WESTCHESTER COUNTY, N.Y. -- The Westchester Bank, the county’s leading community bank and one of the nation’s fastest growing, had another record-breaking year in 2015.
The Bank finished 2015 with significant gains in income, loans, assets and deposits. Net income was $4.651 million for the year ending Dec. 31, 2015, and compared favorably to $3.805 million earned in 2014, representing an increase of $846,000 or 22 percent. Average loans increased from $367 million to $436 million or a 19 percent increase. Average assets increased from $462 million to $556 million or 20%, while average deposits increased from $374 million to $463 million, a gain of 24 percent.
The Bank’s strong momentum continues into 2016 with net income for the first quarter ending March 31 of $ 1.316 million compared to $1.052 million for the same period in 2015, an increase of $264,000 or 25 percent.
“The Bank’s financial results in 2015 are a tribute to an exceptional staff as we exceeded our most optimistic projections. A strong and liquid balance sheet has enabled our management team to focus on attracting new customers while retaining and augmenting existing relationships to increase overall market share and profitability,” said John M. Tolomer, President and Chief Executive Officer of The Westchester Bank. “As a local community bank, we remain in an excellent position to attract the most highly regarded and respected companies throughout Westchester County and surrounding areas. We couldn’t be more pleased with the caliber of customers, both business and personal, that we have the privilege to serve."
Tolomer is equally confident about the future. “The Westchester Bank differentiates itself by delivering world class banking service and state-of-the-art technology to customers, all in a highly personalized manner,'' he said. "We meet with customers and prospects at their place of business to build rapport with the owners to better understand their banking requirements. That’s how long term, mutually beneficial banking relationships are developed. That is at the core of our business model - Banking Made Personal; it is community banking at its very best. This remains our blueprint for success and we fully expect 2016 to be another strong year."
Additionally, The Westchester Bank continues its commitment to support the community through its varied charities and local organizations. A partial list of the organizations the Bank supports financially and through Employee Volunteerism includes: April’s Child, Lifting Up Westchester, Leukemia & Lymphoma Society, The Holocaust & Human Rights Education Center, Greyston Foundation, Food Bank, Gilda's Club, The Guiding Eyes for the Blind, 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.