RIVERHEAD, N.Y. and MORRISTOWN, N.J., Nov. 3, 2014 (GLOBE NEWSWIRE) -- Suffolk Bancorp ("Suffolk") (Nasdaq:SUBK), parent company of Suffolk County National Bank (the "Bank"), today announced that the Bank has completed the sale of its Wealth Management business to Beacon Trust Company ("Beacon").
Beacon is a subsidiary of The Provident Bank. Based in Morristown, New Jersey, Beacon is a full service wealth management firm with approximately $1.04 billion in assets under administration and decades of proven success, superior solutions and exceptional client service.
In announcing the sale, Suffolk Executive Vice President Frank D. Filipo commented, "We believe that the sale of our wealth management business to Beacon offers an opportunity for our existing clients to avail themselves of the highest level of satisfaction in this specialized area of financial services. We are pleased that Beacon will operate locally at the existing Wealth Management Services office location in Bohemia, New York."
Suffolk President and CEO, Howard C. Bluver, went on to say that, "We recently completed a strategic review of all business lines, and concluded that the marginal contribution of the wealth management business, together with its relatively small scale, did not justify the expense, management and compliance resources that this business requires. By exiting the business, we are able to allocate additional resources to our core lending and deposit businesses, and to fuel our continuing western expansion. Just as important, with Beacon our customers have access to a much more complete and sophisticated set of products and technology, from a company for whom wealth management represents a core business line."
Beacon President James D. Nesci commented: "We are delighted by this opportunity to add a physical presence for our firm on Long Island where many of our valued clients currently reside, and we look forward to bringing our personalized style of wealth management to all of Suffolk's trust and wealth clients."
Specific terms of the sale were not disclosed. Wachtell, Lipton, Rosen & Katz served as legal advisor to Suffolk on the transaction. Beacon was advised by the law firm of McCarter & English.
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 26 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.
Beacon Trust Company Information
Beacon Trust Company is a limited purpose trust company that provides trust and estate administration as well as wealth management services to its clients from its headquarters in Morristown, New Jersey. Beacon is a wholly owned subsidiary of The Provident Bank, a community-oriented bank offering "commitment you can count on" since 1839. The Provident Bank is a wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). More information is available by going to www.providentnj.com.
Safe Harbor Statement Pursuant to the Private Securities Litigation Reform Act of 1995
Certain statements contained in this discussion are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These can include remarks about Suffolk Bancorp (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: increased capital requirements mandated by the Company's regulators; the Company's ability to raise capital; competitive factors, including price competition; 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 or changes in law, regulations or regulatory practices; the Company's ability to attract and retain key management and staff; 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: Suffolk Bancorp 4 West Second Street Riverhead, NY 11901 (631) 208-2400 (Voice) - (631) 727-3214 (FAX) firstname.lastname@example.org Press: Frank D. Filipo Executive Vice President & Chief Operating Officer (631) 208-2400 Investor: Brian K. Finneran Executive Vice President & Chief Financial Officer (631) 208-2400 Beacon Trust 163 Madison Avenue, Suite 600 Morristown, NJ 07960 BeaconTrust.com Press: James D. Nesci President (973) 410-3100 Investor: Leonard G. Gleason General Counsel (732) 590-9306