SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 11-K

                                 ANNUAL REPORT
                        PURSUANT TO SECTION 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

[X]   ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES  EXCHANGE ACT OF
      1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].

For the fiscal year ended      December 31, 2007
                           -----------------------------------------------------

                                       OR

[_]   TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934 [NO FEE REQUIRED].

For the transition period from _______________ to  ______________________

                        Commission File Number 000-25101
                                               ---------

       A. Full title of the plan and the address of the plan, if different
                      from that of the issuer named below:

                   The Oneida Savings Bank 401(k) Savings Plan

      B: Name of issuer of the securities held pursuant to the plan and the
                   address of its principal executive office:

                             Oneida Financial Corp.
                                 182 Main Street
                           Oneida, New York 13421-1676


                                   SIGNATURES


         The Plan.  Pursuant to the requirements of the Securities  Exchange Act
of 1934,  the trustees (or other  persons who  administer  the employee  benefit
plan)  have duly  caused  this  annual  report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                  THE ONEIDA SAVINGS BANK 401(k) SAVINGS PLAN


Date: July 10, 2008               By:      /s/ Eric E. Stickels
                                           ----------------------------
                                           Name:  Eric E. Stickels
                                           Title: Executive Vice President
                                                  and Chief Financial Officer,
                                                  The Oneida Savings Bank



<PAGE>



                               ONEIDA SAVINGS BANK
                               401(K) SAVINGS PLAN

                              FINANCIAL STATEMENTS
                           December 31, 2007 and 2006





<PAGE>

                               ONEIDA SAVINGS BANK
                               401(K) SAVINGS PLAN


                              FINANCIAL STATEMENTS
                           December 31, 2007 and 2006



                                    CONTENTS



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM .....................  1


FINANCIAL STATEMENTS

    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS .........................  2

    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS ...............  3

    NOTES TO FINANCIAL STATEMENTS ...........................................  4


SUPPLEMENTAL SCHEDULE

    SCHEDULE OF ASSETS (HELD AT END OF YEAR), SCHEDULE H, LINE 4i............ 12

    NONEXEMPT TRANSACTIONS, SCHEDULE G, PART III............................. 14




*    All other  schedules are omitted  since they are not  applicable or are not
     required based on the disclosure  requirements  of the Employee  Retirement
     Income  Security  Act of 1974  and  applicable  regulations  issued  by the
     Department of Labor.


<PAGE>


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants and Administrator of the
Oneida Savings Bank 401(k) Savings Plan
Oneida, New York

We have audited the accompanying statements of net assets available for benefits
of the Oneida Savings Bank 401(k) Savings Plan as of December 31, 2007 and 2006,
and the related  statement of changes in net assets  available  for benefits for
the  year  ended  December  31,  2007.   These  financial   statements  are  the
responsibility  of the Plan's  management.  Our  responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management  as well as  evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the net assets available for benefits of the Plan as of
December 31, 2007 and 2006, and the changes in net assets available for benefits
for the year ended December 31, 2007, in conformity with U.S. generally accepted
accounting principles.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial statements taken as a whole. The supplemental  schedules are presented
for the purpose of additional  analysis and are not a required part of the basic
financial   statements  but  are  supplementary   information  required  by  the
Department of Labor's Rules and Regulations  for Reporting and Disclosure  under
the Employee Retirement Income Security Act of 1974. The supplemental  schedules
are the responsibility of the Plan's management. The supplemental schedules have
been subjected to the auditing procedures applied in the audit of the basic 2007
financial  statements  and, in our  opinion,  is fairly  stated in all  material
respects in relation to the basic 2007 financial statements taken as a whole.



                                                    Crowe Chizek and Company LLC
Oak Brook, Illinois
July 10, 2008

--------------------------------------------------------------------------------
                                                                              1.
<PAGE>


                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
                           December 31, 2007 and 2006

--------------------------------------------------------------------------------

Assets
                                                            2007         2006
                                                            ----         ----

Investments, at fair value (Note 3)
   Pool separate accounts                               $ 9,656,716  $ 7,278,759
   General account                                        1,036,254    1,005,262
   Oneida Financial Corp. common stock                    2,500,688    3,030,943
   Money market fund                                        146,063      115,073
   Participant loans                                        169,849       97,837
                                                        -----------  -----------
                                                         13,509,570   11,527,874
Receivable
   Employer contribution                                     52,096           10
   Participant contribution                                  29,333           17
                                                        -----------  -----------

       Total assets                                      13,590,999   11,527,901
                                                        -----------  -----------

   Net assets reflecting all investments at fair value   13,590,999   11,527,901

   Adjustment from fair value to contract value for
     fully benefit-responsive contracts                      32,319       86,247
                                                        -----------  -----------

Net Assets Available for Benefits                       $13,623,318  $11,614,148
                                                        ===========  ===========

--------------------------------------------------------------------------------
                See accompanying notes to financial statements.

                                                                              2.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
            STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
                          Year Ended December 31, 2007

--------------------------------------------------------------------------------


Additions to net assets attributed to:
   Investment income
     Interest and dividend income                                  $    166,969
     Interest from loans                                                 11,174
     Net appreciation (depreciation) in fair value of
       investments (Note 3)                                             (57,465)
                                                                   ------------
     Total investment income                                            120,678

   Contributions
     Participants' contributions                                        899,180
     Participants' rollovers                                             69,724
     Employer's contributions                                           528,554
                                                                   ------------

     Total additions                                                  1,618,136

Deductions to net assets attributed to:
   Benefits paid to participants                                        762,458
   Administrative expenses                                                  525
                                                                   ------------

     Total deductions                                                   762,983

     Net increase before transfer                                       855,153

     Transfers in - Plan merger                                       1,154,017
                                                                   ------------

     Net increase                                                     2,009,170

Net Assets Available for Benefits - Beginning of Year                11,614,148
                                                                   ------------

Net Assets Available for Benefits - End of Year                    $ 13,623,318
                                                                   ============

--------------------------------------------------------------------------------
                See accompanying notes to financial statements.
                                                                              3.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 1 - DESCRIPTION OF THE PLAN

The following  brief  description of the Oneida Savings Bank 401(k) Savings Plan
(the "Plan") is provided for general  information  purposes  only.  Participants
should refer to the Plan Agreement for more complete information.

General

The  Plan  is a  defined  contribution  plan,  which  covers  substantially  all
employees  of Oneida  Savings  Bank ("the  Sponsor" or "the  Company")  who have
completed three months of service with respect to salary reduction contributions
and one year of service  with  respect to  participation  in  employer  matching
contributions. It is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).

Contributions

Each year,  participants may contribute a portion of pretax annual  compensation
through direct payroll  withholding  subject to maximum allowable  contributions
under the  Internal  Revenue  Code of  $15,500  and  $15,000  for 2007 and 2006,
respectively.  The Plan allows  participants who have attained age 50 by the end
of the Plan year to make catch-up  contributions in accordance with Code Section
414(v). Participants are immediately vested in their contributions. The employer
matching formula is 100% of the first 4% of compensation deferred and 50% of the
next 2% of  compensation  deferred.  Effective  January  1,  2005,  the Plan was
amended to state a  participant  is 100% vested in employer  contributions  made
after January 1, 2005. The vesting on prior employer  contributions  is based on
years of  continuous  service.  A  participant  is 20% vested after each year of
service and is 100% vested after five years of service.

Investment Options

Upon  enrollment in the Plan,  participants  have a choice of  allocating  their
contribution and the Company  matching  contribution in 1% increments to several
pooled separate accounts,  a guaranteed  account,  or the Oneida Financial Corp.
common stock fund.  Investment  elections and  allocations can be changed at any
time.

Payment of Benefits

Distributions  resulting from retirement,  death, or termination are made in the
form of a lump sum  payment  representing  the net  value  of the  participant's
account at the valuation  date. In lieu of a lump sum payment,  the  participant
may  elect  to  receive  installment  payments  equal  to the net  value  of the
participant's account. Upon termination of employment, if the account balance is
less than  $5,000,  and the  participant  has not elected to receive the benefit
pursuant to an optional form of benefit payment,  the participant will receive a
single lump sum amount equal to the value of his or her account.  In the case of
death,  the surviving spouse may elect to defer payment up to the age of 70 1/2.
Hardship withdrawals are available of up to 100% of

--------------------------------------------------------------------------------
                                   (Continued)

                                                                              4.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 1 - DESCRIPTION OF THE PLAN (Continued)

employee  contributions  and the vested  interest of the  matching  contribution
account, subject to Internal Revenue Service guidelines.  Distributions, without
penalty, may be made upon attainment of age 59 1/2.

Retirement, Death and Disability

A  participant  is  entitled  to a  distribution  of 100% of his or her  account
balance upon retirement, death, or disability.

Participant Loans

The Plan  provides  that  participants  may borrow up to a maximum of 50% of the
participant's  vested account balance not to exceed $50,000.  The loans shall be
repaid by the participant in such manner and in such time as the Plan's trustee,
in its sole  discretion,  may  determine,  but in no event over a period greater
than five years unless the loan is a "home loan",  in which case the loan may be
repaid over a term of not more than 15 years.  The loans bear a rate of interest
commensurate with prevailing market rates.

Forfeited Accounts

At December 31, 2007 and 2006,  forfeited nonvested accounts totaled $10,100 and
$4,934,  respectively.  Forfeitures are reallocated to the matching contribution
account  of each  eligible  participant  based  on each  participant's  elective
deferrals for the year. During the year ended December 31, 2007,  forfeitures of
$4,934 were allocated to participant accounts.

Plan Termination

Although  it has not  expressed  any intent to do so, the  Company has the right
under the Plan to discontinue  contributions  at any time and terminate the Plan
subject to the  provisions of ERISA.  In the event of a termination of the Plan,
the net assets of the Plan would be distributed to each  participant  based upon
his or her  account  balances  as of the  distribution  date.  In the  event  of
termination of the Plan, participants would become 100% vested.


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The  accompanying  financial  statements  of the Plan have been  prepared on the
accrual  method  of  accounting  based  on U.S.  generally  accepted  accounting
principles.

--------------------------------------------------------------------------------
                                   (Continued)

                                                                              5.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Valuation of Investments

Oneida  Financial  Corp.  common  stock is valued at fair value  based on quoted
market prices as of the Plan's year end. Units of pooled  separate  accounts are
valued by the  custodian  at the daily net asset  value,  which  represents  the
cumulative   market  values  of  the  pooled   separate   accounts'   underlying
investments.  The fair  values  of the  Plan's  investment  contracts  have been
estimated with a discounted cash flows  methodology,  utilizing current rates of
return available for similar contracts,  with comparable credit risks, as of the
respective financial statement dates. Net assets available for benefits reflects
the  contract  value  of the  Plan's  investments  in  fully  benefit-responsive
contracts  because a separate  adjustment  is presented in the  statement of net
assets  available  for  benefits  to  increase  the  carrying  amount  of  these
investments to contract  value.  Contract value  represents  contributions  made
under the contract,  plus earnings,  participant  withdrawals and administrative
expenses.

Purchases  and sales of  securities  are  accounted  for as of the trade  dates.
Dividend  income is  recorded on the  ex-dividend  date and  interest  income is
recorded as earned. Unrealized and realized gains and losses are combined in the
Statement  of Changes in Net Assets  Available  for Benefits and in the Notes to
the  Financial   Statements.   Participant  loans  are  valued  at  cost,  which
approximates fair value.

Administrative Costs

Investment manager fees are paid by the Plan; all other administrative  expenses
of the Plan are  paid by the  Sponsor.  The  Plan  Sponsor  paid  administrative
expenses of $19,983 and $19,649 in 2007 and 2006, respectively.

Use of Estimates

The preparation of the financial  statements in conformity  with U.S.  generally
accepted accounting principles requires management to make significant estimates
and assumptions  that affect the reported  amounts of assets and liabilities and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the reported  amounts of  additions  and  deductions  during the
reporting period. Actual results could differ from these estimates.

Adoption of New Accounting Standard

The Plan retroactively adopted Financial Accounting Standards Board (FASB) Staff
Position  AAG  INV-1  and SOP  94-4-1,  Reporting  of  Fully  Benefit-Responsive
Investment  Contracts Held by the Certain  Investment  Companies  Subject to the
AICPA Investment Company Guide and  Defined-Contribution  Health and Welfare and
Pension  Plans ("the FSP") in 2006.  Pursuant to the adoption of the FSP,  fully
benefit-responsive  investment  contracts  held  directly  by the Plan are to be
presented at fair value. In addition,  any material  difference between the fair
value of these
--------------------------------------------------------------------------------
                                   (Continued)

                                                                              6.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

investments and their contract value is to be presented as a separate adjustment
line in the statement of net assets available for benefits.  The adoption of the
FSP had no impact on the net assets  available  for  benefits as of December 31,
2007 and 2006. The net appreciation  reported in the statement of changes in net
assets  available for benefits was also not impacted by the adoption of the FSP,
as the amount reflects the contract value of fully benefit responsive  contracts
held directly by the Plan.

Risks and Uncertainties

The Plan provides for various  investment  options in any  combination of pooled
separate  accounts,  a  guaranteed  fixed  account  and  common  stock of Oneida
Financial  Corp.  Investment  securities are exposed to various  risks,  such as
interest  rate,  market and  credit.  Due to the level of risk  associated  with
certain investment securities and the level of uncertainty related to changes in
the value of  investment  securities,  it is at least  reasonably  possible that
changes in risks in the near term would materially affect participants'  account
balances and the amounts  reported in the statement of net assets  available for
benefits and the statement of changes in net assets available for benefits.

Concentration of Credit Risk

At December 31, 2007 and 2006,  approximately 19% and 27%, respectively,  of the
Plan's assets were invested in Oneida Financial Corp. common stock fund.


NOTE 3 - INVESTMENTS

The fair market value of individual investments that represent 5% or more of the
net assets available for benefits as of December 31 are as follows:

                                                           2007          2006
                                                           ----          ----
Guaranteed Account:
     ING Fixed Account (contract number PHX149)         $1,068,573    $1,091,509
Pooled Separate Accounts:
    ING Fidelity VIP II Contrafund                       1,346,298           n/a
    ING Thornburg Value Port-Init                        1,052,754           n/a
     ING Fidelity VIP Equity - Income                          n/a     1,310,955
     ING Oppenheimer Main Street Fund                          n/a     1,084,974
     ING Fidelity VIP Growth Portfolio                         n/a       854,679
Oneida Financial Corp. Common Stock                      2,500,688     3,030,943

--------------------------------------------------------------------------------
                                   (Continued)

                                                                              7.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 3 - INVESTMENTS (Continued)

During 2007, the Plan's  investments  (including gains and losses on investments
bought and sold, as well as held during the year)  appreciated/(depreciated)  in
fair value as follows:

                                                                         2007
                                                                         ----

ING VP Money Market Portfolio                                         $   7,728
ING VP Bond Portfolio                                                    20,004
ING Pioneer High Yield Fund                                               1,571
ING American Balanced Fund                                                4,226
ING VP Balanced Portfolio, Inc.                                          11,482
ING Fidelity VIP Equity-Income                                           67,738
ING VP Index Plus Large Cap Portfolio                                     5,871
ING Oppenheimer Main Street Fund                                         45,447
Fidelity VIP Growth Portfolio                                            39,592
ING Fidelity VIP Contrafund Port I                                      198,169
ING American Century Select Portfolio                                    12,267
ING Baron Growth Fund                                                    33,548
ING VP Int'l Value Portfolio                                             23,144
ING Ariel Fund                                                              660
ING VIP Index Plus Mid Cap Port (I)                                         955
ING Lord Abbett Sm Cap Value Fund (A)                                    19,403
ING Lord Abbett Mid Cap Value Fund                                      (16,174)
ING Solution 2015 Portfolio Service                                      10,587
ING Solution 2025 Portfolio Service                                      (6,886)
ING Solution 2035 Portfolio Service                                       3,865
ING Solution 2045 Portfolio Service                                      (3,571)
ING Solution Income Portfolio Service                                        17
ING Washington Mutual Investors Fund (R3)                                 3,141
ING Fidelity Advisor Mid Cap Fund                                        25,757
ING Legg Mason Partners Aggressive Growth Portfolio                      (4,930)
ING Oppenheimer Global Portfolio                                         44,205
ING CRM Mid Cap Value Fund                                                   19
ING Wanger Select                                                       (13,855)
ING Thornburg Value Port-Init                                            17,563
ING The Growth Fund of America                                           (1,213)
ING Allianz NFJ Div Value Fund-I                                          8,485
ING The Income Fund of America (R3)                                      (8,752)
ING Julius Baer for Eq (Svc)                                              4,457
                                                                      ---------
     Total appreciation on pooled separate accounts                     554,520
                                                                      ---------

Oneida Financial Corp. Common Stock                                    (611,985)
                                                                      ---------

     Total Depreciation                                               $ (57,465)
                                                                      =========
--------------------------------------------------------------------------------
                                   (Continued)

                                                                              8.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 4 - INCOME TAX STATUS

The Internal  Revenue  Service has determined and informed the Company by letter
dated July 15, 2003,  that the Plan and related trust are designed in accordance
with applicable  sections of the Internal  Revenue Code (IRC). The Plan has been
amended  since  receiving  this   determination   letter.   However,   the  Plan
administrator believes that the Plan is designed and is currently being operated
in compliance with the applicable requirements of the IRC.

A  subsidiary  of the Plan  Sponsor  earned fees  during 2006 and 2007  totaling
$35,584,  which was paid as commissions  from  investment  earnings of the Plan.
Management determined that the amount paid resulted in a prohibited  transaction
and will return these fees plus lost earnings to the Plan. Management intends to
correct the matter and based on the  correction  method  chosen does not believe
that it adversely affects the Plan's qualified tax status.

NOTE 5 - PARTY IN INTEREST TRANSACTIONS

Parties in interest are defined Department of Labor regulations as any fiduciary
of the Plan, any party rendering services to the Plan, the employer, and certain
others.  At December 31, 2007 and 2006,  certain Plan  investments  are units of
pooled separate accounts and a guaranteed  account managed by ING Life Insurance
and  Annuity  Company  ("ING").  ING is the  trustee  as  defined  by the  Plan;
therefore, these transactions qualify as party-in-interest  transactions.  These
investments  totaled  $10,725,289  and $8,370,268 at December 31, 2007 and 2006,
respectively.  The Plan also has  participant  loans of $169,849  and $97,837 at
December 31, 2007 and 2006, which constitute party-in-interest investments.

At December 31, 2007 and 2006, the Plan had $146,063 and $115,073, respectively,
invested in a money market fund managed by  Investors  Bank and Trust (IBT).  As
IBT  is  the   custodian   of  this  asset,   these   transactions   qualify  as
party-in-interest transactions.

The Plan investments also included Company common stock. As of December 31, 2007
and 2006, the investment in Oneida Financial Corp. common stock was as follows:

                                       2007                       2006
                              ----------------------     ----------------------
                               Number       Market        Number       Market
                              of Shares      Value       of Shares      Value
     Common stock              260,167    $2,500,688      256,642    $3,030,943

At December 31, 2007, 3.1% of shares  outstanding were held by the Plan.  During
2007,  the Plan earned  dividend  income of $126,322 on its investment in Oneida
Financial Corp. common stock.

--------------------------------------------------------------------------------
                                   (Continued)

                                                                              9.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 6 - FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACT WITH INSURANCE COMPANY

The Plan holds a fully benefit-responsive  investment contract with the ING. ING
(the Issuer)  maintains the  contributions in a general account.  The account is
credited with earnings on the underlying investments and charged for participant
withdrawals and administrative expenses.  Participants may ordinarily direct the
withdrawal  or  transfer  of all or a portion of their  investment  at  contract
value.  Contract value represents  contributions  made under the contract,  plus
earnings, less participant withdrawals and administrative expenses.

This investment  contract specifies certain conditions under which distributions
from the  contract  would be payable  at  amounts  below  contract  value.  Such
circumstances  include  Plan  termination,   Plan  merger,   premature  contract
termination  initiated by the  employer,  and certain  other  employer-initiated
events, such as a sale of a division,  plant closure, or lay-off that results in
distributions  exceeding a set amount.  The  contract  limits the  circumstances
under which the Issuer may  terminate the  contract.  Examples of  circumstances
which would allow the Issuer to terminate the contract  includes the Plan's loss
of its qualified  status,  uncured  material  breaches of  responsibilities,  or
material  and adverse  changes to the  provisions  of the Plan.  If one of these
events were to occur,  the Issuer could  terminate  the contract at amounts less
than contract value.  Currently,  management  believes that the occurrence of an
event that would cause the Plan to transact contract  distributions at less than
contract value is not probable.

The crediting  interest rates of the contract are based on agreed-upon  formulas
with the issuer, as defined in the contract agreements,  but cannot be less than
3 percent.  Such interest  rates are reviewed on a monthly basis for  resetting.
The key factors that influence future interest crediting rates could include the
following:  the  level of  market  interest  rates;  the  amount  and  timing of
participant  contributions,  transfers and withdrawals into/out of the contract;
and the  duration  of the  underlying  investments  backing  the  contract.  The
resulting gains and losses in the fair value of the investment contract relative
to the  contract  value,  if any, are  reflected in the  Statement of Net Assets
Available for Benefits as Adjustment from fair value to contract value for fully
benefit responsive contracts ("adjustment"). If the adjustment is positive, this
indicates that the contract  value is greater than the fair value.  The embedded
losses will be amortized in the future through a lower  interest  crediting rate
than would otherwise be the case. If the adjustment is negative,  this indicates
that the contract  value is less than the fair value.  The  embedded  gains will
cause the future  interest  crediting rate to be higher than it otherwise  would
have been.

--------------------------------------------------------------------------------

                                                                             10.
<PAGE>
                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                        NOTES TO THE FINANCIAL STATEMENTS
                           December 31, 2007 and 2006
--------------------------------------------------------------------------------

NOTE 6 - FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACT WITH INSURANCE COMPANY
  (Continued)

                                                                 2007    2006
                                                                 ----    ----
     Average yields:

         Based on annualized earnings (1)                        3.75%   3.75%
         Based on interest rate credited to participants (2)     3.75%   3.75%

   (1)   Computed by dividing  the  annualized  one-day  actual  earnings of the
         contract  on the  last day of the  Plan  year by the fair  value of the
         contract investments on the same date.
   (2)   Computed  by  dividing  the  annualized  one-day  earnings  credited to
         participants  on the last day of the Plan year by the fair value of the
         contract investments on the same date.


NOTE 7 - PLAN MERGERS AND ACQUISITIONS

Effective  April 2, 2007,  the Vernon Bank  Corporation  was  acquired by Oneida
Savings  Bank.  As a result of this  acquisition,  the former  employees  of the
Vernon Bank Corporation  became  participants of the Plan, subject to the Plan's
eligibility requirements.

Benefit  Consulting  Group LLC was acquired by Oneida Savings Bank in 2006. As a
result of this acquisition, the former employees of Benefit Consulting Group LLC
became  participants of the Plan effective January 1, 2007 and the assets of the
Benefit  Consulting  Group LLC 401(k)  Profit  Sharing Plan were merged into the
Plan during 2007.


--------------------------------------------------------------------------------
                                                                             11.


<PAGE>


                              SUPPLEMENTAL SCHEDULES

<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                    SCHEDULE OF ASSESTS (HELD AT END OF YEAR)
                               SCHEDULE H, LINE 4i
                                December 31, 2007

--------------------------------------------------------------------------------

Name of Plan sponsor:                Oneida Savings Bank
                                   --------------------------
Employer identification number:          15-0405820
                                   --------------------------
Three digit plan number:                     002
                                   --------------------------

<TABLE>
<CAPTION>
                                                 (c) Description of
                 (b)                         Including Maturity Date (e)
    Identity of issue, borrower             Rate of Interest, Collateral                     (d)            Current
(a)   lessor, or similar party                  Par or Maturity Value                      Cost **           Value
      ---------- -------------                         --------------                      -------           -----
<S>      <C>                            <C>                                             <C>                <C>


                                      Pooled Separate Accounts
*       ING Life Insurance and        ING VP Money Market Portfolio;
          Annuity Company               investment in shares of a separate account       $          --   $      196,522
*       ING Life Insurance and        ING VP Bond Portfolio; investment in shares
          Annuity Company               of a separate account                                       --          323,099
*       ING Life Insurance and        Fidelity VIP II Contrafund; investment in
          Annuity Company               shares of a separate account                                --        1,346,298
*       ING Life Insurance and        Baron Growth Fund; investment in shares
          Annuity Company               of a separate account                                       --          523,100
*       ING Life Insurance and        ING Legg Mason Partners Aggr Gr Portfolio;
          Annuity Company               investment in shares of a separate account                  --          251,410
*       ING Life Insurance and        ING VP Int'l Value Portfolio (I); investment in
          Annuity Company               shares of a separate account                                --          343,605
*       ING Life Insurance and        ING Lord Abbett Mid Cap Value Fund;
          Annuity Company               investment in shares of a separate account                  --          290,936
*       ING Life Insurance and        ING Lord Abbett Small Cap Value Fund (A);
          Annuity Company               investment in shares of a separate account                  --          253,523
*       ING Life Insurance and        ING Solution 2015 Portfolio Svc; investment in
          Annuity Company               shares of a separate account                                --          449,210
*       ING Life Insurance and        ING Solution 2025 Portfolio Svc; investment in
          Annuity Company               shares of a separate account                                --          615,024
*       ING Life Insurance and        ING Solution 2035 Portfolio Svc; investment in
          Annuity Company               shares of a separate account                                --          518,263
*       ING Life Insurance and        ING Solution 2045 Portfolio Svc; investment in
          Annuity Company               shares of a separate account                                --          194,619
*       ING Life Insurance and        ING Solution Income Portfolio Svc; investment in
          Annuity Company               shares of a separate account                                --          193,349
*       ING Life Insurance and        ING Oppenheimer Glob Port; investment in
          Annuity Company               shares of a separate account                                --          503,286

</TABLE>


--------------------------------------------------------------------------------
                                  (Continued)

                                                                             12.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                    SCHEDULE OF ASSESTS (HELD AT END OF YEAR)
                               SCHEDULE H, LINE 4i
                                December 31, 2007

--------------------------------------------------------------------------------

Name of Plan sponsor:                Oneida Savings Bank
                                   --------------------------
Employer identification number:          15-0405820
                                   --------------------------
Three digit plan number:                     002
                                   --------------------------

                                                               (c)   Description

<TABLE>
<CAPTION>
                                                 (c) Description of
                 (b)                         Including Maturity Date (e)
    Identity of issue, borrower             Rate of Interest, Collateral                     (d)            Current
(a)   lessor, or similar party                  Par or Maturity Value                      Cost **           Value
      ---------- -------------                         --------------                      -------           -----
<S>      <C>                            <C>                                             <C>                <C>

                                      Pooled Separate Accounts (Continued)
*       ING Life Insurance and        ING CRM Mid Cap Value Fund; investment in
          Annuity Company               shares of a separate account                                 --          76,031
*       ING Life Insurance and        ING Wanger Select; investment in
          Annuity Company               shares of a separate account                                 --         456,001
*       ING Life Insurance and        ING Thornburg Value Port-Init; investment in
          Annuity Company               shares of a separate account                                 --       1,052,754
*       ING Life Insurance and        ING The Growth Fund of America; investment in
          Annuity Company               shares of a separate account                                 --         169,033
*       ING Life Insurance and        ING Allianz NFJ Div Value Fund-I; investment in
          Annuity Company               shares of a separate account                                 --       1,201,935
*       ING Life Insurance and        ING The Income Fund of America; investment in
          Annuity Company               shares of a separate account                                 --         545,885
*       ING Life Insurance and        ING Julius Baer For Eq (Svc); investment in
          Annuity Company               shares of a separate account                                 --         152,833
                                                                                         --------------  --------------
                                                                                                              9,656,716
                                      General Account
*       ING Life Insurance and        ING Fixed Account, PHX149
          Annuity Company                                                                            --       1,068,573

                                      Oneida Common Stock Fund
*       Oneida Financial Corp.        Common Stock                                                   --       2,500,688
*       Investors Bank & Trust        Money Market Fund                                              --         146,063
                                                                                         --------------  --------------
                                                                                                              2,646,751
                                      Participant Loans
*       Participant loans             5.25% - 9.25%                                                  --         169,849
                                                                                         --------------  --------------

             Total investments                                                           $           --  $   13,541,889
                                                                                         ==============  ==============
</TABLE>

*  Denotes party-in interest
** All investments are participant  directed,  therefore no cost  information is
   required.

--------------------------------------------------------------------------------

                                                                             13.
<PAGE>

                     ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
                  SCHEDULE G, PART III - NONEXEMPT TRANSACTIONS
                                December 31, 2007

--------------------------------------------------------------------------------

Name of Plan sponsor:                Oneida Savings Bank
                                   --------------------------
Employer identification number:          15-0405820
                                   --------------------------
Three digit plan number:                     002
                                   --------------------------

<TABLE>
<CAPTION>

                                                                                      (c)                                (g)
                                             (b)                     Description of transactions including             Expenses
           (a)                      Relationship to plan,              maturity date, rate of interest,             in connection
Identity of party involved  employer, or other party-in-interest       collateral, par or maturity value           with transaction
--------------------------  ------------------------------------       ---------------------------------           ----------------
<S>                          <C>                                         <C>                                             <C>
 Benefit Consulting Group    Wholly-owned subsidiary of employer        Commissions were paid to party-                $35,584
                                                                        in-interest for investment
                                                                        advisory services

</TABLE>



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                                                                             14.