SOLVAY — Third-quarter profit rose 4 percent at Solvay Bank Corp. from a year earlier to $1.6 million.
The bank had total assets of $655.8 million at the end of the period, up 6.2 percent from the end of the third quarter in 2011. Total loans increased 3.5 percent to $383.8 million, mainly as a result of increased volume in commercial and industrial, residential, and indirect consumer lending areas, according to Solvay.
Deposits totaled $590.7 million at the end of the quarter, up 6.2 percent.
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“Our loan volume continues to grow at a modest pace given the current economic conditions,” Solvay President and CEO Paul Mello said in a news release.
Solvay Bank has eight branch offices in Solvay, Fairmount, Camillus, Liverpool, North Syracuse, Cicero, downtown Syracuse, and Westvale. The bank also owns Solvay Bank Insurance Agency, Inc.
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