Oconee Federal Financial Corp. is a federally-chartered corporation that was
incorporated in January 2011 to be the mid-tier stock holding company for Oconee
Federal Savings and Loan Association in connection with the mutual holding company
reorganization of Oconee Federal Savings and Loan Association.
Oconee Federal Financial Corp. had 5,882,140 shares outstanding and a market
capitalization of approximately $108.2 million.
The executive offices of Oconee Federal Financial Corp. are located at 201 East
North Second Street, Seneca, South Carolina 29678, and the telephone number
is (864) 882-2765. Our website address is www.oconeefederal.com. Oconee Federal
Financial Corp. is subject to comprehensive regulation and examination by the
Board of Governors of the Federal Reserve System.
Oconee Federal Savings and Loan Association is a federally chartered savings
and loan association headquartered in Seneca, South Carolina. Oconee Federal
Savings and Loan Association was originally chartered by the State of South
Carolina in 1924 as Seneca Building and Loan Association. In 1958, it changed
its name to “Oconee Savings and Loan Association,” and in 1991 it
converted to a federal charter under the name “Oconee Federal Savings
and Loan Association.”
Our principal business consists of attracting retail deposits from the general
public in our market area and investing those deposits, together with funds
generated from operations, in one-to-four family residential mortgage loans
and, to a lesser extent, nonresidential mortgage, construction and land, agricultural
and other loans. We also invest in U.S. Government and federal agency securities,
mortgage-backed securities and short-term deposits. We have also used borrowed
funds as a source of funds, and we borrow principally from the Federal Home
Loan Bank of Atlanta. We conduct our business from our executive office and
seven branch offices. Our offices are located in Oconee County, South Carolina,
Stephens County, Georgia and Rabun County, Georgia. Our primary market area
consists of the counties where we have offices and the nearby communities and
townships in adjacent counties in South Carolina and Georgia.
Oconee Federal Savings and Loan Association is subject to comprehensive regulation
and examination by the Office of the Comptroller of the Currency. Oconee Federal
Savings and Loan Association is a member of the Federal Home Loan Bank system.
Oconee Federal, MHC is a federally-chartered mutual holding company formed
in January 2011 to become the mutual holding company of Oconee Federal Financial
Corp. in connection with the mutual holding company reorganization of Oconee
Federal Savings and Loan Association. As a mutual non-stock holding company,
Oconee Federal, MHC has as its members all holders of deposit accounts at, and
certain borrowers of, Oconee Federal Savings and Loan Association as of October
21, 1991. As a mutual holding company, Oconee Federal, MHC is required by law
to own a majority of the voting stock of Oconee Federal Financial Corp. Oconee
Federal, MHC is not currently, and at no time has been, an operating company.
The principal lending activity of Oconee Federal Savings and Loan Association
is originating one-to-four family residential mortgage loans and, to a lesser
extent, home equity loans and lines of credit, nonresidential real estate loans,
construction and land loans, commercial loans, agricultural loans, and other
loans. We recently increased our loan portfolio of nonresidential real estate
loans, home equity loans and lines of credit, and added agricultural loans and
to a much lesser extent than the other segments, commercial and industrial loans
through the acquisition of Stephens Federal. We plan to continue to maintain
the loans we acquired that are of sound credit quality in our portfolio and
to increase our lending in nonresidential real estate loans to a modest extent
in our primary market area.
Lending activities are conducted solely by our salaried personnel operating
at our main and branch office locations. All loans originated by us are underwritten
pursuant to our policies and procedures. We originate both fixed-rate and adjustable-rate
loans. Our ability to originate fixed or adjustable-rate loans is dependent
upon relative customer demand for such loans, which is affected by current and
expected future levels of market interest rates. We originate real estate and
other loans through our salaried loan officers, marketing efforts, our customer
base, walk-in customers and referrals from real estate brokers, builders and
attorneys.
With the exception of loans acquired through the Stephens Federal acquisition,
we currently do not purchase whole loans or interests in loans from third parties.
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