 
Assembly Resolution No. 319
 
BY: M. of A. Magnarelli
 
        COMMEMORATING the 100th Anniversary of Solvay Bank
 
  WHEREAS,  It  is the sense of this Legislative Body that the quality
and character of life in this great Empire State is  indelibly  enriched
by  the  faithful  efforts  of  those  financial  institutions and their
leadership who devote their purpose to promoting economic  vitality  and
service the public need; and
 
  WHEREAS,  Attendant  to  such  concern,  and in full accord with its
long-standing traditions, this  Legislative  Body  is  justly  proud  to
commemorate  the  100th Anniversary of Solvay Bank, which was celebrated
on March 17, 2017; and
 
  WHEREAS, Solvay Bank, a community bank, provides financial  products
and  services for consumers and small business customers in New York; it
has been serving the financial needs of its members since 1917; and
 
  WHEREAS, Solvay Bank offers personal banking products and  services,
personal  loans,  business  banking  products and services, and business
loans; it also offers investments and  insurance  services,  credit  and
debit  cards,  cash  management,  telephone banking, money orders, night
depository, notary service, payroll deduction, safe deposit  boxes,  and
wire transfer services; and
 
  WHEREAS,  Solvay  Bank,  the  oldest  commercial bank in Central New
York, was established on March 17, 1917, by  the  management  of  Solvay
Process Company for the benefit of its employees and their families; and
 
  WHEREAS,  With  little  more  than  $100,000 in capital, Solvay Bank
first established itself at 1735 Milton Avenue in the Village of Solvay,
New York; by the end of 1917, customers had opened 1,077  accounts  with
Solvay Bank; and
 
  WHEREAS,  In  January  of  1918,  Solvay Bank moved into the present
location of its main office at 1537 Milton Avenue; and
 
  WHEREAS, Solvay Bank continued to grow, and in the 1970s,  the  bank
began  the  first  expansion of its main office, which set the stage for
future developments; the initial expansion allowed Solvay Bank to  begin
increasing  its  footprint  and  to  open additional branch locations in
Westvale, New York (1981); Camillus, New York (1986);  and  in  Downtown
Syracuse in the State Tower Building (1990); and
 
  WHEREAS,  Currently,  Solvay  Bank  has nine branch locations in the
Central New York area, including: Fairmount, North Syracuse,  Liverpool,
and  Cicero;  Solvay Bank most recently expanded with the opening of its
DeWitt branch in 2014; and
 
  WHEREAS, Solvay Bank continued to  thrive  in  spite  of  The  Great
Recession  of  2008,  which caused many banks to suffer great losses; it
did not participate in non-traditional lending practices, and while many
banks began to restrict their loan activity, Solvay  Bank  continued  to
 
lend  money  to  small  businesses  and consumers throughout Central New
York; and
 
  WHEREAS,  The  strength  of  Solvay  Bank  in the nation's financial
crisis did not  go  unnoticed;  in  2009,  then-President  Barack  Obama
invited  Solvay Bank President and Chief Executive Officer Paul P. Mello
to the White House to attend a discussion regarding the  role  community
banks  could  play  in  the  country's economic recovery; Paul Mello was
selected for the meeting from among the leadership of  more  than  7,000
community banks United States had at that time; and
 
  WHEREAS,  In  2016,  Solvay  Bank  continued  to  rank  as a Top 200
Community Bank from among the approximately 6,000 community banks in the
United States; to this  day,  Solvay  Bank  is  the  oldest  independent
commercial bank headquartered in Onondaga County, New York; and
 
  WHEREAS,  This Legislative Body looks favorably upon the strong role
which institutions such as Solvay Bank play in strengthening the  social
and economic fabric of our communities by providing growth opportunities
for citizens and businesses; now, therefore, be it
 
  RESOLVED,  That  this Legislative Body pause in its deliberations to
commemorate the 100th Anniversary of  Solvay  Bank,  and  to  wish  this
financial  institution  continued success in its vital work on behalf of
its customers; and be it further
 
  RESOLVED, That a copy of this  Resolution,  suitably  engrossed,  be
transmitted to Paul P. Mello, President and CEO of Solvay Bank.
Commemorating the 100th Anniversary of Solvay Bank

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