Press Release February 22 2011
SOLVAY BANK CORP. REPORTS EARNINGS INCREASE OF 17% IN 2010
February, 22, 2011
Solvay Bank Corp., the holding company for Solvay Bank, reported earnings of $5.7 million, increasing $818 thousand or 17% over 2009. Earnings for the fourth quarter were $1.5 million, increasing $743 thousand over the same period in 2009. The cash dividends declared on common stock in 2010 were $1.00 per share, increasing 5.3% over 2009. Total assets at the end of 2010 were a record $587.8 million, growing $36.3 million or 6.6%. Total loans decreased slightly to $365.4 million, down from $368.0 million the previous year. Total deposits were $531.0 million, increasing $32.9 million or 6.6% compared to 2009 results. "This past year we have successfully introduced two new retail checking products and a new location to the Central New York community. In Cicero, our new Smart*Branch combines cutting edge design and technology with a unique staffing model. Our new checking products are rewarding customers for their everyday transactions." stated Paul P. Mello, CPA, President and Chief Executive Officer. "We are pleased with our results in 2010 and we are poised for continued growth in the coming year."
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 Solvay Bank web site can be reached at www.solvaybank.com.
For additional information, please contact:
Karen Zarach, Solvay Bank