JERICHO, N.Y., Oct. 15, 2007 (PRIME NEWSWIRE) -- State Bancorp, Inc. ("the Company"), parent company of State Bank of Long Island ("the Bank"), announced today that the Bank has now received approvals from both the New York State Banking Department and the Federal Deposit Insurance Corporation, effective October 12, 2007, to open its new branch on the 16th floor at 780 Third Avenue in Manhattan. The Bank anticipates operating a limited branch and loan production office where it will service new and existing Manhattan-based commercial clients with an array of banking products and financial services. The space is expected to be ready for occupancy in the very early part of the first quarter of 2008.
"The Company is looking forward to this expansion into the Manhattan marketplace and the opportunity to bring our banking products and highly personalized customer service to corporate middle market, small business owners, entrepreneurs, and real estate professionals in the area," said Thomas M. O'Brien, President and Chief Executive Officer of the Company and the Bank.
"We are assembling a highly qualified group of professionals to oversee the operations of the Manhattan office. Our most recent addition is Dennis Gioia who has joined the Bank as a Managing Director of Corporate Middle Market Banking. Dennis has over 30 years of banking experience, primarily in the commercial lending area. He has worked with EAB/Citibank for 29 years and most recently with Atlantic Bank. We are certain that his extensive banking knowledge will be instrumental in building our brand of banking in the Manhattan area."
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.