ONEIDA, N.Y. — Oneida Financial Corp. (NASDAQ: ONFC), which is set to soon be acquired by Community Bank System, Inc. (NYSE: CBU), reported this week that its first-quarter net income rose to $1.97 million from $1.94 million in the year-ago period. Earnings per share were unchanged at 28 cents.
Oneida Financial, parent company of Oneida Savings Bank, said increases in net-interest income, net-investment gains, and non-interest income boosted its profit, along with a decrease in income-tax provision. That was “partially offset” by a reduction in the change in fair value of its equity investments and an increase in non-interest expenses, the banking company added in an earnings news release.
Oneida Financial in February signed a “definitive merger agreement” with DeWitt–based Community Bank System, parent of Community Bank, N.A. Oneida Financial shareholders could choose between receiving either 0.5635 shares of Community Bank System common stock or $20 in cash for each share of Oneida Financial common stock they hold. That’s subject to an overall 60 percent stock and 40 percent cash split.
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“This is an ideal opportunity for Oneida Financial to partner with a true community bank that has been nationally recognized for its financial strength, exceptional customer service and a company equally skilled at integrating non-interest income producing businesses. Our customers will benefit from an expanded network of branch locations and ATM’s, and broader product and service offerings,” Michael Kallet, CEO, said in his banking company’s earnings release.
The merger is expected to close in July.
In addition to Oneida Savings Bank, Oneida Financial is parent company of State Bank of Chittenango; OneGroup NY, Inc. (formerly Bailey & Haskell Associates, Inc.), an insurance, risk management, and employee-benefits company; and Oneida Wealth Management, Inc., a financial services and investment-advisory firm.
Oneida Savings Bank was established in 1866 and operates 12 banking offices in Madison and Oneida counties.
Contact Reinhardt at ereinhardt@cnybj.com
