Lyons National Bank’s holding company, Lyons Bancorp Inc., has reported a 10 percent growth in the third quarter of 2017.
The bank—eighth largest in the Rochester metro area with 4.3 percent of the market share, according to the Federal Deposits Insurance Corporation’s Summary of Deposits—saw a grand total of $2.16 million in revenue in the quarter ending Sept. 30. Common shares clocked in at a value of $.66. In the same time last year, revenue came in at $1.99 million, with common shares at $.60. At the end of the quarter, assets of the company came in at just over $1 billion.
In addition, Lyons Bancorp has received official designation as a financial holding company by the Federal Reserve, a position that can likely inspire growth. With this designation, the firm is able to spread out into other financial services including wealth advisement and property insurance.
“We are obviously pleased with our continued favorable financial results. Our dedicated and professional staff once again proved they are up to the challenges of the time and a very competitive marketplace,” said Robert A. Schick, chairman and CEO, in a statement. “We are also proud that the Federal Reserve recognized our strengths, both financially and professionally, and granted us the prestigious designation of being a financial holding company. We are actively investigating an array of alternative financial businesses.”