This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Oneida Financial Corp. To Commence Second Step Conversion And Offering

ONEIDA, N.Y., May 22 /PRNewswire-FirstCall/ -- Oneida Financial Corp., a Federal corporation (Nasdaq: ONFC), announced today that Oneida Financial Corp., a Maryland corporation ("Oneida Financial-New"), the proposed holding company for The Oneida Savings Bank, and Oneida Financial, MHC have received conditional regulatory approval to commence the second step conversion and offering.  Oneida Financial Corp. also announced today that the registration statement relating to the sale of common stock of Oneida Financial-New has been declared effective by the Securities and Exchange Commission.

Oneida Financial-New is offering for sale the 55.0% ownership interest currently owned by Oneida Financial, MHC in Oneida Financial Corp., which is equivalent to between $26.8 million and $36.2 million, or between 3,346,875 and 4,528,125 shares of common stock at $8.00 per share.  Oneida Financial-New may increase the number of shares that it sells in the offering, without notice to persons who have subscribed for shares, by up to 15%, to $41.7 million or 5,207,344 shares at $8.00 per share, as a result of market demand, regulatory considerations or changes in financial markets.  The number of shares to be sold in the offering and issued to public stockholders in the exchange is based on an independent appraisal of the estimated pro forma market value of Oneida Financial-New at February 19, 2010.

At the conclusion of the conversion and offering, the existing shares of common stock held by the public stockholders of Oneida Financial Corp. will be exchanged for between 0.7766 and 1.0507 shares of Oneida Financial-New, subject to a 15% increase to 1.2083 shares, based on the independent appraisal.  The offering and exchange ratio ranges could change as a result of regulatory review or due to updates to the independent appraisal, reflecting, among other things, changes in market conditions before or during the offering.  After the completion of the conversion and offering, Oneida Financial-New will be 100% owned by public stockholders, and Oneida Financial Corp. and Oneida Financial, MHC will each cease to exist.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ONFC $20.10 0.10%
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs