Seneca-Cayuga Bancorp Inc (SCAY)

Description:

Seneca-Cayuga Bancorp, Inc. is the federally chartered mid-tier stock holding company of Seneca Falls Savings Bank. Seneca-Cayuga Bancorp, Inc. owns 100% of the common stock of Seneca Falls Savings Bank. Seneca-Cayuga Bancorp, Inc. has not engaged in any significant business activity other than owning the common stock of Seneca Falls Savings Bank and investing in a mutual fund. Seneca Falls Savings Bank was organized in 1870. Seneca Falls Savings Bank has operated as a conservative thrift institution soliciting deposits and making mainly residential mortgage loans in the Northern Finger Lakes region of New York State. The Company conduct its banking operations through its main office at Cayuga Street, Seneca Falls, New York and four full-service banking offices located in Waterloo, Auburn and Geneva, New York. In addition, the Company conducts business through an in-store branch located in a Wal-Mart Super Center in Auburn, New York. The main business consists of attracting retail deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential mortgage loans and, to a lesser extent, manufactured home, non-residential real estate, automobile, home equity, commercial, construction and multi-family loans. The Company also might make investments in mortgage-backed and other securities. Finally, through a subsidiary, it also provides insurance as well as certain other financial products. Seneca-Cayuga Bancorp's main lending activity has been the origination of permanent first mortgage loans for the purchase or refinancing of one- to four-family residential real property. It might sell a portion of the fixed rate loans that the Company originates based on an evaluation of its asset/liability position. The Company also originates multi-family and non-residential real estate, construction, commercial, home equity, manufactured home, automobile and other consumer loans. Seneca Falls Savings Bank make construction loans to individuals for the construction of their primary or secondary residences and to builders and developers for the construction of single-family and multi-family properties. Seneca Falls Savings Bank makes secured or unsecured loans to professionals, sole proprietorships and small businesses for commercial, corporate and business purposes. Commercial lending products include term loans and revolving lines of credit, which are used for working capital purposes or for purchasing equipment, inventory or furniture. Seneca Falls Savings Bank originates fixed-rate home equity loans and variable rate home equity lines of credit secured by a lien on the borrower's residence. Seneca Falls Savings Bank accepts manufactured home loan applications obtained by a third party. The loans are secured by the manufactured homes that are not permanently affixed to real estate. Seneca Falls Savings Bank originates automobile loans through its branch network and also accepts automobile applications from automobile dealerships with approved indirect lending agreements with them. Seneca Falls Savings Bank offers a variety of other secured consumer loans, including loans secured by recreational vehicles and savings deposits. The Company mainly serve rural, small town and suburban communities located in the Northern Finger Lakes region extending from Geneva, New York in the West to Auburn, New York in the East. Seneca-Cayuga Bancorp faces intense competition within its market area both in making loans and attracting deposits. The competition for loans and deposits comes mainly from commercial banks, mortgage banking firms and credit unions. It also faces competition for deposits from short-term money market funds, brokerage firms, mutual funds and insurance companies. Seneca Falls Savings Bank is examined and supervised by the Office of Thrift Supervision.