JERICHO, N.Y., July 23, 2007 (PRIME NEWSWIRE) -- State Bank of Long Island announced today the implementation of several new initiatives that demonstrate the Bank's concern for the environment. The Bank will be changing its vehicle fleet, including those assigned to Bank executives, to advanced technology, high mileage, low emission hybrids. Hybrid vehicles combine a gasoline engine with a battery-powered electric motor that is less harmful to the environment by consuming less gas and producing significantly less pollution. The changeover has already begun and is expected to be completed over the next several months. In addition, the Bank's recently announced new midtown Manhattan location at 780 Third Avenue, scheduled to open in the fourth quarter, will be designed with electrical lighting and environmental controls that conserve power and maximize natural lighting. The office will also include materials and features that are designed to minimize resource consumption wherever feasible.
"State Bank is proud to do our part in protecting the environment through the implementation of alternative energy policies and investments," stated President and CEO Tom O'Brien. "In order to convey my personal interest and the Bank's commitment to a cleaner environment, I have been driving low emission, hybrid vehicles for several years and am pleased with the performance, and delighted with the fuel efficiency. Our current Bank initiatives are a first step in what will be a continuing effort to explore and implement other advanced environmental and power consumption management programs throughout our many facilities. We believe that in so doing, we contribute to maintaining the environmental beauty and vitality of Long Island and raise general awareness of the need to conserve limited natural resources."
State Bancorp, Inc. (Nasdaq:STBC), is the holding company for State Bank of Long Island, the largest independent commercial bank headquartered on Long Island. In addition to its sixteen branch locations throughout Nassau, Suffolk and Queens Counties, the Bank owns Jericho, N.Y.-based Studebaker-Worthington Leasing Corp., a nationwide provider of business equipment leasing. The Bank also maintains a lending facility in Jericho. State Bank has built a reputation for providing high-quality personal service to meet the needs of commercial, small business, municipal and consumer markets throughout Long Island and Queens. The Company maintains a web site at www.statebankofli.com with corporate, investor and branch banking information.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "is confident that," and similar expressions are intended to identify forward-looking statements. The forward-looking statements involve risk and uncertainty and a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in: market interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, the quality and composition of the loan and lease or investment portfolios, demand for loan and lease products, demand for financial services in the Company's primary trade area, litigation, tax and other regulatory matters, accounting principles and guidelines, other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing and services and those risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission ("SEC"). Investors are encouraged to access the Company's periodic reports filed with the SEC for financial and business information regarding the Company at www.statebankofli.com/corporate. The Company undertakes no obligation to publish revised events or circumstances after the date hereof.