SOLVAY BANK CORP. REPORTS RECORD EARNINGS IN 2011
February 8, 2012: Solvay Bank Corp., the holding company for Solvay Bank, reported record earnings of $6.0 million, increasing $315 thousand or 5.6% over 2010. Earnings for the fourth quarter were $1.3 million, decreasing $143 thousand over the same period in 2011. The cash dividends declared on common stock in 2011 were $1.05 per share, increasing 5.0% over 2010. Total assets at the end of 2011 were a record $618.7 million, growing $31.1 million or 5.3%. Total loans increased to $372.0 million, increasing 1.8% over the previous year. Total deposits were $556.9 million, increasing $25.9 million or 4.9% compared to 2010 results. "We remain keenly focused on our strategy of continuous improvement while profitably expanding our market presence. In 2011, we had our largest year-over-year share of market increase, gaining .6% share of deposits in Onondaga County." stated Paul P. Mello, CPA, President and Chief Executive Officer. "We look forward to our 95th year supporting our local business and retail customers in Central New York."
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.