Solvay Bank

Press Releases - Archives - 2001
SOLVAY BANK SPONSORS 9TH ANNUAL COMMUNITY CHRISTMAS PARTY Wednesday, November 14, 2001 November 14, 2001: Solvay Bank will sponsor its ninth annual Community Christmas Party on Sunday, December 9th from 4 - 6pm at the Solvay -Geddes Community Youth Center. "This is truly one of our favorite events of the year," said Alvin D. Falso, President & CEO of Solvay Bank. "It is a community -wide celebration that gives us the opportunity to thank our customers for banking with a local bank that is genuinely interested in their personal and business interests. The party is always fun and generates tremendous community spirit!" The free event is open to the public and will feature music provided by the DeSantis Band along with Clowning for Joy, refreshments and a visit by Santa and Mrs. Claus. Donations of canned food items will be accepted to help replenish the shelves of neighborhood food pantries. Solvay Bank is the oldest independent commercial bank headquartered 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 five branches conveniently located in Fairmount, Camillus, North Syracuse, downtown Syracuse and Westvale. SOLVAY BANK CORP. ACHIEVES RECORD EARNINGS Wednesday, October 24, 2001 October 24, 2001: The Board of Directors of Solvay Bank Corp., the holding company for Solvay Bank, has declared a third quarter dividend of $.18 per share. The dividend was payable on October 19, 2001 to shareholders of record on October 1, 2001. The Corporation reported third quarter net income of $884 thousand as compared to $871 thousand for the third quarter of the prior year. Net income for the nine month period ending September 30, 2001 was a record $2.6 million compared to $2.5 million over the same period in 2000, an increase of $125 thousand or 5.1%. Net income per share was $2.42, increasing 5.7% over the prior year. Total assets of the Corporation also grew to a record $364.1 million, $23.7 million of 7.0% Total loans were at an all -time high of $269.1 million, up $16.5 million or 6.5%, and total deposits were $333.1 million, up $20.3 million or 6.5%. The Company is the oldest independent commercial bank headquartered 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 five branches conveniently located in Fairmount, Camillus, North Syracuse, downtown Syracuse and Westvale. The Solvay Bank website can be reached at www.solvaybank.com. $10,000 SOLVAY BANK VISA DEBIT CARD GIVEAWAY Monday, October 01, 2001 October 1, 2001: Solvay Bank, as one of the sponsors in the WTVH - 5 Ultimate Fishing Challenge, recently presented their prize giveaway. Matt Wojtalewski, Jr. received a $10,000 Solvay Bank VISA debit card. Mr. Wojtalewski is one of 18 winners who pulled fish tagged with a prize from the 1st annual event held August 3rd - 5th on Onondaga Lake. Solvay Bank, the oldest independent commercial bank headquartered in Onondaga County, specializes in small business lending, traditional consumer products, and trust and investment services. Solvay Bank has a main office, located at 1537 Milton Avenue in Solvay, and five branches conveniently located in Fairmount, Camillus, North Syracuse, downtown Syracuse, and Westvale. SOLVAY BANK AWARDS SCHOLARSHIP TO LOCAL GRADUATE Wednesday, August 22, 2001 The annual Solvay Bank scholarship award is presented to an outstanding Solvay High School graduate who intends to pursue a post -secondary program of studies in business administration, management, accounting, marketing, banking and/or finance. The 2001 recipient is Catherine L. Dunseath. Ms. Dunseath, a recent Solvay High School graduate, will attend LeMoyne College where she will pursue a Bachelor's Degree in Business Administration. Solvay Bank, the oldest independent commercial bank headquartered in Onondaga County, specializes in small business lending, traditional consumer products, and trust and investment services. Solvay Bank has a main office located at 1537 Milton Ave. in Solvay, and five branches conveniently located in Fairmount, Camillus, North Syracuse, downtown Syracuse and Westvale. SOLVAY BANK CORP. INCREASES CASH DIVIDENDS Monday, June 25, 2001 June 25, 2001: The Board of Directors of Solvay Bank Corp. has declared a second quarter dividend of $.18 per share. The dividend is payable on July 20, 2001 to shareholders of record on July 2, 2001. Total dividends declared in 2001 of $.36 per share reflect a 28.6% increase over the dividends paid the the first and second quarters of 2000, as adjusted for the four - for -one stock split in the form of a 300% stock dividend issued May 19, 2000. The Company is the oldest independent commercial bank headquartereed 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 five branches conveniently located in Fairmount, Camillus, North Syracuse, downtown Syracuse and Westvale. SOLVAY BANK INCREASES CASH DIVIDENDS Monday, April 30, 2001 April 30, 2001: The Board of Directors of Solvay Bank Corp., the holding company for Solvay Bank, declared on March 20, 2001, a first quarter dividend of $.18 per share to shareholders of record on April 2, 2001. The dividend declared represents a 28.6% increase over 2000's first quarter dividend of $.14 per share, as adjusted for the four -for -one stock split in the form of a 300% stock dividend. Total assets grew to a record $354.6 million at March 31, 2001, compared to $320.4 million last year for an increas of $34.2 million of 10.7%. Total loans also reached an all -time high at $255.3 million, up $10.3 million or 4.2% from the prior year. Total deposits were $324.8 million, compared to $293.6 million in 2000. Net income for the first quarter was a record $867 thousand, increasing $49 thousand or 6.0% over the same period in 2000. Net income per share was $.81 per share, increasing 6.6% over the first quarter of 2000. Alvin D. Falso, President and CEO, attributed the record earnings to good management of product margins, solid loan growth, a reduction in the provision for possible loan losses, and increased fee income from products and services. On April 16, 2001 Solvay Bank Corp. also announced the release of MoneyLink 24, a consumer internet banking application for retail customers. MoneyLink 24 provides the ability to review deposit and loan balances as well as transaction activity, to transfer funds, pay bills to any company or person residing in the United States, open new accounts online and many other services, all from a personal computer. MoneyLink 24 is a highly secure delivery channel employing state -of -the -art technology, security, and monitoring systems. "We are very excited about MoneyLink 24," stated Falso, "because it represents our first giant step into this new and exciting medium. Later this summer, we plan to introduce a commercial internet banking application tailored to the needs of our business customers." Solvay Bank is the only independent, commercial bank headquartered in Onondaga County and is committed to providing its customers with the very best in financial products and customer service. SOLVAY BANK CORP. ACHIEVES RECORD EARNINGS Friday, February 02, 2001 February 2, 2001: Solvay Bank Corp., the holding company for Solvay Bank, completed another successful year achieving record earnings and all - time highs in assets, loans and deposits. Net income was $3.3 million for the year 2000, increasing 4.4% over 1999, despite the costs associated with the opening of the North Syracuse Office and the expansion and renovation of the Main Office in Solvay. Total assets were a record $332.7 million, increasing 2.9% over 1999 and total loans were $254.8 million, up 6.8%. Total deposits also rose 4.1% to a record $304.1 million. Alvin D. Falso, President and CEO, attributed the earnings performance to solid loan growth and good management of product margins. Solvay Bank Corp. also announced the purchase and installation of a new mainframe computer system and a state -of -the -art, online real -time consumer banking product that should be ready for release during April of this year. By fall of 2001, the company will introduce an online real - time commercial cash management product for business customers. Plans for 2001 also include offering certain insurance products under various life, health, and property and casualty lines. "These are very exciting times," stated Falso, "as the makeup of the banking, insurance and brokerage industries change radically with financial services modernization. As always, we remain focused on enhancing the value of Solvay Bank Corp. through strategically planned growth and product development, and a commitment to service and excellence that sets us apart from our competition." Solvay Bank is the only independent, commercial bank headquartered in Onondaga County and is committed to providing its customers with the very best in financial products and customer service. SOLVAY BANK CORP. INCREASES CASH DIVIDENDS Friday, January 05, 2001 January 5, 2001: The Board of Directors of Solvay Bank Corp. declared on December 12, 2000 a fourth quarter dividend of $.24 per share. The dividend is payable on January 19, 2001 to shareholders of record on January 2, 2001. The dividends declared in 2000 of $.66 per share reflect a 17.3% increase over the dividends declared in 1999, adjusted for the four - for-one stock split in the form of a 300% stock dividend issued May 19, 2000. Solvay Bank, a locally owned and operated financial institution, specializes in small business lending, traditional consumer products, and trust and investment services. For the sixth consecutive year the Small Business Administration's Office of Advocacy has named Solvay Bank one of the top small business lenders in New York State. The Company is the only independent commercial bank headquartered in Onondaga County. Solvay Bank has a main office located at 1537 Milton Avenue in Solvay, and five branches conveniently located in Fairmount, Camillus, North Syracuse, downtown Syracuse, and Westvale.