SOLVAY — Solvay Bank Corp., the holding company for Solvay Bank, earned $1.3 million in the fourth quarter, down $143,000 from the same period in a year earlier.
Earnings for the full year in 2011 totaled $6 million, up more than 5.6 percent from 2010.
Total assets rose 5.3 percent in 2011 to a total of $618.7 million at the end of the year. Total loans increased 1.8 percent to $372 million and total deposits rose 4.9 percent to $556.9 million.
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“We remain keenly focused on our strategy of continuous improvement while profitably expanding our market presence. In 2011, we had our largest year-over-year share of market increase, gaining .6 percent share of deposits in Onondaga County,” Solvay President and CEO Paul Mello said in a news release. “We look forward to our 95th year supporting our local business and retail customers in Central New York.”
Based in Solvay, the bank has seven additional branches in Fairmount, Camillus, Liverpool, North Syracuse, Cicero, downtown Syracuse, and Westvale. The bank also owns an insurance agency.
Contact Tampone at ktampone@cnybj.com
