SOLVAY BANK CORP. REPORTS FIRST QUARTER EARNINGS
May 7, 2012:
Solvay Bank Corp., the holding company for Solvay Bank, reported earnings for the first quarter of $1.5 million, compared to earnings of $1.6 million in the first quarter of 2011. The cash dividends declared on common stock in the first quarter were $.27 per share, increasing 3.9% over the 2011 dividend. Total assets at the end of the first quarter were a record $646.4 million, growing $50.8 million or 8.5% over the same period in 2011. Total loans were $372.4 million, increasing $6.8 million or 1.9% from the prior year. Total deposits were $583.7 million, increasing $45.8 million or 8.5% compared to 2011 results. "Given the low interest rate environment we continue to experience, we are pleased with our first quarter results as we begin our 95th year." stated Paul P. Mello, CPA, President and Chief Executive Officer. "We are beginning to see an increase in loan volume activity across multiple segments as a result of targeted marketing programs and we are well-positioned for a strong 2012."
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, Vice President of Business and Marketing Strategies at Solvay Bank (315) 484-2213.