Oneida Savings - Oneida, NY

Oneida Savings
182 Main Street
Oneida, NY 13421
Tel: (315) 363-2000

Oneida Savings is a full-service, stock savings bank operating 8 Central New York Offices. The Bank has been serving Central New York for nearly 140 years.

Mission Statement

We will be:

The leader in customer service
The leader in new products and marketing ideas
The leader in automation and operational efficiency
The leader in employee training and development
Our History

The Civil War had just ended, Oneida was a village, and the population was less than 4,000. Twelve men, perceiving the need for a mutual savings bank, met on January 3, 1866 and on February 19, 1866 the New York State Legislature passed Chapter 53, "An Act to Incorporate and Charter the Oneida Savings Bank, in the Village of Oneida, Madison County, New York. A corner of the former Oneida Valley National Bank was our first home, and at the close of the first day's business, four accounts aggregating $409.00 were opened. As of April 30, 1866, total deposits were $8,666.20.

Our neighboring commercial bank continued to provide our home until 1890 when Oneida Savings moved into its present location at the northwest corner of Main Street and Lenox Avenue (then known as Mulberry Street). Upon completion of construction of the original three-story building, the Bank occupied half of the ground floor and rented out the other half as a store. By 1910, a scant 20 years later, the bank had grown to a point where it required occupancy of the entire building. In 1955, another renovation program was necessitated due to growth. The three-story building gave way to a modern two-story building with a limestone facade and the addition of the well-known "Time & Temperature" sign.

In 1970, the Bank acquired the former McHenry Press Inc. property and in 1972, a two-story extension of the Bank was erected along Lenox Avenue. The first branch office was opened in 1974 in the Village of Cazenovia. In 1976, the Banks second branch office was established in the Village of Hamilton. Both offices have justified the decision to locate in these respective communities, and the support shown by our customers is most rewarding. In the fall of 1984, The Board of Trustees approved yet another substantial main office expansion program utilizing the former F. W. Woolworth building which had been acquired some five years earlier. Occupancy was completed in November 1985. Our third branch office opened in December of 1988 at the head of Main Street. This branch is known as our Convenience Office. Our fourth branch office opened in the Village of Camden in December of 1997, and our fifth branch office in the Village of Canastota in November 1999. The renovation and expansion of our main office, including the new Operations Center, was completed in the spring of 1998.

The nature of the savings bank industry in New York State changed with the passage of legislation by the State Legislature in 1982. This act permitted mutual savings banks in New York State to offer many additional financial services previously offered by commercial banking institutions. These include personal, automobile, and other types of consumer loans as well as commercial loans.

Several years earlier the State Legislature passed legislation permitting mutual savings banks to offer checking accounts and other demand services, albeit on a then-limited basis. Through the passage of several legislative amendments and extensive banking bills, deposit services have been expanded to the extent that it is getting more difficult to discern the traditional mutual savings bank from other financial institutions.

In April 1984, the Bank received authority from the New York State Banking Department, to operate a Trust Department, thus being the only mutual savings bank in Central New York to offer trust and estate administration services, as well as custody, and investment management services.

On December 30, 1998, Oneida Savings completed a corporate reorganization, which involved the creation of a mutual holding company, a Bank Holding Company and a state-chartered stock savings bank. The conversion from the "mutual" form to "stock" form of ownership allows the bank to continue to grow within our market area and provides the opportunity for our customers and shareholders to share in our growth and prosperity. The stock trades on the Nasdaq Small Cap Stock Market under the symbol "ONFC" which represents the name of the Bank Holding Company, Oneida Financial Corp.

One can only imagine what the twelve original organizers of Oneida Savings would say, now that the Bank's resources are in the hundreds of millions compared with opening day totals of $409.00. In those intervening years, however, Oneida Savings has always maintained the highest integrity of its Directors, Officers, and staff, all for the benfit of our friends, customers, and shareholders in the communities we serve.

Copyright Â© 2009 Oneida Savings