Oneida Financial Corp., the parent of Oneida (N.Y.) Savings Bank, said Thursday that it has a letter of intent to buy an employee benefits consulting and retirement plan administration firm in Syracuse, N.Y.
Benefit Consulting Group LLC has business customers throughout central and western New York.
Michael R. Kallet, Oneida Financial's president and chief executive officer, said in a press release that the company would cross-sell Benefit Consulting Group's services to its small and middle-market commercial customers. Oneida Savings Bank offers employee benefits and other insurance products and financial services through a subsidiary, Bailey & Haskell Associates Inc.
Benefit Consulting Group is to retain its name and operate as a wholly owned subsidiary of Oneida Savings Bank. It has more than 700 corporate and personal clients for which it designs and consults on retirement and employee welfare plans and supplies administrative services for defined contribution and benefit plans, as well as actuarial, investment management, estate planning, and human resource management services. The Syracuse company was formed last year by the combination of Retirement Income Services Inc., Benefit Consulting Group, and Executive Advisory Group. Through the predecessor companies, it has been in business more than 20 years. It employs 23 professionals, and no layoffs are planned as a result of the deal.
Oneida Financial had $446.6 million of assets at Sept. 30. It owns State Bank of Chittenango in addition to Oneida Savings and Bailey & Haskell.
