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ONFC - Oneida Financial Corp.

Oneida Financial Corp. logoOneida 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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