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Suffolk Bancorp Changes Accounting Firms

Stocks in this article: SUBK

Suffolk Bancorp (NASDAQ - SUBK) today announced that, on January 19, 2012, the Audit Committee of the Board of Directors of Suffolk Bancorp (“Suffolk”) determined not to engage Grant Thornton LLP as Suffolk’s independent registered public accounting firm for the audit of the company’s financial statements for the fiscal year ended December 31, 2011, and for periods thereafter, and engaged BDO USA, LLP as the new independent registered public accounting firm, effective immediately.

President and Chief Executive Officer Howard C. Bluver remarked, “We at Suffolk have made this decision in connection with our movement into a new chapter of our company’s life, and it is not a result of any disagreement with our prior accountants on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. We are deeply appreciative of all the work Grant Thornton has done to assist Suffolk in overcoming recent challenges and we value greatly the relationship we have had over the past decade.”

Suffolk and BDO are committed to working to meet the deadline of the Securities and Exchange Commission for filing Suffolk’s Annual Report on Form 10-K for the year ended December 31, 2011, and expect that such filing in any event will take place no later than April 15, 2012. Suffolk also expects to announce the appointment of a new Chief Financial Officer in the coming weeks, which will fill the position that has been vacant since June 24, 2011. Finally, Suffolk expects to release earnings for the fourth quarter and year ended December 31, 2011 on January 31, 2012.

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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