2 star ratingAverage User Rating:
2 star rating based on 2 reviews.

Solvay Bank

Solvay Bank Locations
1537 Milton Avenue
Solvay, NY 13209
315-468-1661
www.solvaybank.com

Solvay Bank is headquartered in Solvay and is the 70th largest bank in the state of New York. It is also the 1,075th largest bank in the nation. It was established in 1917 and as of September of 2011, it had grown to 150 employees at 8 locations. Solvay Bank has a 4-star health rating.

Solvay Bank Routing Number: 021309735

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High-Yield Reward Checking Account at Solvay Bank in New York - Local Only - 5/10/2010

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See Rates for: Checking | Savings | Money Market | CD | IRA

Solvay Bank Checking Account Rates

ApyMinMaxProduct
2.25%-$15kHigh Interest Checking
0.15%--NOW Account
0.15%--Business NOW Account

Solvay Bank Savings Account Rates

ApyMinMaxProduct
0.35%$10k-HSA Accounts
0.20%--Statement Savings
0.15%--Vacation Club
0.15%--Christmas Club - AutoCharge
0.15%--Christmas Club - Coupon

Solvay Bank Money Market Rates

ApyMinMaxProduct
0.50%$100k-Money Market Advantage
0.50%$100k-Non-Personal Money Market Advantage
0.40%$100k-Money Market Account
0.40%$100k-Non-Personal Money Market Account

Solvay Bank CD Rates

ApyMinMaxProduct
1.85%$500-60 Month CD
1.60%$500-48 Month CD
1.35%$500-36 Month CD
1.10%$500-30 Month CD
0.95%$500-24 Month CD
0.75%$500-18 Month CD
0.60%$500-12 Month CD
0.40%$500-182 Day CD
0.30%$500-91 Day CD

Solvay Bank IRA Rates

ApyMinMaxProduct
1.85%$500-60 Month IRA
1.85%$500-60 Month CESA
1.85%$500-60 Month Roth IRA
1.60%$500-48 Month IRA
1.60%$500-48 Month CESA
1.60%$500-48 Month Roth IRA
1.35%$500-36 Month IRA
1.35%$500-36 Month CESA
1.35%$500-36 Month Roth IRA
1.10%$500-30 Month IRA
1.10%$500-30 Month CESA
1.10%$500-30 Month Roth IRA
0.95%$500-24 Month IRA
0.95%$500-24 Month CESA
0.95%$500-24 Month Roth IRA
0.75%$500-18 Month IRA
0.75%$500-18 Month CESA
0.75%$500-18 Month Roth IRA
0.60%$500-12 Month IRA
0.60%$500-12 Month CESA
0.60%$500-12 Month Roth IRA
0.40%$500-182 Day IRA
0.40%$500-182 Day CESA
0.40%$500-182 Day Roth IRA

Rates updated: 2/10/2012

Data for Q3 2011


Institution Statistics


Solvay Bank
FDIC Certificate #13297
BankRate ReportView
Year Established1917
Employees150
Primary RegulatorFED

Assets and Liabilities

Assets$618.07 million
Loans$364.62 million
Deposits$557.15 million
Equity Capital$58.73 million
Loan Loss Allowance$6.06 million
Unbacked Noncurrent Loans$6.61 million
Real Estate Owned$338,000

Historic Data - September 2010

Assets$591.26 million
Equity Capital$54.77 million
Loan Loss Allowance$6.23 million
Unbacked Noncurrent Loans$5.07 million

Profit Margin - Quarterly

Net Interest Margin3.52%
Return on Assets1.04%
Return on Equity11.13%
Interest Income$18.85 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2011 Solvay Bank had $6.94 million in non-current loans and owned real-estate with $64.79 million in equity and loan loss allowances on hand to cover it. This gives Solvay Bank a Texas Ratio of 10.72% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Solvay Bank held steady from 8.31% as of September 30, 2010 to 10.72% as of September 30, 2011, resulting in a negative change of 29.01%. This indicates that the balance sheet and financial strength for Solvay Bank has held steady in recent periods.
Deposit Growth4
In the past year, Solvay Bank has increased its total deposits by $23.18 million, resulting in 4.34% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Solvay Bank has shown is above average.
Capitalization4
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Solvay Bank has $618.07 million in assets with $64.79 million in equity, resulting in a capitalization level of 10.48%, which is above average.
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Great Rates...Awful Service.
1 stars - SP - Monday, October 31, 2011 - 12:05 PM

Yes they have some of the best rates available for accounts and mortgages, but their service is awful. The mortgage department is especially poor. Questions brushed off, no return phone calls, gives the impression that they don't want to be bothered like they are doing you a favor. Unbelievable!

4

Rates Are Competitive But...........
3 stars - bumper203 - Friday, June 24, 2011 - 9:27 AM

 

Their rates are competitive locally, but we have had several instances where we were treated poorly by their tellers.  There's an arrogance and unfriendliness by the tellers that we have not encountered at other banks.  They seem more interested in "zinging" you than in being helpful.  A recent example: a simple transaction where we wanted to exchange $600 in small bills (mostly 20s) into larger bills was met with such antagonism that we gave up on the transaction.

Their ATMs located at their branches and main office are frequently not in service or out of paper.

We currently have multiple accounts with the bank, yet we are rarely treated in a helpful manner. 

3
 
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