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Skaneateles Press, March 2, 2011
NEwspapErs
Health & Wellness
Seneca Federal: Navigating economic changes, same solid community foundation Katrina Russo, President – CEO of Seneca Federal Savings and Loan Association is very passionate about her community bank and its solid decision making. 2010 marked Seneca Federal Savings and Loan Association’s 83th year of providing financial services to communities within Central New York. “This milestone is rare in today’s financial industry and we’re proud of it. Given the competitive environment and state of today’s economy, within which Seneca Federal operates, the association is fortunate to have a dedicated staff of employees who continue to provide exceptional, personal customer service to our members. This dedication has proven to sustain us through many years,� Russo said. Russo continued, “The national economy has been marked by high unemployment rates, a rising number of foreclosures, declining home prices and contractions in business and consumer credit. The unemployment rate locally was slightly below the national average, which was 9.4 percent in December 2010.� She explained that in 2010, the association continued to have strong asset quality based on the association’s conservative underwriting standards and diligent monitoring of delinquent and nonperforming loans. “We have remained committed to our charter of fostering homeownership during 2010 by originating over $12.4 million in residential mortgage loans,� she said. “Our net interest income is above last years’ level and we have maintained liquidity while preparing our balance sheet for the risk of inflation, and
expanding our residential mortgage loan business as well as to invest in what management believes will be a future higher rate environment.� The association’s operating expenses are below last year’s level as a result of various factors including the completion of the final phase of the succession plan, developed by the board over four years ago. “The succession plan was a slow, seamless process that was completed in mid 2010. We were able to navigate our own internal changes while also navigating all the various changes in the economy and banking regulations,� Russo said. “Many small banks face a merger at the time executive and senior officers retire,� she said. “The continued viability of Seneca Federal is not only a tribute to the board, but also to the retiring officers and employees who provided others with the knowledge and skill sets necessary for the association to carry on for many more decades under the thrift charter and to this end we are very thankful to be given this opportunity entrusted to us.� Looking ahead to 2011, management remains committed to maintaining a steady course in carrying out the responsibilities entrusted to them by the board, as the merger between the Office of Thrift Supervision and the Office of The Comptroller of the Currency occurs in July of this year. “The extensive regulatory changes brought about by the creation of the Consumer Financial Protection Bureau (CFPB) and the passing of the Dodd-Frank Wall Street Reform and
At left, Seneca Federal Savings President-CEO Katrina M. Russo and Wendy K. Bodnar, EVP-CFO. Consumer Protection Act in 2010 marks yet another transformation in banking activities, which can stretch the resources of small community banks,� points out Russo. Reform will be far reaching into such areas as Federal consumer protection law compliance, state law compliance, and Homeland Security Regulations. The regulatory burden is always disproportionately heavy for reputable lenders such as Seneca Federal as attempts are made by the federal government to police the dishonest few. Russo is emphatic that the See Seneca Federal, continued on next page
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