New York › Finance and insurance › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
The Canandaigua National Bank and Trust Company Employee Stock Ownership Plan
Sponsored by Canandaigua National Bank and Trust Company, Canandaigua, NY
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, The Canandaigua National Bank and Trust Company Employee Stock Ownership Plan covered 825 participants and held $8.1M in net assets. The plan is an employee stock ownership plan sponsored by Canandaigua National Bank and Trust Company of Canandaigua, New York.
Net assets came to $9,870 per participant, well below the $46,267 median for defined contribution plans with 500 to 999 participants and well below the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $600K during the year, or $894 per active participant against a same-size median of $1,934; participants contributed —. Benefits paid out totalled $954K.
Schedule C lists 2 service provider organisations paid $5,000 or more, with reported compensation of $22K: $26.40 per participant, well below the same-size median of $113. Administrative expenses charged to the plan were $25K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $3.1M in 2009 to $8.1M in 2024 (up 159%), and participants from 491 to 825 (up 68%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $9,870 | $46,267 | $92,294 | $53,102 |
| Employer contributions per active participant | $894 | $1,934 | $3,564 | $2,175 |
| Schedule C compensation per participant | $26.40 | $113 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.27% | 0.25% | 0.17% | 0.26% |
| Administrative expenses per participant | $30.27 | $109 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 500 to 999 participants (10,588 plans), finance and insurance (4,391) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 825 | $8.1M | $9,869 | $600K | — | $22K |
| 2023 | 811 | $8.8M | $10,891 | $530K | — | $0 |
| 2022 | 790 | $9.2M | $11,646 | $500K | — | $0 |
| 2021 | 757 | $11.4M | $15,116 | $460K | — | $0 |
| 2020 | 700 | $8.6M | $12,317 | $427K | — | $0 |
| 2019 | 682 | $8.6M | $12,537 | $370K | — | $0 |
| 2018 | 667 | $7.1M | $10,643 | $330K | — | $0 |
| 2017 | 614 | $7.5M | $12,213 | $320K | — | $0 |
| 2016 | 599 | $6.6M | $11,093 | $305K | — | $0 |
| 2015 | 576 | $5.8M | $10,061 | $295K | — | $9,000 |
| 2014 | 574 | $5.5M | $9,510 | $285K | — | $0 |
| 2013 | 550 | $5.5M | $10,002 | $333K | — | $0 |
| 2012 | 547 | $4.9M | $8,938 | $308K | — | $0 |
| 2011 | 533 | $4.3M | $8,156 | $251K | — | $0 |
| 2010 | 521 | $3.6M | $6,850 | $240K | — | $0 |
| 2009 | 491 | $3.1M | $6,407 | $214K | — | $0 |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$8,833,435
- Employer contributions$600,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$600,000
- Total income, including investment results$288,306
- Benefits paid$954,279
- Administrative expenses$24,976
- Total expenses$979,255
- Net income−$690,949
- Net transfers$0
- Net assets, end of year$8,142,486
Participants
- Active participants671
- Retired or separated, receiving benefits97
- Retired or separated, entitled to future benefits55
- Participants with account balances791
- Total participants, end of year825
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Freed Maxick, CPAS | Accounting (including auditing) | $13,000 | $0 |
| Benefit Management Inc. | Plan Administrator; Recordkeeping and information management | $8,776 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- IQPA audit fees$13,000
- Contract administrator fees$8,776
- Other administrative expenses$3,200
- Total administrative expenses$24,976
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Corporate stocks$7.5M · 92.6%
- Receivables$600K · 7.4%
- Cash (interest and non-interest bearing)$4,686 · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmFreed Maxick, PC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2IStock bonus2OESOP other than a leveraged ESOP3IPlan requiring that all or part of employer contributions be invested and held in employer securities
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522110: Commercial Banking.
Other plans of Canandaigua National Bank and Trust Company
| Plan | Participants | Net assets |
|---|---|---|
| The Canandaigua National Bank and Trust Company Profit Sharing and 401(k) Plan | 772 | $142M |
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Tower Research Capital Group 401(k) Plan | Tower Research Capital, LLC | 825 | $167M | $202,939 |
| Ridgewood Savings Bank Profit Sharing and 401 (K) Plan | Ridgewood Savings Bank | 809 | $133M | $163,861 |
| Rothschild & Co. North America Inc. 401(k) and Profit Sharing Plan | Rothschild & Co. North America Inc. | 830 | $156M | $187,697 |
| First Eagle Investments 401(k) Plan | First Eagle Investment Management, LLC | 805 | $217M | $269,059 |
| Apex Fund Services 401(k) Plan | Apex Fund Services (Charlotte) LLC | 847 | $49.2M | $58,068 |
| Hiscox Inc. 401(k) Profit Sharing Plan | Hiscox Inc. | 797 | $82.1M | $103,049 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is The Canandaigua National Bank and Trust Company Employee Stock Ownership Plan?
825 participants at the end of the plan year ending 31 Dec 2024, of whom 671 were active employees, with net assets of $8,142,486. Among defined contribution plans that places it in the 500 to 999 participants band, which held 10,588 plans in plan year 2024.
What does Canandaigua National Bank and Trust Company contribute per participant?
The filing reports $600,000 in employer contributions for the year, which is $894 per active participant; the median for plans of the same type and size was $1,934 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $21,776 in compensation to service provider organisations, $26.40 per participant or 0.27% of net assets. The same-size median among plans reporting any Schedule C compensation was $113 per participant. Administrative expenses on Schedule H were $24,976. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Canandaigua National Bank and Trust Company. Recordkeeping or administration: Benefit Management Inc.. The financial statements were audited by Freed Maxick, PC. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 7 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 16-0373410, plan 002, received 7 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.