<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-94624_onfc.txt
<DESCRIPTION>8-K
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): September 8, 2008

                             ONEIDA FINANCIAL CORP.
                             ----------------------
               (Exact Name of Registrant as Specified in Charter)

          Federal                      000-25101                16-1561678
-----------------------------     ---------------------    -------------------
(State or Other Jurisdiction)     (Commission File No.)     (I.R.S. Employer
      of Incorporation)                                    Identification No.)


   182 Main Street, Oneida, New York                           13421-1676
----------------------------------------                       ----------
(Address of Principal Executive Offices)                       (Zip Code)

Registrant's telephone number, including area code:  (315) 363-2000
                                                     --------------


                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[_]   Written  communications  pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

[_]   Pre-commencement  communications  pursuant  to  Rule  14d-2(b)  under  the
      Exchange Act (17 CFR 240.14d-2(b))

[_]   Pre-commencement  communications  pursuant  to  Rule  13e-4(c)  under  the
      Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

Item 2.06.  MATERIAL IMPAIRMENTS


      Oneida  Financial Corp.  (NASDAQ:  ONFC), the parent company of The Oneida
Savings Bank ("Bank"),  announced today that the U.S.  government's actions with
respect to Freddie Mac and Fannie Mae, government sponsored  enterprises,  would
adversely impact the value of the Bank's perpetual  preferred stock  investments
in Freddie Mac. The Bank does not hold any stock investments in Fannie Mae.

      On  September  7, 2008 the U.S.  Treasury,  the  Federal  Reserve  and the
Federal  Housing  Finance  Agency  ("FHFA")  announced that the FHFA was putting
Freddie Mac and Fannie Mae under  conservatorship  and giving management control
to their regulator, FHFA. Key provisions of the U.S. Government's Plan announced
to date were as follows:

      o     Dividends on Freddie Mac and Fannie Mae common and  preferred  stock
            were eliminated.
      o     Freddie  Mac and  Fannie  Mae  would be  required  to  reduce  their
            mortgage portfolios over time.
      o     The U.S.  Government  agreed  to  provide  equity  capital  to cover
            mortgage  defaults  in return  for $1  billion  in senior  perpetual
            preferred  stock in Freddie Mac and Fannie Mae and  warrants for the
            purchase of 79.9% of the common stock of Freddie Mac and Fannie Mae.
      o     The U.S.  Government  also  announced  that the U.S.  Treasury would
            provide  secured loans to Freddie Mac and Fannie Mae as needed until
            the end of 2009  and  that  the  U.S.  Treasury  plans  to  purchase
            mortgage-backed  securities  from  Freddie Mac and Fannie Mae in the
            open market.

      At June 30, 2008 the Bank owned three (3) preferred  securities  issued by
Freddie Mac with a combined  adjusted book value of approximately  $5.9 million.
The impact of the above  actions  and  concerns  in the market  place  about the
future value of the preferred stock of Freddie Mac and Fannie Mae has caused the
market value of these investments to decrease materially. It is unclear when and
if the value of the  investments  will  improve  in the  future.  Based on these
developments,  The Bank's Board of Directors  met on September 9, 2008 to review
the most recent developments, and in consultation with the Company's independent
registered  public  accountants,  Oneida  Financial  Corp.  expects  to record a
non-cash  charge to its income  statement on these  investments  for the quarter
ending September 30, 2008. The Company expects to remain  "well-capitalized" for
regulatory  purposes.  Management is monitoring the Company's capital levels and
balance  sheet  mix  based  upon  market  conditions  and  events as well as the
consideration  of the  realizability  of the tax  benefit  related to this write
down.


Item 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(a)   Not applicable

(b)   Not applicable

(c)   Not applicable

(d)   Exhibits:
      The following Exhibit is attached as part of this report: None


<PAGE>



                                   SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, hereunto duly authorized.

                                      ONEIDA FINANCIAL CORP.



DATE:  September 12, 2008             By:  /s/ Michael Kallet
                                           -------------------------------------
                                           Michael R. Kallet
                                           President and Chief Executive Officer




</TEXT>
</DOCUMENT>