Bank OK’d for government deposits
An application to form a limited purpose commercial bank has been approved by the Federal Deposit Insurance Corporation and the New York State Department of Financial Service.
The new subsidiary’s lone function is to allow municipalities and other public entities to make deposits with Generations Commercial Bank.
Generations, founded in 1870 and headquartered in Seneca Falls, serves businesses, municipalities and residents across the Finger Lakes region and western New York.
The application’s approval positions the bank to seek new opportunities for growth.
“The limited purpose commercial bank is an important development for Generations and for our communities,” said Menzo Case, president and CEO of Generations, in a press release. “By placing funds on deposit with Generations, our local towns, villages and schools can be sure that their funds will be put back to work, right here in our community, creating opportunities for growth and building our local economy.”
Auburn hydroelectric project honored
C&S Cos., a Syracuse-based engineering firm, announced it received a state award for designing an Auburn project.
The North Division Street Hydroelectric Powerplant, a structure dating back to the 1800s, was designed a complete facility rehabilitation by C&S. This includes engineering and architectural planning for dam reconstruction, sluiceway, power channel, control gates, a turbine generator, switchgear, powerhouse and access platforms.
The structure, which has a power canal leading to a hydroelectric turbine, had its equipment online from 1992 to 2014. The city of Auburn had ceased operation because of the cost of repairing mechanical failures and deficiencies.
C&S also provided regulatory permitting and CA/CI during the structure’s construction.
The award was given by the American Council of Engineering Companies, New York Chapter during the annual Engineering Excellence competition. More than 5,500 firms comprise the council’s membership.
Auburn man joins CPA firm
Dermody, Burke & Brown, CPAs LLC recently hired Auburn resident Nicholas Marinelli as an associate to the company’s Syracuse office.
Marinelli, who received a bachelor of science degree in accounting from SUNY Oswego, works in the auditing and accounting department at Dermody, Burke & Brown. He has previous experience in public accounting and is working to earn his designation as a certified public accountant, the company said in a press release.
Dermody, Burke & Brown has offices in Syracuse, Auburn and New Hartford.