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Solvay Bank’s Q2 profit jumps more than 15 percent

By Adam Rombel

Date:

Solvay Bank’s new branch office in the village of Baldwinsville, which opened in the second quarter. It is the bank’s 10th branch and fourth “smart office,” designed to integrate some of the latest banking technology tools with traditional banking services.

SOLVAY — Solvay Bank Corp., the holding company for Solvay Bank, recently reported record net income of $4.2 million in this year’s second quarter. That’s up by $559,000 or 15.5 percent, over the year-ago period. 

The banking company declared a cash dividend of 33 cents per share on its common stock, up 3.1 percent from the year-prior quarter. 

Solvay Bank’s total assets edged up by 0.6 percent in the last year to $885.5 million. Total loans increased by 7.4 percent from the prior year to $577.9 million. Total deposits increased slightly to $780 million. 

“The successful opening of our tenth branch location and fourth ‘smart office’ in the second quarter has contributed significantly to our customer base,” Paul P. Mello, president and CEO, said in a news release. “Our increased footprint supports our vision of expansion, providing an opportunity to grow our business and serve a new market.” 

Solvay Bank opened a new branch office in the village of Baldwinsville earlier this year. The 3,200-square-foot office is located at 197 Downer St., which was formerly the site of a First Niagara Bank branch. Solvay Bank says it is a “smart office,” which integrates some of the latest banking technology tools with traditional banking services. The branch features an Education Zone where customers can interact with a touchscreen wall to learn about the bank’s products and services. Customers can also get hands-on training and sign up for Solvay Bank’s personal and business digital services in the Tech Zone, the bank said.

Founded in 1917, Solvay Bank says it is the largest independent commercial bank headquartered and operating in Onondaga County. It has branches in 10 locations: Solvay, Baldwinsville, Camillus, Cicero, DeWitt, Fairmount, Liverpool, North Syracuse, Westvale, and downtown Syracuse in the State Tower Building. It also owns Solvay Bank Insurance Agency, Inc., a full-service general insurance agency. 

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