oneida financial corp (ONFC) Key Developments
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.
Oneida Financial Corp to Cut 60 Jobs
May 17 15
Oneida Financial Corp. announced that more than 60 employees will lose their jobs as a result of the company's planned acquisition by Community Bank System of DeWitt. The workers are back-office employees at Oneida, according to a layoff notice filed with the state Labor Department. The job cuts will occur in July 2015.
Oneida Financial Corp. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Announces Net Charge-Offs for the Quarter Ended March 31, 2015
Apr 29 15
Oneida Financial Corp. announced unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net interest income of $5,173,000 against $4,785,000 a year ago. Income before income taxes was $2,634,000 against $2,664,000 a year ago. Net income was $1,971,000 or $0.28 per basic and diluted share against $1,944,000 or $0.28 per basic and diluted share a year ago. Book value per share was $14.06 against $13.52 per share a year ago. Tangible value per share was $10.28 against $9.67 per share a year ago. Return on average assets was 0.96% against 1.02% a year ago. Return on average equity was 8.14% against 8.51% a year ago. Return on average tangible equity was 11.16% against 11.99% a year ago. The increase in net interest income is primarily the result of an increase in average interest-earning assets of $62.8 million partially offset by a decrease in the yield on interest-earning assets of 9 basis points to 3.21%. The increase in net income during the respective first quarter periods is primarily the result of an increase in net interest income, an increase in net investment gains, an increase in non-interest income and a decrease in income tax provision; partially offset by a reduction in the change in fair value of equity investments and an increase in non-interest expenses.
The company announced that net charge-offs during the quarter were $5,000 are compared with net charge-offs of $19,000 in the same period last year.