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Baldwinsville Savings and Loan Association opened for business in March 1928. Mr. George E. Donovan, who was also mayor of the village of Baldwinsville was elected as the first President. The following month the first mortgage loan was approved in the amount of $1,300. By the end of the first year of business total assets were $5,837. Seven years later in January 1935 the Association held 42 deposit accounts and at year end total assets had increased to $32,215. In 1936 the Association applied to change from it's current State Charter to a Federal Charter. This federalization came in 1936 and thus the name became Baldwinsville Federal Savings and Loan Association. In 1937 the Association hired it's first full time employee to act as Assistant Secretary, Avis Amerman. In 1938 Oscar J. Brown was elected President succeeding Floyd W. VanWie. At this time the office address was 33 Oswego St. In 1942 the office was moved again, leasing space had been located at 56 Oswego St. prior to this, office space had been located at 56 Oswego St. In 1942 the office was moved again, leasing space at 6 & 8 W. Genesee St. Today's home address of 35 Oswego St. did not come about until the Association purchased the existing 1st National Bank & Trust building in 1945. Eighteen years later total assets of the Association were $2,247,000, mortgage loans totaled $1,989,000 and member's share accounts (deposits) were over $1,800,000. Expansion into other Central New York communities began in 1951 when the Federal Home Loan Bank Board (FHLBB) approved the North Syracuse branch to be opened at 107 South Main St.

It wasn't until 1958 that Baldwinsville Federal Savings & Loan Association changed its name to Seneca Federal Association. Upon the death of Oscar J. Brown in 1958 the presidency was passed on to Walter McCarthy. Further expansion subsequently followed with the opening of a branch in the village of Liverpool in 1959. After this in 1962, work was completed on the new Main Office expansion. Robert E. Oliver, with the Association since 1955, took over the helm of President in 1968. In 1972, and 1975 the final branch expansions into the eastern suburbs of Onondaga county were completed when branch offices were opened in the Village of Manlius and Canastota respectively. Seneca Federal Savings and Loan Association was one of the first thrifts to be approved for and offer non traditional products and services to its members with the formation of the subsidary Savmor Service Corporation in 1982. In 1989 upon the retirement of Robert E. Oliver, Christopher E. Demong was appointed the position of President - CEO and William J. Gould was appointed to Executive VP - CFO in December 1988, Herbert W. Gerhardt Jr. was elected and continues to serve as Chairman of the Board. Difficult times in the early 1990's forced the decision to sell both the Manlius and Canastota offices. From the early 1990's to today, Seneca Federal Savings and Loan Association has prospered, and is considered "well capitalized" under current regulations. Savmor Service Corporation is now known as "Financial Quest Inc." has a staff of five employees and annual sales over $13 million. The number of Seneca employees is now 40; the average years of service of current senior officers is 30; going into the Association's 75th year total assets were over $118 million, mortgage loans exceeded $75 million; passbook accounts $20 million with total deposits of $97 million. In 1998 an upgraded computer system was introduced and in 2002 the Association began offering VISA Check Card service (debit card). In 2002 Seneca introduced a "Home Lending Specialist" to further improve the Association share of the local mortgage market.