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.
(Sponsored)
What is Fiducuary Liability and how does it affect you and your business?
Managing a company’s insurance needs can be complex and stressful. It doesn’t need to be when adding certain specialty insurance products, like fiduciary liability insurance. It protects the sponsoring company;
Avoiding the Most Common Overtime Classification Mistakes
Are you sure your organization is prepared for an audit of your payroll practices? In this FREE one hour webinar to be held at noon on November 14, 2023, you
“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.
Contact Tampone at ktampone@cnybj.com
