Solvay Bank Q1 profit rises almost 13 percent

SOLVAY — Solvay Bank Corp., the holding company for Solvay Bank, reported earnings of $1.7 million in the first quarter, up $190,000, or 12.7 percent, from the year-ago period.

The bank said total loans increased by 3.8 percent, or $14.2 million, to $386.8 million from a year earlier on increased volume in the commercial, residential and indirect consumer-lending areas.

The bank’s deposits totaled $580.6 million at the end of the first quarter, down 0.5 percent from a year ago. It had total assets of $647.5 million, up 0.2 percent from a year prior.

Solvay Bank declared a cash dividend of 28 cents a share in the quarter, up almost four percent from the year-earlier period.

One highlight Solvay Bank cited in the first quarter was its introduction of a mobile-banking system. It allows customers to bank using text messages, mobile Internet browsers, or apps for iPhones and Android phones.

“Our first quarter marked the official launch of our mobile banking platform,” Paul P. Mello, president and CEO, said in a news release. “We have seen a favorable adoption rate, as well as a high report of customer satisfaction, for our system that allows retail customers to access account information on virtually any mobile device through a text message, an app, or a mobile browser.”

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.

Founded in 1917, Solvay Bank says it’s the oldest independent commercial bank headquartered and operating in Onondaga County.