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Banking industry

Oneida Financial Corp. Completes Acquisition of Noyes & LaLonde, Inc.

Strategic Insights

— 1 min read

Oneida Financial Corp., the parent company of The Oneida Savings Bank, has confirmed the completion of the previously announced purchase of Noyes & LaLonde, Inc., an insurance agency based in Liverpool, New York. The acquisition, which was completed on January 1, 2001, marks the expansion of Oneida Financial Corp.'s insurance and financial services operation. The new agency, The Bailey Haskell & LaLonde Agency, will be headquartered in Oneida, New York, with a team of approximately 60 employees across five Central New York offices.

Key Takeaways:

  • Oneida Financial Corp. acquired Noyes & LaLonde, Inc., an insurance agency with operations in Liverpool, New York, with an effective date of January 1, 2001.
  • The acquisition was completed to expand Oneida Financial Corp.'s insurance and financial services operation, enabling the company to better serve customers and provide an improved return to shareholders.
  • The combined agency, The Bailey Haskell & LaLonde Agency, will retain its current management team, supplemented by Mark J. LaLonde, President of Noyes & LaLonde, Inc.
  • Mr. LaLonde stated that he is enthusiastic about joining forces with Oneida Financial Corp., citing a shared commitment to responsible growth, exceptional service, and a diverse product line.
  • The acquisition reinforces Oneida Savings Bank's presence in Madison and Oneida counties, where it operates six full-service banking offices.

Statistics:

  • Total assets of Oneida Financial Corp. at September 30, 2000: $310.3 million
  • Shareholders' equity of Oneida Financial Corp. at September 30, 2000: $39.9 million
  • Number of employees at The Bailey Haskell & LaLonde Agency: approximately 60
  • Number of offices for The Bailey Haskell & LaLonde Agency: five
  • Number of counties served by Oneida Savings Bank: three (Madison, Oneida, and Onondaga)

Sources:

  • Oneida Financial Corp. press release (no date)
  • Noyes & LaLonde, Inc. (no date)
  • Oneida Financial Corp. Form 10-Q for the quarter ended September 30, 2000.

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