Press Release October 30 2012
SOLVAY BANK CORP. REPORTS THIRD QUARTER EARNINGS
October 30, 2012: Solvay Bank Corp., the holding company for Solvay Bank, reported earnings for the third quarter of $1.6 million, increasing $65 thousand or 4% over the third quarter of 2011. The cash dividends declared on common stock in the third quarter were $.27 per share, increasing 3.9% over the 2011 third quarter dividend. Total assets at the end of the third quarter were $655.8 million, growing $38.0 million or 6.2% over the same period in 2011. Total loans were $383.8 million, increasing $13.1 million or 3.5% from the prior year. Loans grew in the third quarter by $6.2 million over last year due to increased volume in the commercial and industrial, residential and indirect consumer lending areas. Total deposits were a record $590.7 million, increasing $34.4 million or 6.2% compared to 2011 results. "Our loan volume continues to grow at a modest pace given the current economic conditions," stated Paul P. Mello, CPA, President and Chief Executive Officer.
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.