ONEIDA — Oneida Financial Corp. (NASDAQ: ONFC), parent of Oneida Savings Bank, announced today that it has agreed to acquire McMahon, Fenaroli and White, Inc., an insurance agency based in Schenectady.
McMahon, Fenaroli and White, which does business as Schenectady Insuring Agency (SIA), will be merged into Bailey Haskell & LaLonde Agency (BHL), a subsidiary of Oneida Savings Bank, on Dec. 31, the effective date of the acquisition. SIA will continue to operate from its Schenectady offices, the companies said in a news release. They didn’t disclose financial terms of the acquisition.
BHL has offices in Oneida, North Syracuse, Cazenovia, Chittenango, New Hartford, Buffalo, and Malverne, N.Y., as well as one South Carolina office.
“The expansion of our insurance operations into New York’s Capital District will enable BHL to better serve our customers, complement our current market areas and continue the growth of our insurance brokerage presence throughout New York,” John E. Haskell, CEO of Bailey & Haskell Associates, Inc., which does business as BHL, said in the release.
John Fenaroli, president of McMahon, Fenaroli and White, Inc., said, “The added depth of insurance professionals and the broad range of products and markets available through the Bailey Haskell & LaLonde agency will significantly enhance our ability to assist local customers.”
SIA, which was founded in 1913, has a staff of 14 insurance professionals, according to its website.
“All of the employees of SIA will continue to work with their existing clients as employees of BHL and begin introducing new relationships to Oneida Financial Corp.’s team of banking, insurance and financial services professionals,” Haskell said.
Oneida Financial Corp. reported total assets of $676.6 million as of Sept. 30. In addition to Oneida Savings Bank and Bailey, Haskell & LaLonde, it also owns State Bank of Chittenango, a state chartered limited-purpose commercial bank; Benefit Consulting Group, an employee-benefits consulting and retirement-plan administration firm; and Workplace Health Solutions, a risk-management firm specializing in workplace-injury claims management.
Contact Rombel at arombel@cnybj.com