Press Release August 3 2012
SOLVAY BANK CORP. REPORTS SECOND QUARTER EARNINGS
August 3, 2012: Solvay Bank Corp., the holding company for Solvay Bank, reported earnings for the second quarter of $1.5 million, consistent with the Bank's earnings for the second quarter of 2011. The cash dividends declared on common stock in the first quarter were $.27 per share, increasing 3.9% over the 2011 dividend. Total assets at the end of the first quarter were a record $646.5 million, growing $44.7 million or 7.4% over the same period in 2011. Total loans were $377.5 million, increasing $11.0 million or 3.0% from the prior year. Total deposits were $582.3 million, increasing $40.2 million or 7.4% compared to 2011 results. "We believe our opportunities to acquire new business has grown this year, despite the stalled economy" stated Paul P. Mello, CPA, President and Chief Executive Officer. "Our loan volume has increased by over $5 million in the second quarter."
Founded in 1917, Solvay Bank is the oldest independent commercial bank headquartered and operating in Onondaga County and is committed to providing its customers with the very best in financial products and customer service. Solvay Bank has a Main Office located at 1537 Milton Avenue in Solvay and seven branches conveniently located in Fairmount, Camillus, Liverpool, North Syracuse, Cicero, downtown Syracuse and Westvale. Solvay Bank also owns a full service general insurance agency, Solvay Bank Insurance Agency, Inc. The Bank's website can be reached at www.solvaybank.com.
For additional information, please contact: Karen Zarach, Solvay Bank (315) 484-2213.