ONEIDA — Oneida Financial Corp. (NASDAQ: ONFC), the parent company of Oneida Savings Bank, announced today the creation of Oneida Wealth Management.
The company said this new venture combines Oneida Savings Bank’s Trust and Investment Department with the Wealth Management and Retirement Planning Divisions of the bank’s subsidiary, Benefit Consulting Group.
Together, this new subsidiary will oversee more than $1 billion in assets under management, providing investment brokerage services, retirement and pension planning, trust administration, and financial and estate planning, the company said.
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Oneida Financial noted that its acquisition of numerous financial-services firms with integrated offerings provides it the chance to grow organically by creating specialty companies like Oneida Wealth Management.
“By combining like departments and divisions across subsidiaries, we can launch a sophisticated and comprehensive financial services firm that is staffed with experienced and skilled specialists to assist our growing client base,” Donald Abernethy, the newly named president of Oneida Wealth Management, said in a news release. “This combined force allows us to move previously out-sourced services in-house, gaining greater control of our business processes and realizing cost efficiencies that will benefit our clients.”
Oneida Financial had total assets of $681.4 million at the end of 2012.
The company produced net income of $5.76 million, or 84 cents a share, in 2012, up from $5.73 million, or 82 cents, in 2011.
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