Yonkers-based The Westchester Bank posted its best performance to date last year, ending 2012 with gains in income, loans, assets and deposits.
Pretax income was $2.6 million for the year ending Dec. 31, 2012. That figure compares with $1.3 million for the same period in 2011 representing an increase of $1.3 million, a 100 percent gain.
Average loans increased from $141 million to $211 million, a 50 percent increase. Average assets increased from $226 million to $288 million or 27 percent, while average deposits increased from $190 million to $231 million, a gain of 22 percent.
“We are thrilled to have exceeded our most aggressive projections for 2012,” said John M. Tolomer, president and CEO of The Westchester Bank. “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.”
Tolomer is confident about the future, saying, “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-size 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, takes the time to get to know their customers and understand their banking needs,” he said. “”˜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.”
The bank also touted its community activism. It assists, among others, 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.
The bank maintains three stores: in Thornwood, White Plains and its headquarters on Central Avenue in Yonkers.
