fraud on your GRB accounts, please call us or contact us online.