Joseph G. Vitale has recently been named President, CEO and a Director of Seneca Federal. He replaces William Le Beau who was named Interim President in April and who will continue as an outside director for the Association.
I want to welcome you to Seneca Federal’s website whether it is your first time visiting or you are a current customer of the Association.
As an introduction, I come to Seneca Federal with seventeen years’ experience as a commercial lender and executive officer for another local banking institution. My family and I reside within the Seneca Federal footprint in North Syracuse. I am a SUNY graduate with a Finance degree and completed the Stonier Graduate School of Banking in 2012.
I am very excited to have joined the staff of Seneca Federal. In my short time here we have already embarked upon a formal strategic planning process to better serve our customers and our communities by improving our service channels, our technology and our product offerings. I feel the public will see changes in the near future that will improve your overall experience with Seneca Federal, improving convenience, flexibility and technologies.
Seneca Federal is celebrating 85 years of service and I truly believe the best is yet to come. The Association continues to be well capitalized and offers its traditional suite of deposit and loan products. We are currently working on a host of new deposit and loan products that you will find to be quite competitive.
In the same respect, I want to remember what has gotten us to the milestone of 85 years of continuous business in the Central New York community. As always, we are mutually owned by you our members and continue to make lending decisions locally. Personal customer service is an attribute of Seneca Federal that I will not only encourage but strive to improve. To achieve this 85 year milestone, Seneca Federal has been fortunate to continue to have an ongoing dedicated staff of employees, officers and directors who understand the importance of knowing their customers and providing them with the best possible service. As a local, community financial institution we strive to assist you in meeting your financial goals and dreams.
To further promote Seneca Federal throughout our communities, we continue to participate and contribute to various community events and programs. In 2013, we gave back to the community by again participating in an event which helped paint, trim bushes and landscape a house at the Block Blitz cleanup. Seneca Federal was one of the many local businesses that fielded a volunteer team to help revitalize one neighborhood street in need of help. We also contributed to various Baldwinsville, North Syracuse and Liverpool sports teams and continued sponsorship of the Baldwinsville School scholarship fund, local churches and community groups as we recognize the local effect of the changed economic support in New York State and Washington.
With slow improvement in the national economy that continues to experience a high unemployment rate and a flat interest rate environment, it is even more important to plan for sustaining the long-term viability of Seneca Federal. These plans include continuing to build liquidity and monitor and control interest rate risk. Growth in capital continues to remain a focus of management. All employees continue to seek ways to improve efficiencies, reduce unnecessary expenses as the net interest margin continues to be squeezed in this unprecedented low interest rate environment. Consolidated capital, as of December 31, 2012 was a very healthy balance of $10.7 million.
In remaining true to Seneca Federal’s charter of fostering homeownership, $9.5 million in residential mortgage loans were originated in 2012. Seneca Federal continues participation in the Onondaga County Community Development (OCCD) Home Ownership Program targeting qualified low- and moderate-income households. Association grants of $1,000 helped to offset closing costs for low- to moderate- households. Seneca Federal also continues participation in the Federal Home Loan Bank’s First Home Club Program.
Financial Quest, Seneca Federal’s wholly-owned subsidiary, continues to offer various nontraditional products to its clientele, providing additional investment options to maximize return without FDIC insurance.
On behalf of our Directors, Officers and Employees, we wish to thank all of our members who have remained loyal customers of Seneca Federal. Please remember to communicate any comments or suggestions to us, your input is appreciated and important.
Joseph G. Vitale
President – CEO & Director