SOLVAY BANK CORP. REPORTS FIRST QUARTER EARNINGS INCREASE OF 22.5%
April 22, 2011: Solvay Bank Corp., the holding company for Solvay Bank, reported earnings for the first quarter of $1.6 million, increasing $297 thousand or 22.5% over the first quarter for 2010. The cash dividends declared on common stock in the first quarter were $.26 per share, increasing 8.3% over the 2010 dividend. Total assets at the end of the first quarter were a $595.6 million, growing $15.4 million or 2.7% over the same period in 2010. Total loans decreased slightly to $365.6 million, declining $3.5 million or .9% from the prior year. Total deposits were $537.9 million, increasing $12.7 million or 2.3% compared to 2010 results. "We are off to a strong start this year and we are well positioned to continue growing. In the first quarter we introduced a new web-based mortgage loan origination platform and enhanced our online consumer payment center." 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 Solvay Bank web site can be reached at www.solvaybank.com.
For additional information, please contact: Karen Zarach, Solvay Bank (315) 484-2213.