DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) has completed its acquisition of Oneida Financial Corp. (NASDAQ: ONFC), expanding its banking footprint in the Mohawk Valley and Central New York.
Oneida Financial is the parent company of Oneida Savings Bank and State Bank of Chittenango.
As a combined financial institution, Community Bank System will have about $8.5 billion in assets and $6.8 billion in deposits, the DeWitt–based banking company said in a news release issued on Monday.
(Sponsored)
It’s Time for Your Business to Think About Year-End Tax Planning
As the year-end approaches, it’s time to take proactive steps to help lower your business’s taxes for 2024 and beyond. Deferring income and accelerating deductions to minimize taxes can be
Don’t Take the Bait: Phishing Scams to Avoid
Americans lost $8.8 billion to phishing and other fraud in 2022, according to the Federal Trade Commission, with financial fraud increasing over 30% from 2021. Every day, thousands of people
Community Bank System on Feb. 24 announced it had agreed to acquire Oneida Financial for about $142 million in a mix of stock and cash.
The banking company initially expected to close the transaction in July before pushing it back to October and eventually determining it would close late in the fourth quarter.
Community Bank System is “excited” about the addition of Oneida Savings Bank and OneGroup to its retail and business-banking services, along with insurance, benefits consulting, and wealth-management services, Mark Tryniski, president and CEO of Community Bank System, said in the release.
Syracuse–based OneGroup includes Bailey & Haskell Insurance, Benefit Consulting Group, Schenectady Insurance Agency, and Workplace Health Solution, according to the OneGroup website.
With the acquisition’s closing, two Oneida Financial directors have been appointed to the boards of directors of Community Bank System and Community Bank, N.A.
They include Michael Kallet, former board chairman and CEO of Oneida Financial, and Eric Stickels, former president and COO of Oneida Financial.
Community Bank System operates more than 200 branches across upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A.
Contact Reinhardt atereinhardt@cnybj.com
