RIVERHEAD, N.Y., Nov. 4, 2013 (GLOBE NEWSWIRE) -- Suffolk Bancorp (the "Company") (Nasdaq:SUBK), parent company of Suffolk County National Bank (the "Bank"), today announced the opening of a new Loan Production Office at 1055 Franklin Avenue, Suite 200, Garden City, NY.
President and CEO Howard C. Bluver stated, "One year ago, we opened a Loan Production Office in Melville, NY to serve western Suffolk County and eastern Nassau County. That office has exceeded all of our expectations in both commercial loan production and generation of core deposits. We are confident that the successful expansion model reflected in Melville will work well as we continue our westward expansion.
"Accordingly, the new office we are announcing today in Garden City to serve the central and western Nassau County business markets is the next logical step in our expansion strategy. As in Melville, success in this new office will depend on the quality of the people brought in to staff it, and on this point we could not be more pleased. As detailed below, we were able to attract a team of highly accomplished and experienced bankers that we believe will bring strong relationships to our Company."
Executive Vice President and Chief Lending Officer Michael Orsino commented, "We are pleased to announce the hiring of Peter Donahue in the position of Senior Vice President and Team Leader. Peter brings a wealth of expertise and knowledge as a commercial lender in the middle market and corporate finance segments. He has also demonstrated proven leadership skills while heading up credit and lending teams in his prior roles."
Mr. Orsino added, "I am extremely pleased to have Peter heading up our Garden City Office. I am confident that his newly assembled team of talented lenders and their knowledge of the Bank's western markets will produce strong results as we continue to expand west and diversify our portfolio with quality assets."
The Company also announced today that it anticipates opening a small branch very soon in Garden City in the same building as the Loan Production Office.
Mr. Bluver stated, "As our expansion strategy takes hold, core deposits are growing and we want to make it easy for our customers to do business with us. Accordingly, we will employ an exciting new design for this new branch, aimed at serving the unique needs of the business and professional clients we expect to attract via our lending activity. The branch will be approximately 544 square feet in size and will be staffed with three people."
Corporate Information
Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through the 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 28 branch offices in Suffolk County, 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
This press release includes statements that look to the future. 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 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: a failure by the Company to meet the deadlines under SEC rules for filing its periodic reports (or any permitted extension thereof); increased capital requirements mandated by the Company's regulators; the Company's ability to raise capital; 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; any failure by the Company to maintain effective internal control over financial reporting; larger-than-expected losses from the sale of assets; potential litigation or regulatory action relating to the matters resulting in the Company's failure to file on time its Quarterly Report on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011, and September 30, 2011 or resulting from the revisions to earnings previously announced on April 12, 2011 or the restatement of its financial statements for the quarterly period ended September 30, 2010 and year ended December 31, 2010; 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.