SOLVAY, N.Y. — Solvay Bank Corp., holding company for Solvay Bank, announced that its net income for the third quarter rose 4.4 percent to $5.1 million, compared to the year-ago period.
The bank’s total assets increased 7.9 percent in the last year to stand at $822 million at the end of September. Loans rose to $467.8 million, up 6.6 percent over the past year. Total deposits increased 8.4 percent to $742.4 million, the bank said in a news release.
Founded in 1917, Solvay Bank says it is the largest independent commercial bank headquartered and operating in Onondaga County.
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Solvay Bank ranks number six among banks in deposit market share in the county, with an 8.33 percent share of all deposits, according to the latest FDIC data.
Solvay Bank’s main office is at 1537 Milton Avenue in Solvay. It has eight more branches in Camillus, Cicero, DeWitt, Fairmount, Liverpool, North Syracuse, downtown Syracuse, and Westvale. The company also owns Solvay Bank Insurance Agency, Inc. — a full service general insurance agency.
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