SOLVAY BANK PRESIDENT ATTENDS WHITE HOUSE MEETING WITH PRESIDENT OBAMA
Syracuse, N.Y. December 22, 2009 - Paul P. Mello, President and Chief Executive Officer of Solvay Bank, attended a meeting today at the White House with President Obama and eleven other community bankers from across the United States. Mr. Mello shared his thoughts with the President on the topics of small business lending and ways to stimulate the economic recovery in Central New York. “I reiterated to the President how vitally important the SBA is to struggling businesses and that continued support is critical.” said Mello. “Regarding business lending, we have plenty of capital and continue to lend, however we have seen the demand for loans decrease as many businesses in the area are constrained by the poor economic climate,” stated Mello.
Regulatory reform and overzealous bank exams were discussed at today’s session. “Increased scrutiny can be a burden for smaller banks who have always exercised prudent lending practices” said Mello. He stressed the new regulations can take a tremendous amount of effort for compliance and that they can interfere with the business of doing banking.
“I also emphasized the importance of the Administration's continued support of GSE Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are an investment source for community banks and offer a liquidity source for residential mortgages,” stated Mello.
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 six branches conveniently located in Fairmount, Camillus, Liverpool, North Syracuse, 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 found at www.solvaybank.com.
For more information on Mr. Mello's meeting with President Obama please contact Karen Zarach, Vice President of Business Development and Marketing Strategies at (315) 484-2213.