RIVERHEAD, N.Y., Dec. 6, 2013 (GLOBE NEWSWIRE) -- Suffolk Bancorp (the "Company") (Nasdaq:SUBK), parent company of Suffolk County National Bank (the "Bank," "SCNB"), today announced that the Bank has opened a new Branch Office at 1055 Franklin Avenue, Suite 200, Garden City, NY.
President and CEO Howard C. Bluver stated, "Last month, we reported the opening of the Bank's Garden City Commercial Loan Production Office. Today, to augment the banking services we provide to our commercial clients in central and western Nassau County, we are pleased to announce the opening of our Garden City branch office. The branch, with its smaller dimensions, has been designed and staffed to foster an efficient, professional client experience."
Executive Vice President and Operating Officer Frank Filipo commented, "Also essential to the service we provide is attracting talented bankers to our organization as we expand. To this end, we are pleased to welcome Randy Snell in the position of Vice President, Branch Manager for our new branch. Randy brings more than 20 years of branch management and business development experience to SCNB. We look forward to his success as he and his staff work with our commercial lending team in building our client relationships."
The Bank also plans to follow this business model in Melville, NY, where it anticipates opening a similar branch office in 2014, in close proximity to the Melville Commercial Loan Production Office opened last year.
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 29 branch offices in Nassau and Suffolk Counties, 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 includes statements that look to the future. These can include remarks 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 remarks 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. These remarks may be identified by such forward-looking statements as "should," "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Factors that could affect the Company include particularly, but are not limited to: a failure by the Company to meet the deadlines under SEC rules for filing its periodic reports (or any permitted extension thereof); increased capital requirements mandated by the Company's regulators; the Company's ability to raise capital; changes in interest rates; increases or decreases in retail and commercial economic activity in the Company's market area; variations in the ability and propensity of consumers and businesses to borrow, repay, or deposit money, or to use other banking and financial services; results of regulatory examinations; any failure by the Company to maintain effective internal control over financial reporting; larger-than-expected losses from the sale of assets; and the potential that net charge-offs are higher than expected or for further increases in our 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 may require the Company to change its practices in ways that materially change the results of operations. We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document. 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.
CONTACT: Press: Frank D. Filipo Executive Vice President & Operating Officer (631) 208-2400 Investor: Brian K. Finneran Executive Vice President & Chief Financial Officer (631) 208-2400