Letter To Our Shareholders

April 16, 2015

Dear Shareholders:

Our first quarter operating results were strong with unaudited net income of $726,645. We're running ahead of our 2015 budget and our results for the same period last year. Total Assets were $228,131,760 on 3/31/15 as compared to $217,250,799 on 12/31/14.

In my last quarterly letter, I mentioned the important investments we made to prepare for anticipated future growth. They include our new Oneonta branch office, which opened in September and has exceeded our deposit generation goals to date. They also include our new corporate office, which is under renovation…we plan to move there in late May.

I'm pleased to report that SNL Financial again named us to their list of best-performing banks in the country with assets under $500 million. 2014 was the 4th straight year that we were ranked in the top 2% of the almost 4,000 ranked community banks.

You previously should have received our 2014 audited annual financial report and other materials for the Annual Shareholders Meeting, which will be held at 9AM on 4/23/15 at the Ramada Lakefront Inn in Geneva, NY. We've also scheduled a shareholders presentation for our Cooperstown/Oneonta area shareholders on 5/21/15 at 9:30AM at the Otesaga Resort Hotel in Cooperstown, NY. I hope you can attend one of these events.

Generating local core deposits to fund our loan growth continues to be a priority for our bank team. There are always new challenges in any business, but I believe that deposit generation will remain one of our key challenges for the foreseeable future.

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

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

Bank Officers

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