Suffolk Bancorp (Nasdaq – SUBK, “Suffolk”), today announced that, on November 14, 2011, as expected, it received a letter from Nasdaq that Suffolk was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to Suffolk’s delay in filing its Quarterly Report on Form 10-Q for the period ended September 30, 2011.
As previously announced on November 14, 2011, Suffolk has received a Delisting Determination letter from Nasdaq for failing to timely file its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011 with the Securities and Exchange Commission in violation of Nasdaq Listing Rule 5250(c)(1). Nasdaq has notified Suffolk that the failure to file its Quarterly Report on Form 10-Q for the period ended September 30, 2011 is an additional basis for delisting Suffolk’s securities. Suffolk has appealed the delisting determination and a hearing before a Nasdaq Hearings Panel has been scheduled for January 19, 2012. Suffolk has also requested a stay of any delisting of Suffolk common stock until the hearing takes place and a decision is issued.
Suffolk continues to work to file these Quarterly Reports, and is also working to file amended filings with respect to the periods ended September 30, 2010 and December 31, 2010, as previously announced on August 10, 2011.
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. “SCNB” is Suffolk Bancorp’s wholly owned subsidiary. Organized in 1890, the Suffolk County National Bank has 30 offices in Suffolk County, New York.
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