oneida financial corp (ONFC) Key Developments
Oneida Financial Corp. Announces Quarterly Dividend, Payable on October 20, 2015
Sep 23 15
Oneida Financial Corp. announced that the company has declared a quarterly cash dividend of $0.12 per share of the company's common stock. The dividend is payable to stockholders of record as of October 6, 2015 and will be paid on October 20, 2015.
Oneida Financial Corp. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 30 15
Oneida Financial Corp. reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net income of $473,000 or $0.07 diluted earnings per share, compared to $1.4 million, or $0.20 diluted earnings per share, for the three months ended June 30, 2014. The decrease in net income during the current second quarter period is primarily the result of merger-related expenses incurred in connection with the previously announced merger with and into Community Bank System Inc. which is expected to close during the fourth quarter of 2015. Net interest income was $5.1 million for the three months ended June 30, 2015, an increase of $114,000 from the second quarter of 2014. The increase in net interest income is primarily the result of an increase in average interest-earning assets of $80.6 million partially offset by a decrease in the yield on interest-earning assets of 34 basis points to 3.00%. Total interest income was $5.732 million against $5.711 million a year ago.
For the six months ended June 30, 2015, the company’s net income was $2.4 million or $0.34 diluted earnings per share, as compared with $3.4 million or $0.48 diluted earnings per share for the same period in 2014. Net interest income has increased $501,000 for the six months ended June 30, 2015, as compared to the same period in 2014. The increase in net interest income is primarily the result of an increase of $71.7 million in average interest-earning assets partially offset by decrease in net interest margin of 23 basis points to 3.10% for six months ended June 30, 2015 from 3.33% for the same period in 2014. Total interest income was $11.503 million against $11.148 million a year ago.
Oneida Financial Corp. Layoffs Delayed Until October
Jul 2 15
Employees at Oneida Financial Corp. set to lose their jobs will keep their positions a little longer. About 60 jobs at the company will be lost in the wake of its acquisition by Community Bank of DeWitt. But the closing of the deal has been delayed and the job cuts now won't take place until October, according to a notice on the layoffs filed with the state Labor Department. The employees were originally scheduled to lose their jobs this month. The 60 jobs include operational and administrative positions in Oneida and Rome. More than 300 Oneida employees will keep their jobs. No branch closures are planned. Community announced plans to buy Oneida in a $142 million deal earlier this year. The acquisition was scheduled to close this month, but Community said in June it would need more time to secure the necessary regulatory approvals. A complaint over fair lending practices from a New York City-based nonprofit was partially to blame. Community will employ more than 600 people in Central New York once the acquisition is completed.
Oneida Financial Corp. Announces Quarterly Dividend, Payable on July 21, 2015
Jun 24 15
Oneida Financial Corp. announced that the company has declared a quarterly cash dividend of twelve cents ($0.12) per share of the company's common stock. The dividend is payable to stockholders of record as of July 7, 2015 and will be paid on July 21, 2015.
Oneida Financial Corp. and Community Bank System, Inc. Enter into Memorandum of Understanding with Plaintiffs Regarding the Settlement of Putative Class Action Lawsuits
Jun 10 15
On June 9, 2015, Oneida Financial Corp., Community Bank System Inc., and the other defendants entered into a memorandum of understanding with plaintiffs regarding the settlement of putative class action lawsuits captioned Paul Parshall v. Richard B. Myers, et al, pending before the New York Supreme Court, Oneida County; John Solak v. Richard B. Myers, et al, pending before the New York Supreme Court, Oneida County; and Linda Colvin v. Oneida Financial Corp., et al, pending before the Circuit Court for Baltimore City, Maryland. The actions relate to the Agreement and Plan of Merger, dated as of February 24, 2015, by and between Oneida Financial and Community Bank System, pursuant to which Oneida Financial will merge with and into Community Bank System. Pursuant to the MOU, Oneida Financial has agreed to make available additional information to Oneida Financial stockholders. The additional information is contained in the supplement to the Proxy Statement/Prospectus of Oneida Financial and Community Bank System dated May 6, 2015. Oneida Financial, Community Bank System and the other defendants deny all of the allegations made by the plaintiffs in the Actions and believe the disclosures in the Proxy Statement/Prospectus are adequate under the law. Nevertheless, Oneida Financial, Community Bank System and the other defendants have agreed to settle the Actions in order to avoid the costs, disruption, and distraction of further litigation.