Oneida Financial Corp., the parent company of The Oneida Savings Bank, announced that it intends to acquire an additional insurance agency operating in Central New York State, and has signed a Letter of Intent with the MacDonald/Yando Agency, Inc., which has offices in Verona and New Hartford, New York.
“Oneida Financial Corp. currently conducts insurance and financial service activities through Bailey & Haskell Associates, Inc., an insurance agency that operates as a wholly owned subsidiary of The Oneida Savings Bank, said the announcement. “The insurance subsidiary does business as Bailey Haskell & LaLonde Agency with offices in Oneida, Canastota, Cazenovia, Liverpool, North Syracuse and New Hartford.”
Oneida Financial’s President and CEO Michael R. Kallet stated, “The continued expansion of our insurance and financial services operation in Central New York will enable our company to better serve our customers, expand our market area and provide an improved return to our shareholders.”
John E. Haskell, President of Bailey & Haskell Associates, Inc. commented that, “The MacDonald/Yando Agency has a reputation of superior customer service and innovative solutions to client needs. The added depth of insurance professionals and the broad range of products available through the Bailey Haskell & LaLonde Agency will significantly enhance MacDonald/Yando’s ability to assist their existing clients while introducing new relationships to Oneida Financial Corp.’s team of banking, insurance and financial services professionals.”
The acquisition is expected to be completed in the fourth quarter of this year, subject to the execution of a definitive purchase agreement and necessary regulatory approvals.
Topics Mergers & Acquisitions New York
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