SOLVAY— Solvay Bank recently announced that it has earned honors from two organizations that produce key banking industry rankings. American Banker Magazine recognized Solvay Bank (OTC: SOBS) on its annual list of the “Top 200 Publicly Traded Community Banks and Thrifts,” and BauerFinancial Inc. gave Solvay Bank its highest award, a 5-star rating. In American […]
SOLVAY— Solvay Bank recently announced that it has earned honors from two organizations that produce key banking industry rankings.
American Banker Magazine recognized Solvay Bank (OTC: SOBS) on its annual list of the “Top 200 Publicly Traded Community Banks and Thrifts,” and BauerFinancial Inc. gave Solvay Bank its highest award, a 5-star rating.
In American Banker, Solvay Bank ranked #150 and was the only Central New York–based institution to make the list, according to a Solvay Bank news release.
American Banker looks at banks with less than $2 billion in assets and focuses on a 3-year average return on equity. A total of 750 financial institutions from across the country were considered for the ranking, which was announced in its May 2017 issue. According to the Independent Community Bankers of America, the U.S. has more than 6,000 community banks.
BauerFinancial is a national, independent bank-research firm and rating service that issues its star-based assessments from 0 to 5, based on federally reported information including risk-based capital ratios. It also studies performance indicators such as profitability and loss trends, delinquent-loan levels, assets, investment portfolios, and community reinvestment ratings when making ratings determinations. Solvay Bank earned BauerFinancial’s highest classification, the 5-star rating, the release stated.
Founded in 1917, Solvay Bank says it is the largest independent commercial bank headquartered and operating in Onondaga County. The bank celebrated its 100th anniversary on March 17 of this year.
Solvay Bank’s main office is located at 1537 Milton Ave. in Solvay and it has eight additional branches in Camillus, Cicero, DeWitt, Fairmount, Liverpool, North Syracuse, downtown Syracuse, and Westvale. The bank also owns Solvay Bank Insurance Agency, Inc.