SOLVAY — After more than 106 years of serving Central New York, Onondaga County–based Solvay Bank is pushing its reach further with its sights set on the Mohawk Valley. In late December, the banking company announced its commercial expansion into the Mohawk Valley and the hiring of Matt Nicholl as VP, commercial-loan officer, to serve […]
SOLVAY — After more than 106 years of serving Central New York, Onondaga County–based Solvay Bank is pushing its reach further with its sights set on the Mohawk Valley.
In late December, the banking company announced its commercial expansion into the Mohawk Valley and the hiring of Matt Nicholl as VP, commercial-loan officer, to serve the region.
Solvay Bank President/CEO Paul Mello says the demographics of the Mohawk Valley region, including the small-business climate, are similar to Onondaga County and appealing to the bank.
“When we looked at the Mohawk Valley, we felt like it was the perfect complement,” he says. Solvay Bank already has some commercial accounts in the area, making it a natural fit.
And while there are a “lot of fine banks” that already serve the Utica–Rome region, Mello says he believes the market is big enough to support them all.
With all the growth along the tech corridor, the area is seeing growth at all levels, he notes. “That’s what excited us.”
Solvay Bank’s initial focus is to serve the Mohawk Valley’s small businesses.
The bank offers a full array of banking services for small businesses including deposits, loans, lines, commercial real estate, ACH capture, and more.
Solvay Bank can tailor those services to what a business customer needs, Nicholl notes.
He has hit the ground running in his new role, working in the community to establish new relationships and “just getting the Solvay Bank name out there and getting people used to hearing it,” he says.
Along with more than 20 years of banking experience, Nicholl has ties to the community that made him the ideal choice to lead Solvay Bank’s expansion into the Mohawk Valley area, Mello contends.
“We wanted to find someone who lives and breathes the Mohawk Valley,” he says.
Nicholl is active in the community, serving on the boards of Mohawk Valley EDGE and the United Way of the Mohawk Valley. He’s also making sure the bank is actively involved with the Greater Utica Chamber of Commerce, including sponsoring the chamber’s ribbon cuttings.
Solvay Bank offers local lending with local decision making, Nicholl notes. “It allows us to understand what the customers’ needs are. I think that’s what I’m most excited about.”
Nicholl looks around at what’s happening in the area, such as the ongoing development of Harbor Point in Utica and is enthusiastic about those opportunities. “There’s a constant change going on in the market,” he says. Being local will help him stay on top of those changes and the needs of the market.
Nicholl isn’t the only one excited about Solvay Bank’s opportunities in the Mohawk Valley. “Our whole senior management team is committed to the success in the Mohawk Valley region,” VP, Commercial Banking Manager Renee Dellas says. The whole organization not only supports Nicholl, but also many senior bank leaders plan to be frequent visitors to the area.
There are no immediate plans to open a brick-and-mortar retail branch in Mohawk Valley, but technology allows the bank to connect with customers even if they don’t live near a branch, Mello notes.
“As the market demands, we will scale up,” he adds.
Solvay Bank, founded in 1917, has nine branches located in Solvay, Baldwinsville, Camillus, Cicero, DeWitt, Liverpool, North Syracuse, Westvale, and downtown Syracuse. It also operates Insurance Agency, Inc., a full-service general insurance agency.
