Oconee Federal Financial

What Oconee Federal Financial does

Oconee Federal Financial Corp. (NASDAQ: OFED) is a federally chartered savings and loan holding company headquartered in Seneca, South Carolina, that operates through its wholly-owned subsidiary Oconee Federal Savings and Loan Association. Founded in 1924 as the Seneca Building and Loan Association and converted from mutual to stock form in 2011, the company runs a community banking platform serving individual consumers, local small-to-medium businesses, and non-profit organizations in rural and suburban markets of Upstate South Carolina and Northeast Georgia. The core product set spans personal deposit accounts (checking, savings, CDs, IRAs), debit and Visa credit cards, a full mortgage lending suite (conventional, FHA/VA/USDA, construction-permanent, HELOCs, lot/land), commercial lending (CRE, C&I, equipment, SBA through a BDC partnership), and standard treasury services (ACH, wire, remote deposit capture, safe deposit boxes). Digital delivery is enabled through an iOS/Android mobile banking app, online banking, Zelle, Card Hub controls, eStatements, Notifi alerts, and integrations with Apple Pay, Google Pay, and QuickBooks; the physical distribution layer is 8 branches across SC and GA supplemented by 55,000+ surcharge-free ATMs via the Allpoint network.

The business model is a traditional spread-based community bank: primary revenue comes from net interest income on $491.8M of loans and securities funded by retail and business deposits, supplemented by transaction-based fees (deposit service charges, debit interchange via uChoose Rewards, mortgage and SBA origination fees). Pricing is modest and relationship-based — checking fees of $0–$15/month, business account Bill Pay at $10–$35/month, variable-rate credit cards pegged to Prime, and dividend distributions of $0.10/share quarterly. Customer acquisition is sales-led through branch presence, a video education center, organic search, and Facebook, rather than performance marketing. As of Q1 2026, the company reported $663.1M in total assets, $1.13M in quarterly net income (up $119K YoY), and 58 consecutive quarterly cash dividends, with a recently authorized 50,000-share buyback representing approximately 0.86% of outstanding shares. The company has grown episodically through acquisitions — Stephens Federal Bank in 2014 (entering Georgia), a new Clemson branch in 2020, and Mutual Savings Bank in February 2024 (entering the Pee Dee Region) — and relies on partnerships (ServisFirst for credit card processing, BDC for SBA lending, Deluxe for check reordering) to extend product capability without internal technology investment.

Name

Oconee Federal Financial

Legal name

Oconee Federal Financial Corp.

Website

https://oconeefederal.com

Company type

Public

Founded year

1924

Operating status

Operating

Headcount range

11–50 employees

Short description

Oconee Federal Financial Corp. (OFED) is a federally chartered savings and loan holding company operating 8 community bank branches in South Carolina and Georgia, serving retail consumers, local small businesses, and non-profits with deposits, mortgage and commercial lending, and digital banking.

Ownership category

akta.pro rank

Product category

Community Banking (Retail and Small Business)

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

SME/Industrial Development Banks (FSABAKAF)

Keywords

• Community banking
• Retail banking services
• Mortgage lending
• Deposit accounts
• Small business banking

Headquarters

HQ city

Seneca

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including mortgages, commercial loans, and consumer loans. The bank extends credit to individuals and businesses and earns interest on the outstanding balances.
2. Deposit Services Fees: Fees from deposit accounts including monthly maintenance fees, minimum balance fees, and other account service charges for both personal and business checking and savings accounts.
3. Lending Fees: Origination fees and other charges related to mortgage lending, commercial lending, and other loan products.
4. Dividend Distribution: The company declared quarterly cash dividends of $0.10 per share, representing returns to stockholders from accumulated earnings.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Oconee Federal Financial is a federally chartered community savings and loan holding company providing personal and business deposit products (checking, savings, money market, CDs, IRAs), mortgage and commercial lending, credit and debit cards, and digital banking services through 8 branch locations across South Carolina and Georgia complemented by online and mobile banking channels. Revenue is generated primarily through net interest income on loans and deposits, supplemented by service fees and credit card interchange.

Product overview

Oconee Federal Financial is a federally chartered savings and loan holding company headquartered in Seneca, South Carolina, operating through its wholly-owned subsidiary Oconee Federal Savings and Loan Association. The company offers a comprehensive community banking platform providing personal banking products (checking, savings, CDs, IRAs, credit cards, debit cards), mortgage lending (conventional, government-backed, construction-permanent, HELOCs), commercial banking services (commercial lending, SBA lending, business checking/savings/CDs), and digital banking services (online banking, mobile banking, bill pay, Zelle, eStatements, card management). The product portfolio is organized around physical branch locations supported by digital channels, with eight branch locations across South Carolina and Georgia and access to the Allpoint ATM network. Key partnerships include ServisFirst Bank for credit card products and Business Development Corporation for SBA lending. The company completed its acquisition of Mutual Savings Bank in February 2024, expanding assets to approximately $660 million.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Personal checking accounts including Action Checking (no interest), Smart Checking (interest-bearing), Money Market (interest-bearing, higher balance requirements), and Reward Plus Checking with features such as debit cards, mobile banking, bill pay, and access to 55,000+ Allpoint ATM locations.
• Personal Savings Interest-bearing savings accounts including Statement Savings (minimum $25 to open, $100 minimum balance to avoid fees) and Money Moose Savings designed for young savers.
• Certificates of Deposit (CDs) FDIC-insured CD products with competitive rates and terms from 182 days to 60 months for personal customers, with options for interest to accrue or be distributed monthly/quarterly.
• Individual Retirement Accounts (IRAs) Fixed-rate CD-term IRAs (12 to 60 months) for retirement savings with potential tax-deductible contributions and IRA/401(k) transfer/rollover assistance.
• Personal Credit Cards Platinum Visa cards offered in partnership with ServisFirst Bank, including Cash Back Rewards Card (1% cash back, $35 annual fee) and Platinum Standard Card (no annual fee), both with 0% introductory APR.
• Debit Cards MasterMoney debit cards with chip technology, mobile wallet compatibility (Apple Pay, Google Pay), fraud protection, and access to surcharge-free Allpoint ATMs; includes uChoose Rewards.
• Mortgage Lending Full suite of mortgage products including fixed-rate (30, 20, 15-year), adjustable-rate (5/1, 7/1, 10/1 ARMs), government loans (FHA, VA, USDA, Fannie Mae/Freddie Mac), construction-permanent loans, HELOCs, and lot/land loans for homebuyers and homeowners.
• Commercial Lending Commercial loan products including Commercial Real Estate Loans, Commercial and Industrial Financing, Construction and Development Loans, and Equipment Financing for business customers.
• SBA Lending Small Business Administration guaranteed loans offered in partnership with Business Development Corporation (BDC), providing capital with competitive terms and lower down payments for business customers.
• Business Credit Cards Business Visa credit cards and Purchasing cards offered in partnership with ServisFirst Bank, including Cash Back option (1% on first $100K annual spending, $79 annual fee) and Platinum option (no annual fee), with Card Manager online platform for account oversight.
• Business Checking Business checking accounts available in three tiers (Business, Business Plus, Business Premium) with balance-based earnings credits, free e-Statements, and options for online banking, mobile deposit, and ACH origination.
• Business Savings Interest-bearing Business Statement Savings account with $25 minimum opening balance, $100 minimum monthly balance to avoid $5 fee, and unlimited ATM transactions.
• Business Certificates of Deposit Business CDs with FDIC insurance, competitive rates, and terms from 182 days to 60 months; interest may accrue or be distributed monthly or quarterly.
• Non-Profit Checking Interest-bearing checking accounts exclusively for non-profit groups available in three tiers (Non-Profit, Non-Profit Plus, Non-Profit Premium) with various features including CardValet and Notifi Text Alerts.
• Online Banking 24/7 online account access for checking, savings, debit cards, lines of credit, CDs, and loans with features including balance verification, transfers, check images, and mobile check deposits.
• Mobile Banking Mobile banking app for iOS and Android enabling balance checking, payments, statements, mobile deposits, mobile wallet integration, and debit card management including card on/off controls and location-based restrictions.
• Bill Pay Online bill payment service accessible through online banking, supporting recurring payments, multiple account management, same-day/overnight check options, and up to 7 years of payment history.
• Business Bill Pay Business bill payment with features including multi-account support, recurring payments, payment center dashboard, multi-user support, and access to same-day and overnight check options.
• Zelle Person-to-person payment service integrated into online banking bill pay, enabling customers to send and receive money using mobile phone numbers or email addresses.
• eStatements Electronic statement delivery for checking, savings, mortgage, and consumer loan accounts with email notifications, 18-month archive, eNotices, eTax Forms, and third-party access options for accountants/attorneys.
• Notifi Alerts Account notification service delivering balance threshold alerts, deposit alerts, and cleared check notifications via email or text message to mobile phones.
• Remote Deposit Capture Business check deposit service allowing businesses to scan and present checks through a secure online portal within business online banking using a multi-check scanner, enabling deposits at convenience.
• Mobile Wallet Mobile payment service enabling smartphone payments using Oconee Federal debit cards at participating locations, supporting Apple Pay and Google Pay with encrypted transaction security.
• ACH Services Automated Clearing House services for employee payroll, vendor payments, tax payments, and electronic collections with multi-factor security and customized options.
• Wire Transfers Electronic money transfer service enabling customers to send funds to beneficiaries at different banks using routing numbers and account information.
• Safe Deposit Boxes Secure storage service for valuables and important papers available at select branch locations with pricing varying by box size and subject to availability.

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• Business Development Corporation (BDC)coreStrategic or Co-development PartnerPartnership with BDC for SBA guaranteed lending. BDC has over 60 years of experience assisting South Carolina banks with SBA loan programs, having provided more than $1.5 billion in financing to date. BDC works with Oconee Federal to provide capital to business customers with competitive terms and lower down payments.
• ServisFirst BankcoreTechnology or IntegrationPartnership with ServisFirst Bank to offer Business Visa credit cards and Purchasing cards for businesses with multiple employees. ServisFirst provides the card infrastructure, card management platform (Card Manager), and processing services for business and personal credit card programs.
• AllpointcoreChannel Partner/ Reseller/ DistributorAllpoint network partnership providing 55,000 surcharge-free ATMs worldwide. Oconee Federal customers can access their accounts without fees at ATMs located at stores such as CVS, Walgreens, Kroger, Costco, Speedway, and many other retailers.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• First Savings Financial Group: Mutual holding company structure community savings bank operating in southern Indiana. Closely comparable to Oconee Federal in scale (sub-$1B assets), MHC ownership form, and community savings-bank business model with mortgage and consumer lending focus.
• HMN Financial: Minnesota-based MHC savings bank holding company of Home Federal Savings Bank. Nearly identical structural profile to Oconee Federal: MHC parent, federally chartered savings bank subsidiary, sub-$1B assets, mortgage-and-deposit business model.
• HomeTrust Bancshares: Asheville, NC-based community bank holding company operating HomeTrust Bank with MHC-style origins. Comparable Southeast footprint, similar mortgage and deposit mix, and community banking focus relevant to Oconee Federal's Carolinas franchise.
• Hometown Financial Group: MHC-structured community bank holding company in Massachusetts with a deposit-and-lending franchise similar to Oconee Federal's. Comparable in MHC ownership, sub-billion asset size, and relationship-based community banking approach.
• Bank of the James Financial Group: Lynchburg, VA-based community bank holding company of Bank of the James. Comparable in scale (sub-$1B assets), Southeast community banking focus, mortgage and small-business lending mix, and publicly traded small-cap profile similar to Oconee Federal.
• FSB Bancorp: MHC holding company for Fairfield County Savings Bank in Connecticut. Strong structural parallel to Oconee Federal's two-tier MHC structure and community savings-bank model, though operating in a different region.
• Wilson Bank Holding Company: Lebanon, TN-based community bank holding company operating Wilson Bank & Trust. Comparable in scale, Southeast community banking focus, deposit-and-mortgage product mix, and family-controlled ownership culture relevant to Oconee Federal.

Broad incumbents

• ServisFirst Bancshares: Birmingham, AL-based regional bank serving the Southeast. Directly comparable as a banking partner (Oconee Federal partners with ServisFirst's card-issuing business) and as a regional competitor in the Carolinas for commercial and small-business deposits.
• United Community Banks: Blairsville, GA-based regional bank holding company with major presence across the Southeast including Upstate SC and GA — overlapping Oconee Federal's geography. Larger scale but similar community-bank heritage and deposit-gathering model.
• Pinnacle Financial Partners: Nashville-based regional bank with growing Southeast presence. Comparable in commercial lending and small-business focus, but operates at materially larger scale than Oconee Federal and competes for similar Carolinas/Tennessee SMB relationships.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/oconeefederal
• LinkedInlinkedin.com/company/oconee-federal-savings-and-loan

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oconee Federal Financial