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Press Releases - Archives - 2003
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SOLVAY BANK DECLARES FOURTH
QUARTER DIVIDEND
Tuesday, December 23, 2003
The Board of Directors of Solvay Bank Corp. declared, on December 16,
2003, a fourth quarter dividend of $.39 per share.
The dividendis payable on January 16, 2004 to shareholders of record on
January 2, 2004. The dividends declared in 2003
of $1.20 per share reflect a 20.0% increase over dividends declared in
2002. Solvay Bank is the largest 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 five branches conveniently located in Fairmount,
Camillus, North Syracuse, downtown Syracuse and Westvale. The Solvay
Bank Web site can be reached at www.solvaybank.com.
SOLVAY BANK CORP. ANNOUNCES RECORD PROFITS AND
GROWTH
Thursday, October 23, 2003
Solvay Ban Corp., the holding company for Solvay Bank, announced record
profits and growth through the third quarter of
this year. Net income was a record $3.5 million, increasing $298
thousand or 9.3%. Net income per share was $3.24 per
share compared to $2.97 per share last year. Paul P. Mello, President
and Chief Executive Officer, attributed the record
earnings to the growth in the Bank's loan and investment portfolios and
to a reduction in the Bank's cost of funds.
Total assets reached a record $436.7 million at Septebmer 30, 2003,
compared to $401.7 million last year, for an increase of
$35.0 million or 8.7%. Total loans also increased to a record $296.6 milliion, up $28.0 million or 10.4%. "The growth in the
loan portfolio was driven by the low interest rate environment, which
continued to provide customers with favorable lending
rates," said Mr. Mello. Total deposits were $398.6 million, increasing
$31.6 million or 8.6%. Mr. Mello credited the growth in
deposits to the Bank's competitive deposit rate structure and to the
uncertainties in the local economy and stock market.
Solvay Bank is the largest 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 five branches conveniently
located in Fairmount, Camillus, North Syracuse,
downtown Syracuse, and Westvale. The Solvay Bank Web site can be reached
at www.solvaybank.com.
SOLVAY BANK DECLARES CASH DIVIDEND
Friday, September 19, 2003
The Board of Directors of Solvay Bank Corp. declared on September 16,
2003, a third quarter dividend of $.27 per share.
The dividend is payable on October 16, 2003 to shareholders of record on
October 1, 2003. The total dividends declared for
the first three quarters of 2003 were $.81 per share, which reflects a
22.7% increase over dividends declared for the same
time period in 2002.
Solvay Bank is the largest 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 five branches conveniently
located in Fairmount, Camillus, North Syracuse,
downtown Syracuse and Westvale. The Solvay Bank Web site can be reached
at www.solvaybank.com.
SOLVAY BANK AWARDS SCHOLARSHIP
Monday, August 25, 2003
Each year Solvay Bank awards a scholarship to an outstanding Solvay High
School graduate who intends to pursue a post -
secondary program of study in business administration, management,
accounting, marketing, banking and/or finance.
The recipient for the year 2003 is Christina Lombardi. Christina has
been accepted in the Fashion and Textile Technology
program at Buffalo State.
Solvay Bank is the largest 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 five branches conveniently
located in Fairmount, Camillus, North Syracuse,
downtown Syracuse, and Westvale. The Solvay Bank Web site can be reached
at www.solvaybank.com.
SOLVAY BANK CELEBRATES 25TH YEAR MEMBERSHIP IN
ICBA
Thursday, August 21, 2003
Solvay Bank has reached a membership milestone in the Independent
Community Bankers of America. This marks the bank's
25th year as a member of this national organization devoted to serving
the needs of community banks across the country.
Solvay Bank joins 41 other community banks in achieving the distinction
this year.
ICBA, "The Nation's Leading Voice for Community Banks," represents 4,600
institutions at 17,000 locations nationwide.
Community banks are characterized by attention to customer service,
lower fees and small business, agricultural, and consumer lending. ICBA's members hold more than $526 billion in insured deposits, $643
billion in assets and more than $405 billion in loans for consumers,
small businesses and farms. For more information, visit www.icba.org.
Solvay Bank is the largest 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 five branches conveniently
located in the Fairmount, Camillus, North Syracuse,
downtown Syracuse, and Westvale. The Solvay Bank Web site can be reached
at www.solvaybank.com.
SOLVAY BANK CORP. ANNOUNCES RECORD PROFITS AND
GROWTH
Thursday, July 24, 2003
Solvay Bank Corp., the holding company for Solvay Bank, announced record
profits and growth through the second quarter
of this year. Net imcome through the second quarter was a record $2.4
million, increasing $288 thousand or 13.9% over the
same period in 2002. Net income per share was $2.20 per share compared
to $1.93 per share last year. "Our record earnings
were due to the growth in our loan and investment portfolios and a
reduction in our cost of funds during the first half of this
year," stated Paul P. Mello, President and Chief Executive Officer.
Total assets grew to a record $428.8 million at June 30, 2003 compared
to $388.2 million last year, for an increase of $40.6
million, or 10.5%. Total loans also increased to a record $296.5
million, up $24.5 million, or 9.0% "The growth in our loan
portfolio," said Mr. Mello, "was driven by low interest rates which
provided customers opportunities to refinance their debt at
lower interest rates." Total deposits were $391.5 million, increasing
$36.9 million or 10.4%. Mr. Mello attributed the growth in
deposits over the past year to the general uncertainties pertaining to
the economy and stock market.
Solvay Bank is the largest 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 five branches conveniently
located in Fairmount, Camillus, North Syracuse,
downtown Syracuse, and Westvale. The Solvay Bank Web site can be reached
at www.solvaybank.com.
SOLVAY BANK INCREASES CASH DIVIDENDS
Monday, June 23, 2003
The Board of Directors of Solvay Bank Corp. declared on June 17, 2003 a
second quarter dividend of $.27 per share. The
dividend is payable on July 18, 2003 to shareholders of record on July
1, 2003. Total dividends declared in 2003 of $.54 per
share, reflect a 22.7% increase over dividends declared in the first and
second quarters of 2002.
SOLVAY BANK CORP. ANNOUNCES RECORD EARNINGS
Monday, April 21, 2003
Solvay Bank Corp., the holding company for Solvay Bank, completed a very
successful first quarter, achieving record
earnings. Net income through the first quarter was a record $1.1
million, increasing $86 thousand or 8.2% over the same
period in 2002. Net income per share was $1.06 per share compared to
$.98 per share last year. Total assets of the
Corporation grew to a record $419.3 million at March 31, 2003, compared
to $377.9 million last year, for an increase of
$41.4 million or 11.0% Total loans also increased to a record $289.2
million, up $15.4 million or 5.6%. Total deposits were
$382.4 million, increasing $37.4 million or 10.8% Paul P Mello,
President and Chief Executive Officer, attributed the growth in
deposits to the stock market instability and the general uncertainty as
to the direction of the economy.
Solvay Bank is the largest 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 five branches conveniently
located in Fairmount, Camillus, North Syracuse,
downtown Syracuse and Westvale. The Solvay Bank Web site can be reached
at www.solvaybank.com.
SOLVAY BANK DECLARES FIRST QUARTER DIVIDEND
Tuesday, April 01, 2003
The Board of Directors of Solvay Bank Corp. declared on March 18, 2003,
a first quarter dividend of $.27 per share. The
dividend is payable on April 18, 2003 to shareholders of record on April
1, 2003. The dividend represents a 22.7% increase
over 2002's first quarter dividend of $.22 per share.
Solvay Bank is the largest independent commercial bank headquartered and
operating in Onondaga County and is committed
to providing its customers with the very best 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 Web site can be reached at
www.solvaybank.com.
SOLVAY BANK CORP. ACHIEVES RECORD EARNINGS
Friday, February 07, 2003
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 $4.3
million, increasing $703 thousand or 19.4% over 2001.
Dividends were increased 25.0% to a record payout of $1.00 per share.
Total assets reached an all -time high of $409.8
million, growing $28.7 million or 7.5%, and total loans increased $4.6
million to $279.1 million. Total deposits were a record
$374.0 million, up $24.9 million or 7.1%.
During the first quarter of 2002, the Bank installed a new loan
production system to more efficiently process loan
transactions and improve service to its customers. During April,
MoneyLink 24, an online, real -time consumer internet
banking product, was redesigned to improve its functionality and speed.
In May, BusinessAccess 24, an online, real -time commercial internet
banking product was introduced. BusinessAccess 24
provides commercial customers the ability to review account balances and
transaction activity directly from a personal
computer twenty - four hours a day. The product also allows for internal
funds transfers, wire transfers, stop payments and
ACH file transfers. All of the Bank's internet banking products,
MoneyLink 24, BusinessAccess 24 and Portfolio Account Link
(PAL), established in 2001 for our Trust customers, can be accessed via
the World Wide Web at www.solvaybank.com. Most
recently, an imaging system was implemented to compliment our web -
based products. The imaging system gives online
customers the ability to view images of checks that are presented
against their accounts as well as the ability to review
and download previous months' account statements.
The Bank looks forward to another successful year in 2003. In January,
the Bank began providing imaged statements and
checks to our customer base. During the second quarter, it will work on
implementing document imaging to further
streamline its operation. Finally, during the fourth quarter, the Bank
will start to offer various insurance products to our
customer base. The Bank is currently in the process of setting up its
own insurance agency.
Solvay Bank is the largest 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 five branches conveniently
located in Fairmount, Camillus, North Syracuse,
downtown Syracuse and Westvale. The Solvay Bank Web site can be reached
at www.solvaybank.com.
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