Seneca-Cayuga Bancorp, Inc.
Succession Plan Announcement
CONTACT: Menzo D. Case
EVP
19 Cayuga Street
Seneca Falls, NY 13148
315-568-5855
FOR IMMEDIATE RELEASE
September 25, 2007
Seneca-Cayuga Bancorp, Inc. Announces Leadership Succession Plan Kernan
Announces Plan to Step Down As President of Seneca-Cayuga Bancorp, Inc. on
January 1, 2008 and Chief Executive Officer on July 1, 2008
SENECA FALLS, NY--September 25, 2007--Seneca-Cayuga Bancorp, Inc. (OTC
Bulletin Board: SCAY) The Seneca-Cayuga Bancorp, Inc. (the "Company") and Seneca
Falls Savings Bank (the "Bank") Boards of Directors have adopted a management
succession plan under which their President, Robert E. Kernan, Jr., will retire
from that role as of January 1, 2008. Menzo D. Case, current Executive Vice
President and Chief Financial Officer of the Company and the Bank, has been
named as Mr. Kernan's replacement. Mr. Kernan will also retire from his role as
Chief Executive Officer of the Company and the Bank on July 1, 2008, and Mr.
Case will also assume that role at that time. Mr. Kernan will continue in his
role as Chairman of the Board for both the Company and the Bank. Mr. Kernan has
served as the President and CEO of the Company since its founding in 2000 and,
prior to that, as President and CEO of the Company since 1991.
During his tenure, Kernan helped guide the Company's strategy of expansion in
its banking, securities/investments, and insurance activities, including the
Bank's recently announced plans for its fifth banking branch in Auburn.
"I am especially proud of and have a great deal of confidence in the leadership
team that we have developed to carry our Company forward. Mr. Case already
enjoys a strong and positive relationship with our officers and will continue to
build the Seneca-Cayuga Bancorp, Inc. organization, which will benefit both the
communities we serve and our shareholders," said Kernan.
"I am privileged to work within the organization and thank the Board for this
opportunity. I look forward to working with my colleagues and the Board on this
transition over the next nine months. I believe that our employees will continue
to exceed customer expectations and are prepared to take advantage of
opportunities ahead," added Mr. Case. Since Mr. Kernan will remain Chairman, Mr.
Case says he and other officers have easy access to him as a mentor and adviser
even after his retirement.
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Mr. Kernan joined the Bank in October 1988 as its Treasurer. In January 1991, he
was promoted to President and CEO and also assumed the position of Chairman of
the Board. Kernan has also been active in community service. He currently serves
on the Boards of New York Chiropractic College, Finger Lakes Council BSA, Seneca
County Chamber, Seneca County IDA, National Women's Hall of Fame, United Way of
Seneca County, Inc. and Catholic Charities of the Finger Lakes. He plans to
continue his community involvement after retirement.
Seneca-Cayuga Bancorp, Inc. is the mid-tier holding company of Seneca Falls
Savings Bank, a federally chartered savings bank headquartered in Seneca Falls,
New York. The Bank has four full service offices located in its market area
consisting of Cayuga, Seneca, Wayne and Ontario Counties.
This release may contain certain forward-looking statements, which are based on
management's current expectations regarding economic, legislative, and
regulatory issues that may impact the Company's earnings in future periods.
Factors that could cause future results to vary materially from current
management expectations include, but are not limited to, general economic
conditions, changes in interest rates, deposit flows, loan demand, changes in
real estate values, and competition, accounting principles, policies, or
guidelines, legislation or regulation; and economic, competitive, governmental,
regulatory, and technological factors affecting the Company's operations,
pricing, products, and services.