Letter To Our Shareholders

October 10, 2014

Dear Bank Shareholder:

It's hard to believe that we're almost through 2014 and already planning for 2015!

We continued to make significant progress in the third quarter. Our Total Assets increased to $208,769,379 on 9/30/14. Shareholder Equity grew to $19,025,686 and our Book Value ended the quarter at $10.50 per share of common stock. USNY Bank generated Net Income of $723,600 during the 3-month period ending 9/30/14 ($586,812 for the same period last year) and $1,991,405 for the 9-month period ending 9/30/14 ($1,691,386 last year). YTD Return on Average Assets (ROAA) was 1.36% and YTD Return on Average Equity (ROAE) was 14.81%.

We opened our new Oneonta branch (under Bank of Cooperstown) in early September and the Grand Opening event on 9/8/14 was very well attended. We're off to a strong start! Bank of Cooperstown President Scott White, Branch Manager Rachel Jessup, and their team are making inroads in the Oneonta market. This team also includes our local Community Board members.

We're also continuing to grow in Cooperstown. The latest FDIC deposit information indicated that we have the #1 market share as of 6/30/14...impressive considering we opened in late 2007.

We are currently making exterior improvements in Geneva. Bank of the Finger Lakes President Jeff Franklin and his team are excited about the paving and lighting upgrades to our parking area.

We're also looking to relocate our bank administrative office in Geneva. We have an accepted purchase agreement on an office building that will be remodeled to provide room for growth, a board room, and eliminate our offsite record storage. This move is expected to be in early 2015.

No shareholder letter would be complete without a reminder about the importance of local core deposits. These core deposits remain in our local communities as business loans, residential mortgages, consumer loans, bank investments, or contributions to various civic organizations. This is the basis of our new advertising campaign "What Starts Here, Stays Here".

As always, feel free to contact me directly with any questions or suggestions at 315-789-7168.


R. Michael Briggs

President & CEO

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

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