SOLVAY BANK CORP. REPORTS FIRST QUARTER EARNINGS IN 2013
JULY 15, 2013: Solvay Bank Corp., the holding company for Solvay Bank, reported earnings for the first quarter of $1.7 million, increasing $190 thousand or 12.7% over the first quarter of 2012. The cash dividends declared on common stock in the third quarter were $.28 per share, increasing 3.7% over the 2012 first quarter dividend. Total assets at the end of the third quarter were $647.5 million, growing $1.1 million or 0.2% over the same period in 2012. Total loans were $386.8 million, increasing $14.2 million or 3.8% from the prior year. Loans grew in the first quarter by $4.4 million over last year due to increased volume in the commercial, residential and indirect consumer lending areas. Total deposits were $580.6 million, a 0.5% decrease over 2012. "Our first quarter marked the official launch of our mobile banking platform," stated Paul P. Mello, CPA, President and Chief Executive Officer. "We have seen a favorable adoption rate, as well as a high report of customer satisfaction, for our system that allows retail customers to access account information on virtually any mobile device through a text message, an app, or a mobile browser."
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.