Letter To Our Shareholders

October 8, 2015

Dear Shareholders:

Our third quarter operating results were again solid with an unaudited Net Income of $932,487. This compares favorably to $812,648 in the second quarter and $723,600 for 2014's third quarter. Total Assets grew from $238,300,958 on 6/30/2015 to $253,996,748 on 9/30/2015.

Our YTD Return on Average Assets (ROAA) of 1.41% and Return on Average Equity (ROAE) of 15.63% should continue to place us among the top performing community banks in New York.

We just successfully raised $3.75 million dollars through our common stock offering, which was offered to both existing shareholders and new investors. The Bank has grown consistently since opening in 2007. We believe there will be future opportunities to continue these growth trends and we would like to be in a better position to take advantage of them. The successful capital raise reflects confidence that investors have in USNY Bank.

Our Bank of Cooperstown branch in Oneonta celebrated its first anniversary in early September and deposits have broken the $20 million milestone. Work on the new corporate headquarters in the Town of Geneva has been completed. Our Bank of the Finger Lakes branch in Geneva will soon receive interior updates as well as other improvements over the next few months. We are focused on making investments to prepare the Bank for continued growth, so we will continue to invest in our people, technology and facilities to better serve our customers.

Thanks for your confidence in our management team and business model. We appreciate your investment, your banking relationship and new customer referrals. Please keep us in mind when you talk to 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
  • 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