YONKERS, NY (April 8, 2013). The Westchester Bank, one the nation’s fastest growing community banks, had another record breaking year in 2012. The Bank finished 2012 with significant gains in income, loans, assets and deposits. Pre-Tax income was $2.6 Million for the year ending December 31, 2012, and compared very favorably to $1.3 Million for the same period in 2011 representing an increase of $1.3 Million or 100%. Average loans increased from
$141 Million to $211 Million or 50% increase. Average assets increased from $226 Million to
$288 Million or 27%, while average deposits increased from $190 Million to $231 Million, a gain of 22%.
“We are thrilled to have exceeded our most aggressive projections for 2012. The Bank's financial condition as measured by liquidity and capital is very strong and improving in spite of the challenging economic conditions. A strong and liquid balance sheet has enabled our management team to strategically focus on attracting new customers, retaining and augmenting existing relationships and increasing overall market share and profitability,” stated John M. Tolomer, President and Chief Executive Officer of The Westchester Bank. “We remain in the fortunate position of attracting the attention of the most highly regarded and respected companies throughout Westchester County and the New York metro area. We couldn’t be more pleased with the caliber of customers, both business and personal, who have chosen to do business with us.” he added.
As to the future, Mr. Tolomer is equally confident. “The Bank celebrates five years of success this coming June and our growth trajectory continues to outpace projections. We’re able to attract small to mid-sized companies because of an adherence to world-class personal service combined with high quality products and the state-of-the art technology of large financial institutions. Our team of dedicated local banking professionals, who live in the communities they serve, take the time to get to know their customers and understand their banking needs. ‘Business Banking Made Personal’ is more than just our slogan, it’s an integral part of our success and it’s how we do business every day,” he concluded.
Additionally, The Westchester Bank continues in its responsibility to support the community and its varied charities and local organizations. A partial list of the organizations the bank supports both financially and through employee participation includes: The Child Abuse Prevention Center, Food Bank, Gilda's Club, The Guiding Eyes for the Blind, The Holocaust & Human Rights Education Center, The Hudson River Museum, March of Dimes, Methodist Home for the Aged, Preston High School, Swim Across America, WestHab, Yonkers Partners in Education and YWCA of Yonkers.
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. The Westchester Bank is headquartered at 2001 Central Park Avenue in Yonkers, NY, and has two additional branch locations in White Plains at 464 Mamaroneck Avenue and in Thornwood, NY, at 994 Broadway.