JERICHO, N.Y., Nov. 13, 2008 (GLOBE NEWSWIRE) -- State Bancorp, Inc. (the "Company") (Nasdaq:STBC), parent company of State Bank of Long Island ("State Bank"), announced today that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC"). The shelf registration statement, when declared effective by the SEC, will allow the Company to raise capital from time to time, up to an aggregate of $100 million, through the sale of various types of securities. Specific terms and prices will be determined at the time of any offering under a separate prospectus supplement to be filed with the SEC at the time of each offering. Once declared effective by the SEC, the registration remains effective for three years and may be extended under certain circumstances. The registration statement covers various capital instruments that may be considered from time to time including common and preferred stock, warrants, and notes.
Commenting on the filing, State Bancorp's President and Chief Executive Officer, Thomas M. O'Brien, stated, "Our leverage capital ratios at the Company and the Bank were 8.05% and 8.37%, respectively, at September 30, 2008. The Bank's leverage capital ratio remains significantly in excess of the level required for it to be designated 'well capitalized' by the federal banking regulators. Consequently, while we are already very well positioned to pursue our business strategies, the shelf registration will provide us with added capital and debt financing flexibility should appropriate opportunities present themselves. We are also continuing our previously announced evaluation of the merits of the Company's potential participation in the U.S. Treasury Department's TARP Capital Purchase Program."
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration becomes effective.
The Company has filed a registration statement (including prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that the Company has filed with the SEC, including any prospectus supplement with respect to a specific offering of securities, for more complete information about the Company and this offering. You may get these documents for free by visiting the SEC website at www.sec.gov. Alternatively, the Company will arrange to send you a copy of the prospectus and prospectus supplement with respect to a specific offering of securities if you request it by contacting the Company's Corporate Secretary at Two Jericho Plaza, Jericho, NY 11753.
State Bancorp, Inc. is the holding company for State Bank of Long Island. In addition to its seventeen branches located in Nassau, Suffolk, Queens and Manhattan, State Bank maintains its corporate headquarters and lending facility in Jericho. The Bank has built a reputation for providing high-quality personal service to meet the needs of our diverse customer base which includes commercial real estate owners and developers, small to middle market businesses, professional service firms, municipalities and consumers. State Bank 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.