Solvay Bank profit remains ‘consistent’

SOLVAY — Solvay Bank Corp., the holding company for Solvay Bank, on Wednesday announced it earned $1.6 million during third quarter.

The profit figure is “consistent” with the earnings reported for the third quarter of 2012, the banking company said in its earnings release.

Solvay Bank finished the expansion of its office in the State Tower Building in downtown Syracuse, Paul Mello, president and CEO of Solvay Bank, said in the release.

“This is the second location with our Smart Office design.  Our State Tower location features a unique staffing model, state of the art processing equipment and a community room for meetings and closings.  This office also features Wi-Fi equipment for our clients,” Mello said.

Solvay Bank had assets at the end of the third quarter that totaled more than $663 million, an increase of nearly $8 million, or more than 1 percent, over the same period in 2012, the company said.

The bank’s loan volume totaled more than $396 million, an increase of more than $12 million, or 3 percent, from the year-earlier period. 

Residential real-estate loans, including home-equity loans, increased $7.8 million, or 3 percent, Solvay Bank said.

Founded in 1917, Solvay Bank is the oldest, independent, commercial bank headquartered and operating in Onondaga County. 

Headquartered in Solvay, the banking company operates seven additional branches located in Fairmount, Camillus, Liverpool, North Syracuse, Cicero, Syracuse, and Westvale.  

Solvay Bank also owns a general-insurance agency, Solvay Bank Insurance Agency, Inc., the company said. 

Contact Reinhardt at ereinhardt@cnybj.com