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Step Back In Time

October 30, 2012

Step Back in Time: Oct. 30, 2012

Step Back in Time features news items from The Daily Star 25 and 50 years ago.

25 years ago

Oct. 30, 1987

Oneonta Federal Savings & Loan and Astoria Federal Savings of Long Island City have agreed to merge, presidents of the two banks announced Thursday.

Robert G. Bolton, president of Oneonta Federal, said some form of expansion was inevitable for the small local bank. “The banking industry is getting very, very complex,” he said.

The margin between the interest rates charged on loans and rates paid on deposits is growing narrower, making it hard for small banks to compete, he said.

The merger between the two non-commercial banks is subject to approval from the Federal Home Loan Bank Board. Approval is expected by Jan. 1.

The merger will have little immediate impact on its customers, he said. The local bank will keep its name and will be a division of Astoria. The move will make Oneonta Federal more competitive with other local banks because of greater access to money and expertise, Bolton said. The bank will maintain the same local employees, he said.

The merger mirrors one made in 1984 by Chenango Federal Savings & Loan in Norwich. That bank has since taken on the Astoria name.

The merger may give Oneonta Federal the ability to provide more mortgages, whether the bank has the money itself or not. That will be a particular asset for the large number of people from New York City buying land in the area, who may already be familiar with Astoria, Bolton said.

 

50 years ago

Oct. 30, 1962

COOPERSTOWN — Thirty-two teen-age boys and girls representing 16 major urban and rural youth organizations, will spend two days in Cooperstown and a day in metropolitan Schenectady, as part of National Farm-City Week.

National Farm-City Week, sponsored by the Kiwanis Clubs throughout the United States, will be celebrated in New York State on Nov. 1 and 2.

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