SOLVAY BANK SOLVAY N Y Business Summary

Solvay Bank Corp. (SOBS) operates as a leading independent community bank in Central New York, primarily generating revenue through net interest income from its diverse loan portfolio and non-interest income via service fees, wealth management, and insurance commissions. The company’s business is structured into three primary segments: Retail Banking, which offers personal accounts and consumer mortgages; Commercial Banking, providing specialized lending and cash management for small-to-medium enterprises; and Investment & Insurance Services, managed through its subsidiary, Solvay Bank Insurance Agency, Inc. As the oldest financial institution headquartered in Onondaga County, Solvay Bank maintains a high-touch, relationship-driven market position. It competes directly with regional players such as Community Bank System (CBU), NBT Bancorp (NBTB), and M&T Bank (MTB), distinguishing itself through localized decision-making and a concentrated footprint of approximately 10 branches across the Syracuse metropolitan area. Leadership is anchored by President and CEO Paul P. Mello, a CPA who has headed the institution since 1993 and previously served as the bank's CFO. Under Mello’s tenure, the bank has expanded its digital infrastructure and insurance offerings, while he also serves on the board of the Federal Reserve Bank of New York. The executive team includes John Carpenter (SVP & Chief Credit Officer), Michelle McLoughlin (VP & Chief Information Officer), and Sara Preville (VP & Chief Human Resource Officer), who collectively oversee the bank's strategic shift toward modernized fintech integration. The Board of Directors is characterized by exceptional stability, boasting an average tenure of over 25 years, and is composed of prominent local business leaders who reinforce the bank’s commitment to the Central New York economic corridor.