ONEIDA, N.Y., July 7 /PRNewswire-FirstCall/ -- Oneida Financial
Corp. (the "Company") (Nasdaq: ONFCD), the holding company for
Oneida Savings Bank, announced today that it has completed the
conversion from the mutual holding company structure and related
public offering and is now a stock form holding company that is
fully owned by the public. Oneida Savings Bank is now 100%
owned by the Company and the Company is 100% owned by public
stockholders. The Company sold a total of 3,937,500 shares of
common stock in the subscription, community and syndicated
community offerings, including 157,500 shares to the Oneida Savings
Bank employee stock ownership plan. All shares were sold at a
purchase price of $8.00 per share.
Stifel, Nicolaus & Company, Incorporated acted as selling
agent for the subscription offering and community offering portions
of the offering. Stifel, Nicolaus & Company, Incorporated
also acted as sole book-running manager for the syndicated
community offering portion of the offering.
Concurrent with the completion of the offering, shares of Oneida
Financial Corp., a federal corporation, common stock owned by
public stockholders were exchanged for 0.9136 shares of the
Company's common stock. Cash in lieu of fractional shares
will be paid at a rate of $8.00 per
share. As a result of the offering and the exchange, the
Company now has approximately 7,165,303 shares outstanding and a
market capitalization of approximately $57.3
million.
The shares of common stock sold in the offering and issued in
the exchange will begin trading on the NASDAQ Global Market on
July 7, 2010 under the symbol "ONFCD"
for a period of 20 trading days and will thereafter trade as
"ONFC." Stock certificates for shares purchased in the
subscription offering and community offering are expected to be
mailed to subscribers on or about July 7,
2010. Oneida Financial Corp. stockholders holding
shares in street name or in book-entry form will receive shares of
Company common stock within their accounts. Oneida Financial
Corp. stockholders holding shares in certificated form will be
mailed a letter of transmittal on or about July 13, 2010 and will receive their shares of
Company common stock and a check representing cash in lieu of
fractional shares after submitting their stock certificates and a
properly completed letter of transmittal to the Company's transfer
agent.
Luse Gorman Pomerenk &
Schick, P.C., Washington, D.C.,
served as special counsel to the Company and Oneida Financial Corp.
for the conversion and offering. RP Financial, LC.,
Arlington, Virginia served as
independent appraiser for the conversion and offering.
This press release may contain certain forward-looking
statements about the Company. Forward-looking statements
include statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their
nature, are subject to risks and uncertainties. Certain
factors that could cause actual results to differ materially from
expected results include increased competitive pressures, changes
in the interest rate environment, general economic conditions or
conditions within the securities markets, and legislative and
regulatory changes that could adversely affect the business in
which the Company and its subsidiaries are engaged.
SOURCE Oneida Financial Corp.