RIVERHEAD, N.Y., May 6, 2015 (GLOBE NEWSWIRE) -- Suffolk Bancorp (the “Company”) (Nasdaq:SUBK), parent company of Suffolk County National Bank (the “Bank,” “SCNB”), today announced that on May 4, 2015 the Bank opened a new Loan Production Office and Branch Office at 31-00 47th Avenue, Long Island City, Queens, NY.
President and CEO Howard C. Bluver stated, “The opening of our new offices in Long Island City marks the continuation of our often stated, and successful strategy of expanding our market presence via Loan Production and small Branch Support Offices that serve business customers and attract new deposits from lending customers. This new office follows on the heels of our expansion first to Melville in 2012, and then to Garden City in 2013. Long Island City is the next logical step in this expansion strategy, and we are excited by the business opportunities that our presence there creates for us.”
Executive Vice President and Chief Lending Officer Michael Orsino commented, “John Pollock, SVP and Team Leader, will be heading up the Long Island City commercial lending team. In addition to having previously spent 20 years in the Queens/Long Island City marketplace, John brings the culture of SCNB to this new market. A team of experienced lenders who have similarly spent many years in this robust market has been hired. We expect that the new team, under Pollock’s leadership, will contribute to the anticipated success of this office.
Mr. Bluver continued, “We believe our strategy both preserves the competitive advantage we have from the strong core deposit franchise built over 125 years in eastern Long Island, and supports our western expansion into Nassau County and New York City. We have previously stated that we will continue this dual strategy as we continue our expansion, and we have done just that in Long Island City.”
Executive Vice President and Chief Operating Officer Frank Filipo commented, “A key part of our strategy as we enter new markets is finding the right people to build upon. We are pleased to welcome Jose Santiago to SCNB in the position of Vice President and Manager for our new Long Island City support branch. Jose brings true hands on experience in the Long Island City market to SCNB and we look forward to his success as he and his staff works with the strong Long Island City commercial lending team in building our client relationships.”
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 27 branch offices in Nassau, Suffolk and Queens 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
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 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, that are beyond the Company’s control and 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: Press:||Frank D. Filipo|
|Executive Vice President &|
|Chief Operating Officer|
|Investor:||Brian K. Finneran||4 West Second Street|
|Executive Vice President &||Riverhead, NY 11901|
|Chief Financial Officer||(631) 208-2400 (Voice) - (631) 727-3214 (FAX)|