Episode Twenty-Five: All Things Chamber is at Lynn Sandy’s Bakery

Don’t Miss the Update

Are you a small business owner or aspiring business owner that identifies as: Minority, Women, LGBT, Disabled person, or Veteran owned? Unlock new opportunities for your business by becoming certified as a diverse business. Gain visibility and connect with major institutions while promoting diversity in commerce. Join us this summer to kickstart your journey towards certification with the Commonwealth of Pennsylvania.

Join us for this FREE networking –MEMBER ONLY– informational event. The afternoon will begin with a round-table introduction of all attendees and then offer a highlighted overview of Chamber programs and services delivered in a unique and informational format. Lunch will be served and networking will be encouraged. Seating is very limited, maximum two representatives per company please.

Upcoming Chamber Events

EVENT PAGE
MEMBER BENEFITS
Advertisements

Local leader elected to industry board

Robert F. Durkin elected to board of directors for Association of Chamber of Commerce Executives

Robert F. Durkin, president of The Greater Scranton Chamber of Commerce, has been elected to serve on the board of directors for ACCE, the Association of Chamber of Commerce Executives, an Alexandria, Va.-based association of over 9,000 professionals who work for and with more than 1,300 chambers of commerce.

Members of ACCE’s board of directors represent more than 50 organizations, including many of the world’s largest and most influential regional chambers of commerce.

“We are pleased to welcome Bob Durkin to the ACCE Board of Directors,” said Sheree Anne Kelly, ACCE president & CEO. “Durkin’s expertise and leadership will be invaluable as we continue to optimize our industry’s opportunities and leverage the ever-growing momentum for innovation, catalytic leadership, and economic vitality within our communities.”

Durkin has served as president of The Chamber since 2013. In his role as president, Durkin oversees planning, finances, staffing, and programming of The Chamber and its affiliate organizations: Lackawanna Industrial Fund Enterprises (LIFE), Scranton Lackawanna Industrial Building Company (SLIBCO), IGNITE, The Scranton Plan, MetroAction, Leadership Lackawanna, and Skills in Scranton.

Durkin served as president of the Northeast Regional Cancer Institute; founding executive director of the Lackawanna Heritage Valley Authority; vice president of The Greater Scranton Chamber of Commerce ( 1988–1993); and has worked in various capacities in the nonprofit and regional government arenas.

Durkin is a graduate of Penn State University and has undertaken advanced studies at the Institute for Public Administration at Penn State University and completed studies at the U.S. Chamber of Commerce  Institute for Organizational Management at the University of Delaware.

He is a member of the ACCE Major Cities Roundtable, Penn State Scranton Advisory Board, the Institute for Public Policy and Economic Development Advisory Board, board member and Treasurer of the Regional Foundation LLC.; board member of the Neighborhood Development Trust, Board member of The Arc of NEPA, and is active in regional Challenger (Special Needs) sports..

The mission of ACCE is to support and develop chamber professionals to lead businesses and their communities. ACCE identifies and analyzes trends affecting communities, shares best practices, and develops benchmarking studies, in addition to providing other tools to help chamber leaders manage and improve operations at their organization and achieve the highest impact in their communities.

About ACCE

Established in 1914, ACCE is an association of over 9,000 chamber professionals from 1,300 chambers of commerce throughout the United States, including 93 of the top 100 U.S. metro areas and a host of international markets. The combined membership of ACCE chambers is close to one million businesses. Chamber leaders look to ACCE for best practices, networks, and new ideas that will help them advance the interests of their communities. ACCE recommends successful programs and strategies, and identifies trends, partners, and business models that show promise. For more information, visit www.ACCE.org.

The Greater Scranton Chamber of Commerce

The Greater Scranton Chamber of Commerce is a not-for-profit organization that works to improve the area’s business, economy, leadership, workforce, and quality of life by offering programs and services that attract, sustain, and grow businesses and jobs in northeastern Pennsylvania. For more information about The Chamber, visit www.scrantonchamber.com.

Lackawanna College Police Academy Graduation to Host Scranton Police Detective

WHEN: Tuesday, July 30, 2024, at 6:00 p.m. Doors open at 5:30 p.m.

WHERE: Lackawanna College’s Peoples Security Bank Theater, Angeli Hall, 501 Vine St., Scranton, PA.

WHAT: The Lackawanna College Police Academy will graduate the full-time Class 262. The graduating class includes 26 cadets who are set to embark on their careers in law enforcement.

Kevin Mahoney, Director of Police Academy Operations, will welcome attendees and present certifications to the cadets. We are honored to have Scranton Police Detective Kyle Gilmartin as our guest speaker. Detective Gilmartin will share his insights and experiences to inspire the new graduates.

MEDIA RSVP: Space is limited, and media representatives are requested to RSVP prior to attending the event. Please contact Eric Eiden, Media Relations Coordinator, at eidene@lackawanna.edu or (570) 961-7807.

PennDOT/BPC Announce Lane Restrictions for Interstate 81

Motorists are advised that the Pennsylvania Department of Transportation (PennDOT) and Bridging Pennsylvania Constructors (BPC) are announcing lane restrictions on Interstate 81 northbound and southbound as part of the I-81 Susquehanna Bridges Project. Work will take place Saturday, July 27th, 2024 through Friday, September 13, 2024, between MM 223.6 and MM 232.7 from New Milford to Great Bend for paving, guide rail repair, and bridge beam installation and maintenance between 6:00 PM to 6:00 AM.

This project is part of the ongoing PennDOT Major Bridges P3 Program. Bridging Pennsylvania Developers – I (BPD-I) is led jointly by Macquarie Capital and Shikun & Binui USA as Lead Project Developers and Equity Members. The Bridging Pennsylvania Constructors (BPC) joint venture (JV) consortium includes the design & construction expertise of FCC Construction and S&B USA Construction, based in Pittsburgh, Pennsylvania. S&B USA Construction is the construction arm of Shikun & Binui Ltd, and is also the parent company of Fay, one of the BPC four (4) Major Bridge subcontractors. Other Major Bridge subcontractors include The H&K Group, Kokosing Construction Company, Wagman Heavy Civil, and Lead Designer, Michael Baker International. 

Motorists can check conditions on major roadways by visiting www.511PA.com. 511PA, which is free and available 24 hours a day, provides traffic delay warnings, weather forecasts, traffic speed information, and access to more than 1,000 traffic cameras. 511PA is also available through a smartphone application for iPhone and Android devices, by calling 5-1-1, or by following local alerts on X.

511PA is also available through a smartphone application for iPhone and Android devices, by calling 5-1-1, or by following regional Twitter alerts accessible on the 511PA website.

Subscribe to PennDOT news and traffic alerts in Lackawanna, Luzerne, Pike, Susquehanna, Wayne, and Wyoming counties at www.penndot.pa.gov/District4.

Information about infrastructure in District 4, including completed work and significant projects, is available at www.penndot.pa.gov/D4Results. Find PennDOT’s planned and active construction projects at www.projects.penndot.gov.

Find PennDOT news on X, Facebook, and Instagram.

Dimeco, Inc. Announces Second Quarter 2024 Earings

Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank reported total assets of $1.026 billion on June 30, 2024, an increase of $57 million or 5.9% from the second quarter of 2023. Total loans of $746 million reflect an increase of $59.9 million or 8.7% over last year. Total deposits were $874 million on June 30, 2024, an increase of $78.6 million or 9.9% over the previous year. Stockholder’s equity remains well-capitalized with an increase of 10.2% or $9.4 million from June 30, 2023, to $101.4 million on June 30, 2024.

Net income of $5.4 million for the first six months of 2024 was $444 thousand more than the same period last year, resulting in an annualized return on average assets of 1.08% and return on average equity of 10.96%. 

Dimeco’s Board of Directors declared dividends of $.80 per share for the first half of 2024, a 5.3% rise over last year, resulting in an annualized dividend yield of 4.46%.

President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present the second quarter results of Dimeco, Inc. The growth experienced since the beginning of the year continued and management is focused on positioning Dimeco for future growth and earnings. Additionally, we welcomed our newest director, Mike Peifer, and look forward to his contributions. As always, we are dedicated to serving our shareholders, customers, and communities.”

PS Bank Ranked #36 Nationally on American Banker List

PS Bank is pleased to announce it has been ranked as the #36 highest bank on American Banker’s list of the Top 100 Community Banks under $2 billion in the United States as published in its June 2024 edition of the magazine.

The 2024 ranking marks the twelfth consecutive year that Peoples Ltd. (PPLL) was included among institutions that are ranked based on three-year average Return on Equity (ROAE). The 2024 ranking is an improvement of six spots from last year’s #42 ranking.

With a three-year average ROAE of 16.15%, PS Bank continues to be a leading bank strongly serving customers throughout northeastern and central Pennsylvania.

Anthony J. Gabello, President & CEO, said “I am extremely proud of the hard work being done by our PS Bankers throughout the communities we serve. Our customers continue to value our services and support our bank, allowing us to improve each year. Being able to improve our ranking to #36 in a turbulent year for banking is a testament to the dedicated service we provide to our customers and to our strength as a community bank.”

Treasurer Stacy Garrity Visits Pocono Raceway to Return Unclaimed Property

Treasurer Stacy Garrity and ABC News’ Good Morning America (GMA) teamed up to return more than $8,000 in unclaimed property to NASCAR fans at Pocono Raceway during NASCAR Race Weekend on Saturday, July 13.

“What a tremendous event! Returning money to enthusiastic NASCAR fans at the iconic Pocono Raceway with Gio Benitez and the great team from GMA was a thrill,” Treasurer Garrity said. “We couldn’t ask for better partners – huge thanks to everyone at the Raceway and GMA. I encourage everyone to search for any unclaimed property that might be available to them. It’s so easy to do. Pennsylvanians can search online and find their unclaimed property in less time than it takes a NASCAR driver to finish a lap at the Tricky Triangle!”

“It’s always a pleasure hosting Treasurer Garrity and her team at the raceway,” said Ben May, President of Pocono Raceway. “We’re thrilled for all the Pennsylvanians that were reunited with their property. This was a fun way to add some extra excitement to our NASCAR Race Weekend by surprising fans.”

Treasurer Garrity, her staff and GMA co-anchor Gio Benitez were busy all afternoon, reuniting $8,086.29 worth of unclaimed property with more than 34 attendees. One woman visited the booth to see if her mother had any unclaimed property, but instead discovered more than $2,800 for herself.

“That’s a great example of why it’s important to search our website,” Treasurer Garrity said. “I hear from people all the time who say they’re absolutely certain that they couldn’t possibly have any unclaimed property… and then they search, and they do!”

At the July 13 event, Treasurer Garrity returned $2,607.17 to Pocono Raceway.

Unclaimed property includes things like dormant bank accounts, uncashed checks, insurance policies, contents of forgotten safe deposit boxes and more. State law requires businesses to report unclaimed property to Treasury after three years of dormancy.

Treasury is working to return more than $4.5 billion in unclaimed property to its rightful owners. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600.

To learn more about unclaimed property and to search Treasury’s database, visit patreasury.gov/unclaimed-property.

Norwood Financial Corp Announces Second Quarter Earnings

Subsidiary Wayne Bank announced James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market-NWFL) announced earnings for the three months ended June 30, 2024 of $4,213,000, which was $2,290,000 lower than the same three-month period of last year. The decrease includes a $717,000 decrease in net interest income, a $424,000 increase in total other income, a $506,000 increase in total other expense, and a $2,097,000 increase in the provision for credit losses. Earnings per share (fully diluted) were $0.52 in the three months ended June 30, 2024, compared to $0.81 in the same period of last year. The annualized return on average assets for the three months ended June 30, 2024, was 0.75%, while the annualized return on average tangible equity was 11.26%.

Net income for the six months ended June 30, 2024, was $8,646,000, which is $3,639,000 lower than the same six-month period of 2023, due to a decrease in net interest income an increase in the provision for credit losses and an increase in operating expenses, partially offset by an increase in total other income. Earnings per share (fully diluted) for the six months ended June 30, 2024, were $1.07, compared to $1.51 for the six months ended June 30, 2023. The annualized return on average assets for the six months ended June 30, 2024 was 0.78%.

The annualized return on average tangible equity for the six months ended June 30, 2024 was 11.46%.

Total assets as of June 30, 2024 were $2.235 billion, compared to $2.142 billion at June 30, 2023. At June 30, 2024, loans receivable were $1.623 billion, total deposits were $1.811 billion and stockholders’ equity was $182.2 million. For the three months ended June 30, 2024, net interest income, on a fullytaxable equivalent basis (fte), totaled $15,124,000, a decrease of $705,000 compared to the same period in 2023. A $150.8 million increase in average time deposits, combined with a 126 basis points increase in the cost of time deposits, contributed to the decreased net interest income. Borrowing costs also increased, offsetting a $4,447,000 increase in total interest income. Net interest margin (fte) for the three months ended June 30, 2024 was 2.79%, compared to 3.09% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 57 basis points to 5.14% during the three months ended June 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 108 basis points to 3.09%. Net interest income (fte) for the six months ended June 30, 2024 totaled
$30,029,000, which was $2,075,000 lower than the same period in 2023, due primarily to a $11,762,000 increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.79% for the six months ended June 30, 2024, as compared to 3.17% for the six months ended June 30, 2023. The decrease in the net interest margin (fte) was due to a 127 basis points increase in the cost of interest-bearing liabilities, which offset the 64 basis points increase in the yield on interest earning assets. Other income for the three months ended June 30, 2024, totaled $2,207,000,
compared to $1,783,000 for the same period in 2023. The increase is due primarily to a $151,000 increase in service charges on deposit accounts, and a $212,000 loss on the sale of investment securities in 2023. For the six months ended June 30, 2024, other income totaled $4,213,000, compared to $3,695,000 for the six months ended June 30, 2023.

For the six months ended June 30, 2024, other expenses totaled $23,175,000, compared to $21,374,000 for the same period in 2023, due primarily to an increase in professional fees, data processing costs and FDIC insurance. Mr. Donnelly stated, “Our second quarter income decreased from the 2023 level due to a release of provision for credit losses in the three months ended June 30, 2023 and the rising cost of deposits and borrowed funds. These decreases were partially offset by a $424,000 increase in non-interest income. On a linked quarter
basis loan growth was an annualized 4.9%. Total deposits decreased $28 million compared to the first quarter of 2024. This was due to a seasonal outflow of municipal deposits of $53 million offset by inflows of $25 million of other customer funds, a 7.3% annualized increase. The net interest margin was stable at 2.79% for the first and second quarter. Our core operating expenses remain well-controlled at 2% of average assets during the quarter. Our capital base remains above “Well Capitalized” targets. Additionally, our credit quality metrics remained strong during the second quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers.”

Norwood Financial Corp is the parent company of Wayne Bank, which
operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL.”

Northeast Title and Tag to Host Peeling Plate Rally

Northeast Title & Tag, in cooperation with State Representative Bridget Kosierowski, is pleased to announce the Peeling Plate Rally, an initiative aimed at streamlining the replacement process for illegible, peeling license plates within our community. Our proactive approach involves assisting individuals in completing the necessary paperwork more efficiently than if done independently and mailing the forms to the Pennsylvania Department of Transportation (PennDOT).
In support of the Pennsylvania State Police, there will be an officer on-site to inspect peeling plates and sign off on the required forms, certifying the plate as illegible. The forms will be provided on-site to individuals seeking to replace their peeling plates.

Additional Details Required from Participants:
– Copy of valid vehicle registration card and Driver’s License/Photo ID
– Both owners must be present with valid ID if two individuals are listed as vehicle owners
– For vehicles registered in a company’s name, an authorization letter allowing the present individual to sign on behalf of the company is required, along with the aforementioned documentation.

Once all necessary information is collected and confirmed, Northeast Title & Tag will handle the paperwork and messenger it to PennDOT for processing. Once processed, the new plates will be sent back to Northeast Title & Tag’s office for customer retrieval at their convenience.

During the Peeling Plate Rally, Northeast Title & Tag is waiving ALL SERVICE FEES associated with this type of transaction. It is important to note that PennDOT will replace the plates free of charge, resulting in no cost whatsoever for customers.

For further information, please contact:
Joseph Grasso
compliance@netitle.org
570-895-1000 Ext. 2001