NBT Bank Senior Vice President and Chief Investment Officer Kenneth J. Entenmann, CFA presenting on fed policy – one of the bricks in his "Wall of Worry" – during Thursday morning's Economic Forecast Breakfast. (Grady Thompson photo)
NORWICH – Commerce Chenango held its annual Economic Forecast Breakfast on Thursday morning at the Canasawacta Country Club, featuring keynote speaker and NBT Bank Senior Vice President and Chief Investment Officer, Kenneth J. Entenmann, CFA.
Commerce Chenango President and CEO Steve Craig presented first at the breakfast to discuss local economic development and opportunities in Chenango County, before NBT Bank President and CEO John H. Watt, Jr. provided an update on the bank's year in 2018.
Craig provided an overview on local economic development, including the $30 million expansion at Unison, a $70 million investment at Norwich Alvogen, and Chenango County being recognized as an economic resilient area by the Appalachian Regional Commission (ARC).
Despite the recent announcement of some local businesses closing in Norwich, Craig spoke about how in general Chenango County has managed to weather the economic storm thanks its primary employers, such as Raymond Corporation, Chobani, Norwich Alvogen, Unison, Golden Artist Colors, NBT Bank, and others.
Craig read an excerpt from a case study conducted by ARC, which stated, "Chenango County has experienced numerous economic disruptions over the years, but the economy has consistently weathered those storms, making it an ideal candidate for further study on economic resilience."
He also displayed a chart which shows Chenango County had the third largest change in private-sector jobs of all non-metro counties in the state from November 2008 to November 2018, behind just Seneca and Sullivan counties.
Taking the podium after Craig was Watt, offering an update on NBT Bank. Watt said NBT Bank had its sixth straight record year, with a net income of $112.6 million––the first time over $100 million in NBT Bank history. He also reported a new EPS record of $2.56 earnings per share.
Personnel-wise, Watt announced some of the members of its executive management team, including Executive Vice President and President of Retail Community Banking Joe Stagliano, and Executive Vice President of Consumer Lending Shauna Hyle.
