Letter To Our Shareholders

April 29, 2016

Dear Shareholders:

First quarter unaudited net income was $795,115 as compared to $726,645 for the same period last year. Total Assets were $277,087,186 on 3/31/16 up 21.5% as compared to $228,131,760 on 3/31/15 and up 7.9% as compared to $256,688,117 on 12/31/15.

Our Annual Shareholder Meeting was held on 4/21/16 at Geneva Country Club in Geneva, NY. There were two proposals under consideration this year. Under the first proposal, eight previous directors and one new director (Steve Smith) were elected for one-year terms. Steve is a well-respected contractor in Cooperstown and has served on our local Community Board. Under the second proposal, approval was given for the Board of Directors to form a new bank holding company (UpState New York Bancorp, Inc.) subject to regulatory approval. You will receive additional communications soon related to the share exchange necessitated by the formation of the holding company.

At the Annual Shareholder Meeting, Robert Ranger was also recognized for his many contributions to USNY Bank. Bob was an original founder of the bank and served as Chairman of the Board for several years. He will become our first Director Emeritus.

We've also scheduled a presentation for our Cooperstown/Oneonta area shareholders on 5/19/16 at 9:30AM at the Otesaga Resort Hotel in Cooperstown, NY. We hope you can attend this presentation if you weren't able to make the Annual Shareholder Meeting.

Our Oneonta branch continues to exceed expectations under the leadership of Rachel Lutz Jessup and it has about $30 million in deposits at this point. We are seeing deposit growth in our other branches as well. This is essential, since core deposit generation is how we fund loan growth, support our communities and create long-term franchise value.

Thanks for your continued confidence in us. We appreciate your investment, your banking relationship and new customer referrals. Please keep us in mind when you talk with your friends and business associates…remind them What Starts Here, Stays Here.


R. Michael Briggs

President & CEO

USNY Bank-389 Hamilton Street-Geneva, NY 14456

Phone: 315-789-1500

Shareholder Relations: Nancy C. Murray

Transfer Agent: Computershare

Board of Directors

  • Jeffrey S. Gifford-Chairman
  • R. Michael Briggs
  • H. Todd Bullard
  • H. Taylor Fitch
  • Murray P. Heaton
  • J. Michael Moffat
  • Alexandra K. Nolan
  • Robert F. O'Neill
  • Robert W. Ranger

Bank Officers

  • Christine M. Amos
  • Jessica L. Baker
  • R.Michael Briggs
  • Jeffrey E. Franklin
  • Michael A. Fratto
  • Karen Luttrell
  • Rachel Lutz Jessup
  • Amy L. McNicholas
  • Nancy C. Murray
  • Peter J. Prinicipato
  • Michael G. Scaglione
  • Robert W. Sollenne
  • Heidi J.Westfall
  • Scott D. White
  • James E. Willson