2013excellence
Feb. 27, 2013
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Proof positive for Oneida Savings Bank In these uncertain times, especially in the financial and insurance industries, Oneida Savings Bank is uniquely successful. The year 2012 brought about numerous company initiatives that added to or enhanced our already broad scope of complementary products and services. While many corporations were downsizing, Oneida Savings Bank and its subsidiaries were growing and hiring. While businesses were divesting product lines and services, Oneida Savings was acquiring companies,
creating new business lines, and combining complementary services to create greater customer and shareholder value. All of this adding, creating and combining, coupled with successful outcomes and financial improvement, yields a positive year in every aspect imaginable for Oneida Savings Bank. Each “plus” demonstrates our commitment to be a stronger, more dedicated and significant positive force for all of our employees, customers, communities and shareholders.
Another “add” for Oneida Savings
In 2012, Oneida Savings Bank officially entered the Capital District marketplace with its acquisition of the Schenectady Insuring Agency (SIA), Schenectady. SIA is a successful and well-respected, 100-year-old institution and this addition demonstrates Oneida Savings commitment to its growing Capital District insurance and risk management client base. SIA will have the benefit of Oneida Savings’ wholly owned subsidiary Bailey
Haskell & LaLonde Agency’s (“BHL”) team of professionals and comprehensive insurance and risk management product and service lines.
A winning combination
The amount of specialty services and products offered by Oneida Savings Bank and its subsidiaries has grown significantly over the years, and we have emerged as a sophisticated financial services company to the great benefit of our customers. Our acquisition of numerous
Submitted photo
Photo from left to right: Eric E. Stickels, President & Chief Operating Officer; Michael R. Kallet, Chairman & Chief Executive Officer; Thomas H. Dixon, Executive Vice President & Chief Credit Officer.
See Oneida Savings, page 12
Seneca Federal: Navigating continued economic uncertainty, same community focus economy at large continues to feel the effects of the unprecedented slow economic recovery. They gave back to the community by participating in an event which helped paint, trim bushes and otherwise landscape a house at the South Side Block Blitz Cleanup. Here Seneca Federal was one of the many local businesses that fielded a volunteer team to help revitalize one neighborhood street in need of help. They also contributed to Baldwinsville Crew Booster Club, CNS Winterguard as well as LHS Marching Band Booster Club, to name a few, and continued sponsorship of the local Baldwinsville Schools scholarship fund. With little improvement in the national economy, which continues to experience a high unemployment rate and a flat interest rate environment, it is even more important to plan for sustaining the long-term viability of Seneca Federal, which continues to build liquidity and monitor and control interest rate risk. “Growth in capital continues to remain a focus of Management, and all our employees continue to seek ways to improve efficiency and reduce unnecessary expenses as the net interest margin continues to be squeezed,” stated Mrs. Russo. Consolidated capital, as of December 31, 2012 is a very healthy balance of $10.7 million. In remaining true to Seneca Federal’s charter of fostering homeownership, $9.5 million in local residential mortgage loans were originated in 2012. Seneca Federal continued participation in the Onondaga County Community Development (OCCD) Home Ownership Program targeting qualified low- and moderate-income households. The Board of Directors approved six $1,000 grants in August 2011, that were actually
used in early 2012 and in May the Board again approved six $1,000 grants, all of which were used in conjunction with the OCCD Program during 2012. All 12 grants helped to offset closing costs for low- to moderate-income households, targeting those in our community that need the most help in fulfilling their dream of homeownership. Late in 2011, Seneca Federal began its working relationship with its new Federal regulator, OCC, as their merger with the Office of Thrift Supervision was completed in July 2011. Seneca Federal recognized the many challenges ahead to meet the extensive regulatory changes brought forth by state and federal agencies. To better assist and inform customers and noncustomers, in 2013, Seneca Federal will continue to focus on education and training of its employees. Look to their new and improved website coming soon for more information. As a direct result of their first examination performed by the OCC, Seneca Federal instituted an independent, third-party internal audit process and started having formalized consumer compliance audits with an outside Compliance Consultant, all for the purpose of providing a more safe and sound financial institution and representing Seneca Federal’s commitment to not only customer information security but also a willingness to progress through tough economic times. The president expressed, on behalf of their Directors, Officers and Employees, a wish to thank all of its members and their communities who have remained loyal to Seneca Federal and allow them to provide you with your banking needs.
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Katrina Russo, president – CEO of Seneca Federal Savings and Loan Association is very passionate about her community bank and its solid decision making. “2013 marks Seneca Federal Savings and Loan Association’s 85th year of providing financial services to communities within Central New York. We remain mutually-owned by our members, lending decisions are made locally, and personal customer service are all important attributes of Seneca Federal, which we believe set us apart from the ‘big’ banks,” stated Mrs. Russo. Seneca Federal has been fortunate to continue to have a dedicated staff of employees, officers and directors, who understand the importance of knowing their customers and providing them with the best possible service, all for the purpose of increasing member’s wealth through the highest salaries, lowest loan rates and highest deposit rates possible. She added, “We continually try to meet these goals while maintaining a net interest margin that will sustain the Association for years to come.” To further promote Seneca Federal’s ‘community’ atmosphere within the bank, on the heels of their first federal examination performed by the Office of the Comptroller of the Currency (OCC) and while working through an anticipated tumultuous 2012, they introduced an informal summer family picnic in July and re-introduced a more formal holiday gathering in December for the purpose of connecting with their fellow employees and some close business associates in a more relaxed setting. Seneca Federal also maintained its participation and contribution to various community events and programs as the