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I
am pleased to report that Solvay Bank
Corp., and its wholly owned subsidiary Solvay Bank, ended 2007 with
record highs for net income, assets, loans, investments and deposits,
despite the difficult economic and interest rate environment throughout
the year. These record results were due to our sustained effort to
continually improve our services, our products, and our approach to our
customers.
During 2007, we focused on enhancing technology to maximize the
protection and security of customer and corporate data. We installed an
enhanced online security program, which utilizes the latest technology
in security and identity theft protection, for our business customers
using BusinessAccess 24 (BA 24). We also added greater functionality to
BA 24 by launching a bill payment option to initiate payments via the
Web. The Freedom Line of Credit, a new commercial loan product, was
introduced, which has a streamlined loan application process coupled
with convenient online access. We also introduced E-Statements for both
our consumer and commercial customers, which provide an alternative to
traditional paper-based bank account statements in a secure, convenient,
and electronic format.
In 2007, we launched a brand new residential mortgage loan product
called MyCommunity Mortgage, which is a low downpayment product for
qualified low-to-moderate income borrowers. We also streamlined and
enhanced our consumer checking account offerings with two new products.
Our Simply Free Checking product is a truly free consumer checking
account with no hidden fees. Our Direct Rewards Checking product is
designed for consumers with a recurring direct deposit, providing a
bundled package of product and service benefits. With our Direct Rewards
Checking account, customers are now eligible for a Bonus One Rewards
Visa debit card, which allows cardholders to earn points for qualifying
signature-based transactions. These points may be redeemed for
merchandise and/or travel.
To further complement our array of products and services, we partnered
with Allpoint, one of the largest surcharge-free ATM networks in the
country. This partnership allows our Visa debit cardholders
surcharge-free access to over 80 ATMs in Onondaga County and over 32
thousand nationwide. We now have the largest surcharge-free ATM network
in our marketplace.
We are very excited about the future, as we continue to introduce new
products and services, incorporate new technologies into our operation,
and improve the level of service to our customers. We are committed to
excellence in everything we do and to enhancing customer relationships
and loyalty in the communities we serve.
Sincerely,
Paul P. Mello, CPA
President & Chief Executive Officer
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