Oneida Financial in N.Y. to Buy Insurance Agency

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Oneida Financial (ONFC) in New York is expanding its insurance business with an acquisition.

The $676 million-asset company said Monday that its Oneida Savings Bank will buy McMahon, Fenaroli and White, which operates Schenectady Insuring Agency in Schenectady, N.Y.

Oneida said it expects to merge the company into its existing agency, Bailey & Haskell Associates, which operates in upstate and western New York as Bailey Haskell & LaLonde Agency. The $677 million-asset banking company said it expects to complete the acquisition by the end of this month.

Oneida did not disclose the price it will pay for the agency.

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