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.
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.
Bank spoofing via text is a deceptive tactic employed by cybercriminals to trick individuals into divulging sensitive financial information or executing fraudulent transactions.
These spoofing attempts often involve sending text messages that appear to originate from legitimate financial institutions, such as banks or credit card companies. The messages typically contain urgent requests for account verification, password resets, or notifications of suspicious activity, prompting recipients to click on links or provide personal details.
To avoid falling victim to bank spoofing via text, individuals should exercise caution and adopt the following preventive measures:
Fake or Real?
Take your time and consider previous interactions with your financial institution before responding to a text message link.
Verify the Sender: Always verify the authenticity of text messages purportedly sent by your bank or financial institution. Legitimate messages usually come from official contact numbers or short codes, not random phone numbers.
Do Not Click Links: Avoid clicking on links embedded within unsolicited text messages, especially those requesting account login credentials or sensitive personal information. If you want to confirm that the message is legitimate, visit GRB’s website directly by typing the URL into your browser or using your online banking app directly.
Beware of Urgency: Cybercriminals often create a sense of urgency to pressure recipients into taking immediate action. Be wary of text messages that claim your account is compromised or requires urgent attention, especially if you didn’t initiate the communication.
Never Reply or Unsubscribe: Legitimate companies will offer you a STOP option to unsubscribe from text message marketing…and will likely honor your request. Scammers will not. By responding to a spam text, you’re confirming to the scammer that the number is valid. From there, your phone number may be sold to other scammers, increasing your odds of receiving scam texts.
Enable Two-Factor Authentication (2FA): Implementing 2FA adds an extra layer of security by requiring a secondary form of verification, such as a code sent to your mobile device, before accessing your account. This can thwart unauthorized access even if your login credentials are compromised.
Educate Yourself: Stay informed about common phishing and smishing tactics. GRB’s customer newsletters often contain fraud prevention information and our website has resources, as well. Take advantage of them as a way to enhance your cyber security awareness.
By remaining vigilant, individuals can reduce the risk of falling victim to bank spoofing via text and safeguard their financial assets and personal information from cybercriminals. Think before you click!
Stacey MichaelsWednesday, January 31, 2024Community
Small Businesses Make a Big Impact
Financially speaking, 75% of small business owners donate an average of 6% of their profits to charitable organizations annually. According to data compiled by SCORE, the nation’s largest network of volunteer business mentors, small businesses donate 250% more than larger businesses to local nonprofits and community causes.
Giving back not only fosters goodwill, it also contributes to the overall well-being of employees and the community. Small businesses often go beyond direct financial donations, offering more creative and targeted ways to engage employees and make a difference. Consider:
Employee Volunteer Programs: Encouraging and facilitating employee volunteerism allows businesses to extend their impact beyond monetary donations. Employees can actively participate in community service, contributing their time and skills to various projects.
Education and Skill Development Programs: Businesses can invest in the future by supporting education and skill development initiatives. This can include scholarships, mentorship programs, and workshops that empower individuals within the community.
Meal Donations: Providing a “fill the box” opportunity to battle food insecurity. For Thanksgiving, employee teams might provide the box and canned goods while the company purchases gift cards for the turkey.
Supporting Local Organizations: Just like choosing local suppliers and vendors when possible helps stimulate economic growth within the community, supporting local non-profits can help address specific challenges in the region.
Match Employee Fundraising: When employees donate their own funds to a cause, a corporate match is a great way to double the impact.
Make the Big Check Meaningful: A corporate donation is always welcome, but most nonprofits are thrilled to have the opportunity to go out in the community and talk to people about what they do. Invite the nonprofit in for a “Big Check” presentation and gather employees for a 10-minute overview about the charity.
Make it Competitive: Have some fun. Run an employee March Madness pool or a cook-off fundraisers. Let the winner select the charity for the corporate donation.
Local Partnerships and Sponsorships: Collaborating with local businesses, events, or sports teams through partnerships or sponsorships not only promotes community engagement but also helps boost the local economy.
In-kind Donations: Businesses can donate products or services to community organizations, schools, or events. This form of giving back provides valuable resources to those in need.
There are many diverse and meaningful ways for businesses to give back to the community. By aligning their efforts with the specific needs of the local area, businesses of all sizes can create a positive and lasting impact that extends far beyond their day-to-day operations.
Tax documents for 2023 will be available on the following timelines
GRB Deposit Accounts and Portfolio Loans
All 1098s/1099s for GRB deposit accounts and portfolio loans were available electronically on Jan. 25, 2024 for customers who selected this option in GRBonline.
For those who requested a printed document, all 1098s/1099s will be printed and mailed by Jan. 31, 2024.
Files for all 1098/1099 reporting will be transmitted to the IRS on Feb. 28, 2024.
Health Savings Accounts
HSA and IRA customers can make prior year contributions through April 15, 2024. As such, all 5498s (for IRA and HSA contributions) will be created after processing on April 15, 2024. The forms will be printed and mailed beginning on May 6, 2024.
Mortgage Information
For mortgages sold to Fannie Mae and serviced by TMS on behalf of GRB, 1098s were mailed to customers with their monthly statement by Jan. 21, 2024. Electronic year-end statements were sent via email by Jan. 14, 2024. These documents will also be available in the borrower portal.
For mortgages sold to other investors, the investor sends out the 1098s.
GRB 1098s were mailed on Jan. 24, 2024 for:
Any points/interest paid at closing
Any upfront PMI payments
Corrections
A correction file (for any adjusted information) will be created by the data center on June 10, 2024. Any corrections after that date will require a paper correction form, submitted directly to the IRS.
If you have questions about the information on your 1098/1099, please contact our team.
