YONKERS, NY (April 2012) –The Westchester Bank finished 2011 with significant gains in net income, loans, assets and deposits.
The Bank reported net income of $2.8 million for the year, an increase of 152 percent from $1.143 million in 2010. The rise in net income included a tax benefit of $1.5 million and a gain of $112,000 on the sale of securities.
Average loans rose to $141 million, an increase of 48 percent from 2010.
The Bank also reported that average assets grew 33 percent to $215 million while average deposits increased from $154 million to $190 million, a gain of 23 percent.
“Despite a challenging economic environment, The Westchester Bank’s financial performance in 2011 far exceeded our most aggressive projections. Our financial condition as measured by liquidity and capital remains very strong and provides us with the opportunity to attract new customers, strengthen existing relationships while increasing market share and profitability,” said John Tolomer, President and Chief Executive Officer of The Westchester Bank. “We’re particularly pleased with the quality of the customers who have chosen to do business with us. We’re attracting very highly regarded companies throughout Westchester and the New York Metro area,” he added.
The Westchester Bank, which will celebrate its fourth anniversary in June, is one of the fastest growing banks in America. The Bank focuses on serving small and mid-sized businesses and provides a higher level of personalized service combined with the same high quality products and technology as the large multi-national banks. “We are very fortunate to have recruited a talented team of experienced bankers who have embraced our commitment to providing customers with world-class banking service,” he said.
Mr. Tolomer said 2012 is shaping up as another record breaking year for The Westchester Bank. “We are quite confident that our growth trajectory will remain ahead of our projections for the year,” he said noting that The Bank expects to announce a third branch later this year. In addition to its headquarters in Yonkers, the Bank has a second full service branch in downtown White Plains.
As a community bank, The Westchester Bank is committed to supporting local not-for- profit organizations. Among the organizations supported by the Bank are Gilda’s Club, The March of Dimes, The Child Abuse Prevention Center, Westhab, The Holocaust Museum, Yonkers YWCA, Methodist Home for the Aged and Preston High School. “The Westchester Bank is committed to being a good corporate citizen through both our employee participation and financial support of the local organizations in our community,” said Mr. Tolomer.
A New York State Chartered and FDIC insured commercial bank, The Westchester Bank offers a comprehensive line of banking services to businesses and consumers including business and personal checking, business lending, commercial mortgages, savings accounts, CDs, money market accounts, Interest On Lawyer Accounts (IOLA), attorney escrow accounts and tenant security accounts.