Suffolk Bancorp Announces Opening of Loan Production Office in Melville, NY
RIVERHEAD, N.Y.--(BUSINESS WIRE)-- Suffolk Bancorp (the "Company") (NAS: SUBK) , parent company of Suffolk County National Bank (the "Bank"), today reported that the Bank has opened a new Loan Production Office at 290 Broadhollow Road, Suite 100E, Melville, NY.
President and CEO Howard C. Bluver stated, "When we successfully completed the loan sale and capital raise announced on September 20, 2012, we stated that we would now focus on repositioning our balance sheet. A significant part of that strategy is to redeploy our strong cash position into higher-yielding loans and other interest earning assets. We have ample capital to support that repositioning, and the opening of this office is an important first step. This location provides us direct access to what we view as perfectly matched market opportunities in western Suffolk and eastern Nassau Counties, and we are excited to be taking this step so quickly after achieving our initial strategic objectives of cleaning up our balance sheet and enhancing capital."
Concurrent with the opening of the Melville office, the Bank is announcing the establishment of two new lending teams that will focus on western Suffolk and Nassau Counties. Executive Vice President and Chief Lending Officer Michael Orsino commented, "We are pleased to announce the hiring of John Pollock in the position of Senior Vice President and Team Leader. John brings a wealth of expertise and knowledge as a commercial lender in the marketplace to SCNB. He has led successful teams in his career and is well known in the business community. Mr. Pollock currently serves on the Hauppauge Industrial Association's (HIAs) Business Development and Mentoring/Networking Committees.
"Our second commercial lending team will be headed by Bob Grady as Senior Vice President and Team Leader. Bob has been with SCNB for seven years and has demonstrated strong lending, new business development and leadership skills, which combined with his knowledge of the organization, can be leveraged in the marketplace. Mr. Grady is presently a member of the St. Charles Hospital Foundation Board."
Orsino added that, "I am extremely pleased to have leaders of John's and Bob's caliber heading up our Melville loan production office and I am confident that their teams of experienced and talented lenders will produce strong results for the Bank as we move forward in building a diverse, high quality loan portfolio in our western expansion."
Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through Suffolk County National Bank, a full service commercial bank headquartered in Riverhead, New York and Suffolk Bancorp's wholly owned subsidiary. Organized in 1890, the Bank has 30 offices in Suffolk County, New York. For more information about the Bank and its products and services, please visit www.scnb.com.
Safe Harbor Statement Pursuant to the Private Securities Litigation Reform Act of 1995
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These can include statements about the Company, the banking industry, the economy in general, expectations of the business environment in which the Company operates, projections of future performance, and potential future credit experience. These statements are based upon current management expectations, and may, therefore, involve risks and uncertainties that cannot be predicted or quantified and are beyond the Company's control and are subject to a variety of uncertainties that could cause future results to vary materially from the Company's historical performance, or from current expectations. Forward-looking statements speak only as of the date they are made, and the Company assumes no duty to update forward-looking statements. Risks and uncertainties related to the Company include, but are not limited to: increased capital requirements mandated by the Company's regulators; the Company's ability to raise capital; changes in interest rates; changes in retail and commercial economic activity and competition from other financial institutions in the Company's market area; changes in loan underwriting, credit review, or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; results of regulatory examinations; any failure by the Company to comply with its written agreement with the OCC (the "Agreement") or the individual minimum capital ratios for the Bank established by the OCC and the cost of compliance with the Agreement; any failure by the Company to maintain effective internal controls over financial reporting; declines in the value of the Company's assets; potential litigation or regulatory action relating to the matters resulting in the Company's failure to file on time its Quarterly Report on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011, and September 30, 2011 or resulting from the revisions to earnings previously announced on April 12, 2011 or the restatement of its financial statements for the quarterly period ended September 30, 2010 and year ended December 31, 2010; and the potential that net charge-offs are higher than expected or for further increases in the Company's provision for loan losses. Further, it could take the Company longer than anticipated to implement its strategic plans to increase revenue and manage non-interest expense, or it may not be possible to implement those plans at all. Finally, new and unanticipated legislation, regulation, or accounting standards arising out of current unsettled conditions in the economy may require the Company to change its practices in ways that materially change the results of operations. For more information, see the risk factors described in the Company's Annual report on Form 10- K and other filings with the Securities and Exchange Commission.
Frank D. Filipo, 631-208-2400
Executive Vice President & Operating Officer
Brian K. Finneran, 631-208-2400
Executive Vice President & Chief Financial Officer
KEYWORDS: United States North America New York
The article Suffolk Bancorp Announces Opening of Loan Production Office in Melville, NY originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.