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The Adirondack Trust Company Announces a Dividend Increase Based on Year-End Financial Performance

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The Adirondack Trust Company
N e w s  R e l e a s e


FOR IMMEDIATE RELEASE:                                                                                                 

January 23, 2014

For further information contact:
Stephan R. von Schenk                         
Executive Vice President
(518) 584-5844
                

THE ADIRONDACK TRUST COMPANY ANNOUNCES A DIVIDEND INCREASE

BASED ON YEAR-END FINANCIAL PERFORMANCE

 

Saratoga Springs, New York ... The Adirondack Trust Company today announced an increase in its dividend of 50 cents per share, from $25.00 per share to $25.50, due to overall business performance, including record levels of deposits (excluding assets held in trust), commercial loans, consumer loans and residential mortgages in 2013.  

 

As of December 31, 2013, The Adirondack Trust Company’s total loan balances increased 12.7% to a record $568 million due to record levels of new mortgages, consumer loans and commercial loans.  Credit quality improved as measured by both net charge-offs and delinquent loans.  Deposits, excluding assets held in trust, grew 1.34% to a record of $785 million.  Net income for the year was $7.4 million.    

 

The Adirondack Trust Company is an independent, employee and locally owned and operated community bank offering a wide variety of business and personal services.  The bank has $1 billion in assets and twelve branches. The Adirondack Trust Company is rated by Bauer Financial as a 5-Star bank for the period ending December 31, 2013. The bank offers trust, insurance and investment services and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its market area.  The bank's website is www.adirondacktrust.com.

 

 

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The Adirondack Trust Company
473 Broadway
Saratoga Springs, NY  12866
(518) 584-5844