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.
The Federal Housing Finance Agency (FHFA) announced new maximum conforming loan limits for home mortgages to be acquired by Fannie Mae in 2021. In Central and Western New York:
The maximum conforming FHFA loan limit for one-unit properties will be $548,250, an increase from $510,400 in 2020.
Multi-family property conforming limits increased as follows: Two-family properties are up to $702,000, three-unit homes up to $848,500 and the new limit for four-unit properties is $1,054,500.
The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect changes in the average U.S. home price. The percentage increase in the maximum conforming loan limit follows the Housing Price Index for the prior four quarters.
“The annual FHFA adjustment is important for homebuyers, providing better financing options for loans that would traditionally have fallen into the ‘jumbo’ category,” said GRB’s SVP, Residential Mortgage Manager Mike Pulver. “In a real estate market that is as competitive as Rochester, the increase in the loan limits will be crucial in helping potential buyers keep pace with the increase in home values.”
For new loan applications or applications already in process, the loan amounts will be subject to 2020 limits as long as the loan closes by Dec. 31. Loans closing on Jan. 1 or after will fall under the 2021 limits.
GRB is pleased to announce it was named no. 83 on the Greater Rochester Chamber of Commerce “2020 Top 100” list. GRB is the only bank on the Top 100 list.
To be eligible for the Top 100, businesses must be privately held, headquartered in the nine-county Rochester region, and have earned at least $1 million in revenue in each of the three most recent fiscal years. The Top 100 is computed based on revenue growth, taking into account both dollar and percentage growth.
We are also proud to note how many GRB customers and partners are on the Top 100. The exciting new ideas brought to market by newer companies on the list and the consistent growth of those who make the list year after year are a testament to the strength and innovative spirit of this region. Congratulations to everyone on the list for 2020!
And a sincere thank you to our GRB employees. Your hard work and commitment to serving our customers made this achievement possible. You are appreciated each and every day!
Although the information for the Top 100 was collected earlier in the year, it is not lost on us how challenging the environment has been in 2020. We are happy to be recognized as part of the Top 100, but we know there is a lot of work to do this year and into 2021 to ensure our community continues to provide opportunities and growth for individuals and businesses. Today, we take some time to celebrate. But we will be back to work in short order supporting our community.
Genesee Regional Bank is pleased to be recognized by the U.S. Small Business Administration with an Emerald Award for its lending activities for the period from Oct. 2019 through Oct. 2020.
The bank closed 45 loans totaling $19.4 million. According to the SBA, those loans supported 851 jobs in our community. As published in a recent issue of the “Rochester Business Journal,” this also makes GRB the top SBA lender in the Rochester area.
In addition to the new businesses and business expansions made possible through SBA lending, GRB also assisted more than 577 local businesses with their Paycheck Protection Program (PPP) loans. Nearly 35% of these businesses were not GRB customers, but they needed help. We created a process from the ground up and started submitting loans the moment the SBA opened its online portal.
Six months later, we continue to work with these businesses to submit their paperwork for loan forgiveness to ensure that these employers — businesses on which this community depends — can continue to be here for all of us.
This aligns with the Independent Community Bankers of America President and CEO Rebecca Rainey Romero’s assessment of community banks’ response to the pandemic and overall capabilities in a recent article in “American Banker.” In fact, Romero points out that, “Small Business Administration data shows that community banks made nearly 2.8 million PPP loans — more than half of the program’s total loans — that helped save millions of jobs.”
“The 5,000 community banks across the nation continue to get the job done without fail while serving as the backbone of local economies through nimble decision-making, personal relationships and yes, technological innovation,” added Romero.
As a community bank, we don’t have a branch on every corner. You won’t find us on your stock ticker, and our name isn’t on a sports arena (well, maybe a Little League field).
But we are proud to say that you will find GRB right here, right when you need us. GRB remains Here. For You.
Almost from the minute you close on your new home, you receive a multitude of offers for dozens of home-related services. It’s all part of being a new home owner. That is, until the offers cross the line into scams.
Like it or not, the information about a home purchase and the terms and conditions of the mortgage loan are recorded among the land records in the jurisdiction where the property is located. With many jurisdictions offering online access to public records, it is easier than ever for unscrupulous individuals to use the details available about your home purchase to perpetrate any one of a number of scams targeted at new home owners.
Typically, these scams use the public details about your home purchase to try and gain access to more of your personal information (credit card numbers, bank accounts, social security number, etc.) or to simply bilk you out of your hard-earned money by making you buy a product or service you don’t need. Scammers will often use your lender’s name and the mortgage amount to look “official.” Some even create fake documents and websites using your lender’s logo or may try to impersonate your lender in phone calls to gain your trust.
“Buying a home is such a big step and everyone wants to do everything right. Scammers take advantage of that state of mind and leverage the few details they have from public records to prey on home owners,” said Meghan Antonitto, Genesee Regional Bank’s Risk Management Officer.
Common scams include:
Purchasing unneeded mortgage protection insurance – While there are legitimate insurers, many of these offers are phrased to appear as if the mortgage insurance the home owner may have purchased through the lending process is inadequate and additional insurance is required. Always contact your lender if you have questions about your mortgage terms.
Unpaid utility bills – A “representative” from a utility company calls the new home owner explaining that the previous owner of the home still has outstanding bills due. In a threatening tone, the representative tells the new home owner to send a check or pay by credit card to eliminate the debt. Otherwise, the electricity will be cut off or the needed service (cable, water, etc.) won’t be provided.
Mortgage payment administration – After closing, the homeowner receives a solicitation from a company that promises to administer payments for a bi-monthly mortgage which promises to save them “lots of money” over time. This intermediary administrator charges a hefty processing fee and a smaller—but not insignificant—monthly fee, which is often not revealed until it’s too late.
Antonitto recommends that new home owners be on high alert in the weeks and months right after they close on their home. The problem can be complicated by legitimate information the home owner may receive as a follow up to their mortgage transaction.
“Home owners do receive additional communications from their lender, perhaps a notification saying their loan has been sold or even a satisfaction survey, in the weeks following their closing. It can be difficult to tell what is real and what is not,” said Antonitto. “If a home owner is having trouble discerning whether a letter or notification is genuine, they should contact their lender immediately.”
While the introductory offers for landscaping services can be helpful, home owners need to be vigilant as they settle into their new home. Scammers know just how to use your home purchase details against you.
The last few months have left nearly everyone wondering what we can do to help our local businesses recover. As a community bank, this is a particularly important question for GRB. We eliminated fees, deferred loans and supported a number of not-for-profit organizations. We focused on processing the Paycheck Protection Program (PPP) loans as quickly as possible so we could bring money back into the local community.
But even more inspiration would came from our Board of Directors, which suggested a way to both support the local business community and thank our employees for their extraordinary efforts over the last few months. The GRB Community Give Back program was born, with the bank giving each employee money to spend on gift cards from participating GRB business customers. From gift shops to roofing companies and electrical contractors to restaurants, nearly 60 local businesses were selected!
On the day we distributed the gift cards to our employees, we had sunshine, balloons, an ice cream social (distance) event, as well as the opportunity to see our work-from-home team members and their families as they picked up their gift cards. The day was absolutely perfect!
There is a long road ahead for all of us, but we hope the GRB Community Give Back program is another step in the right direction to help our community stay #ROCstrong!
When GRB provides a donation to an organization, we usually like to do it in person. We invite the organization to our offices, give them an opportunity to meet our employees, and spend a few minutes sharing what they do everyday to help the community. Sometimes, this generates a volunteer or an idea for another fundraiser. These opportunities to connect are important to us as a community bank.
While the pandemic has prevented in-person events, we still feel it’s important to remain engaged with our community. So, we turned to technology. We recently hosted a virtual check presentation with the wonderful leadership team at Mary Cariola Children’s Center. Mary Cariola has been around for 71 years and provides education and life skills to youth with disabilities in a 10-county region.
GRB’s donated $5,000 to help the organization purchase much-needed Personal Protective Equipment (PPE) that students and staff members need every day to remain safe.
While we wish we could have welcomed the Mary Cariola team in person, our virtual event did remind us that we can still make an impact, we can still be part of the community, we can still help out – even if we have to do it virtually for awhile.
We are happy to announce that GRB will be reopening its lobby locations in Pittsford and Greece at 8:55 a.m. on Monday, July 6 for regular hours.
We appreciate your patience over the last few months and we look forward to resuming our operations.
What to Expect
For in-branch transactions, we are taking every precaution to ensure a safe environment for our team members and our customers. Please be aware of the following safety protocols, in accordance with New York state requirements, when entering the branches:
Stop at the sign-in table first. Sanitizer will be available for your convenience.
Make sure to bring a mask with you in case social distancing requirements cannot be maintained.
If you are wearing a mask, you may be asked to remove it briefly for identification purposes.
Our personal bankers will have Plexiglas shields in place for all transactions.
Since March 23, GRB has offered deferred payments on consumer loans and suspended fees associated with ATM withdrawals, service charges on checking and savings accounts, and more. As of Monday, July 6, all fee waivers will be discontinued. For a complete list, please check our website.
Drive-thru Service and Online Banking Options
GRB’s drive-thru and online banking services remain a fast and easy way to manage your banking needs, and we encourage you to continue using them to minimize branch traffic whenever possible.
The positive message was passed to some 111 companies in the Rochester region as the Greater Rochester Chamber of Commerce launched its “We’re Open” video campaign. GRB was proud to be one of the companies participating.
GRB’s portion of the video in Cut Two featured (from left to right) President and CEO Philip Pecora, Commercial Relationship Associate Stephanie DeFazio and Commercial Relationship Manager Ryan Ramage. Watching the completed videos (there were so many participants the Chamber needed to create five different cuts) was particularly inspiring as they included a broad range of companies from different industries and different sizes. Truly an amazing feat.
We are just a little more than 10 days into the launch of the Small Business Administration Paycheck Protection Program (PPP) and I am proud to announce that GRB has already closed its first 80 PPP loans. That means we are getting much-needed funds into the hands of our community businesses. This initial group represents the first of more than 420 loans we expect to fund in the coming days and weeks.
For me, the importance of what we do as a community bank is always top of mind. I have watched ideas become businesses, and businesses become pillars of the community. As a community bank and SBA Preferred Lender, it is our job to help ensure the recovery of these organizations. We are focused on doing it right – and doing it fast.
To make this happen our employees responded with inspired ideas, volunteered to learn new skills and implemented new technologies. They have displayed a commitment to helping our customers that is simply unmatched. Those efforts are appreciated more than you can imagine.
While there will still be challenges ahead, these first loan closings mark another step in the right direction. I am proud of our employees and proud to be part of this community. At GRB, we remain Here. For You.
In uncertain times, being able to help others can often be our greatest comfort. Since this crisis began, GRB has implemented a number of protections for consumer customers to ease their financial burden. I am proud to add that over the last 72 hours we have also been able to offer our small business customers some much-needed relief.
Our team members worked all weekend to secure APPROVED Small Business Administration Paycheck Protection Program (PPP) loans for more than 250 Rochester businesses totaling more than $80 million. Our entire Commercial banking team, along with many others throughout the bank who volunteered to help, navigated the requirements and the technology hiccups to secure the loans for our customers. The work will continue over the coming days as we finalize the process of getting funds in our clients’ hands. We could not be more proud of our team members for all their hard work and the role they’ve had in providing these businesses and our community with a little good news.
We all know this is just the beginning, but it is a step in the right direction. At GRB, we are committed to helping our customers find the solutions they need to survive, recover and thrive. We are Here. For You.