 Oneida
Financial Corp. (ONFC) is a bank holding company that provides
financial services to individuals and businesses in Central New York.
Here's an extended company report for ONFC:
ONFC was founded in
1866 and is headquartered in Oneida, New York. The company operates
through its subsidiary, Oneida Savings Bank, which offers a range of
deposit products, including checking accounts, savings accounts, and
certificates of deposit. The bank also offers lending services, such
as residential and commercial real estate loans, home equity loans,
and commercial and industrial loans.
As of December 31, 2021,
ONFC had total assets of $607 million, total deposits of $475 million,
and total loans of $429 million. The company operates eight
full-service branch offices throughout Madison and Oneida counties in
New York.
ONFC is committed to providing high-quality,
personalized service to its customers and has received various awards
and recognitions for its performance, including being named a "Super
Premier Performer" by the Independent Community Bankers of America and
receiving a 5-star rating from BauerFinancial, Inc.
Despite its
commitment to customer service, ONFC faces challenges typical to the
banking industry, including increasing competition from larger banks
and non-bank financial institutions, regulatory compliance
requirements, and fluctuations in interest rates.
ONFC also
faces challenges specific to its regional market, including a
declining population and low unemployment rate, which may limit growth
opportunities for the bank in the long term.
In October 2016,
ONFC announced that it would be acquired by Community Bank System,
Inc. (CBU), a regional bank holding company based in DeWitt, New York.
The acquisition was completed in February 2017, and ONFC now operates
as a subsidiary of CBU.
In conclusion, Oneida Financial Corp.
(ONFC) is a bank holding company that provides financial services to
individuals and businesses in Central New York. The company operates
through its subsidiary, Oneida Savings Bank, and has a strong
commitment to providing high-quality customer service. Despite
challenges facing the banking industry and the regional market, ONFC
has positioned itself for growth through its acquisition by Community
Bank System, Inc.
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