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Dec 21, 2011 11:05 AMPublication: The Southampton Press

Suffolk Bancorp Files Late Reports

Dec 21, 2011 11:19 AM

Suffolk Bancorp, the company that owns Suffolk County National Bank, announced on Wednesday that it has filed all outstanding quarterly reports with the Securities and Exchange Commission.

The holding company was threatened with removal from the NASDAQ stock exchange because it failed to file quarterly reports due in March, June and September. It still faces a NASDAQ hearing on January 19.

The bank has said that it did not file the reports on time because it is investigating why it apparently miscalculated allowances for bad loans until early this year, when it was forced to suddenly make a $29.7 million contribution to loan loss reserves to hedge against possible defaults.

The newly filed reports show that the bank returned to profitability during the second quarter of 2011 and remained profitable in the third quarter, according to a press release from the bank.

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Well whaddaya know, the bank with the most flippant, condescending and demeaning radio spots can't get its own stuff straight. Not getting the filings straight is a major situation.
By Glazed (21), Southampton on Dec 21, 11 12:39 PM
1 member liked this comment
SCNB is hurtin and IMO will probably be bought out.
By dnice (2346), Hampton Bays on Dec 21, 11 5:47 PM
By EastEnd68 (888), Westhampton on Dec 21, 11 6:28 PM
This comment has been removed because it is a duplicate, off-topic or contains inappropriate content.
By C Law (354), Water Mill on Dec 22, 11 6:26 AM
Acronym for "In my opinion".
By Mr. Z (11847), North Sea on Dec 22, 11 7:17 PM
In an age of remote, corporate arrogance in banking it is good we still have a very local bank in the Suffolk County National Bank

Try living with those mega-banks who care less about their cutomers, change tellers and floor managers every month, don't know any small businesses or local customers by name and have zero local identity. It is a miracle having SCNB and Bridgehampton National still locally owned and locally manged.

Your negative comments are inappropriate.
By JimmyKBond (156), Hampton Bays on Dec 28, 11 6:03 PM
2 members liked this comment