Solvay Bank Corp., the holding company for Solvay Bank, achieved record earnings for the first quarter of 2008. Net income through the first quarter of 2008 was a record $1.4 million, increasing 12.2% over the prior year. Total assets increased to $503.1 million, a 3.6% increase over the prior year. Total loans increased to $351.9 million, up 4.4%, and total deposits increased 2.3% to $448.3 million at the end of March 2008 as compared to the previous year. “We are very excited about our first quarter earnings, as we have been able to profitably grow our balance sheet under very difficult economic conditions. At the same time, we have recorded solid growth in non-interest income from our investment management, trust and brokerage advisory businesses.” stated Paul P. Mello, CPA, President and Chief Executive Officer.

Solvay Bank is the oldest independent commercial bank headquartered and operating in Onondaga County. Solvay Bank has a main office located at 1537 Milton Avenue in Solvay and six branches conveniently located in Camillus, Fairmount, Liverpool, North Syracuse, downtown Syracuse and Westvale. Solvay Bank also owns a full service general insurance agency, Solvay Bank Insurance Agency, Inc. (SBIA).

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