SOLVAY BANK RANKED AMONG AMERICA'S TOP 200 COMMUNITY BANKS FOR THE SECOND STRAIGHT YEAR
July 9, 2010 - Solvay, NY – Solvay Bank was again named as one of America's Top 200 Community Banks in a list published in the June 2010 issue of U.S. Banker. Solvay Bank was number 76 on the list of 200 community banks that were ranked by their average return on equity for the three years ending December 31, 2007, 2008 and 2009. Scoring was done on community banks with less than $2 billion of assets at December 31, 2009. Solvay Bank's three year average return on equity was 11.13% with assets listed at $552,770 million. Last year, the Bank was listed as number 130 on the U.S. Banker list. According to the Independent Community Bankers of America, there are nearly 5,000 community banks with over 20,000 locations throughout the United States.
"It's an honor to earn this distinction again this year. We have remained open for business as usual over the last two years and we continue to grow. As a preferred SBA lender we have always been there to support the small businesses that are the cornerstone of the community," stated Paul P. Mello, CPA, President and Chief Executive Officer.
In April, Solvay Bank expanded its branch network with a new location in Cicero. "Our Cicero Smart*Branch combines cutting edge technology with a new staffing model," explains Mello. "Customers love the new approach. Our Banking Solutions Representatives can process transactions and open accounts; most customer requests can now be completed by one representative."
For consumers looking for ways to earn interest and make their money stretch farther, Solvay Bank launched High Interest Checking earlier this year. High Interest Checking Account holders earn interest on the balance in the account and get refunds for ATM fees. "We are really excited about this product, it is unique in our marketplace," says Mello. More information can be found at www.HighInterestSolvay.com
Solvay Bank celebrates its 93rd anniversary this year, making it 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. Solvay Bank has a main office located at 1537 Milton Avenue in Solvay and seven branches conveniently located in Camillus, Fairmount, 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 Web site can be reached at www.solvaybank.com.