Suffolk Bancorp (“Suffolk”) (NASDAQ - SUBK), parent company of Suffolk County National Bank, announced today that Steven M. Cohen has been elected as a director of Suffolk at the annual meeting of shareholders held on Tuesday, May 29, 2012. Mr. Cohen succeeds Thomas S. Kohlmann, who retired as a director at the end of his most recent term. Suffolk also announced that Joseph A. Gaviola has been appointed Chairman of the Board of Directors, effective immediately. Mr. Gaviola succeeds Edgar F. Goodale as Chairman. Mr. Goodale will continue to serve as a director.
Mr. Goodale remarked, “Steve Cohen brings a wealth of financial industry experience to our Board. The banking industry relies heavily on information technology, and Steve brings a high degree of expertise to this area that will benefit Suffolk tremendously. Since 2005, he has provided operational and technology consulting services to public and private businesses nationally through the Baywood Consulting Group, of which he is founder and principal. Before that, he worked in financial services for a number of large banks, including as a Chief Information Officer. We believe he will provide us with greater perspective and understanding of this part of our business.”
He went on to say, “Joe Gaviola joined our Board in 2004, and in the past eight years has developed a keen understanding not only of banking, but of our marketplace as well. His experience as a successful small businessman gives him particular insight into the customers who are our bread and butter, and in combination with his involvement in municipal government and various charitable organizations, provides a special understanding of the communities of which we are a part. We look forward to his leadership and guidance.”
Mr. Goodale concluded, “I’d also like to thank Tom Kohlmann for his 20 years of service to Suffolk, including nine years as CEO. His guidance and wisdom have been deeply appreciated by every member of the Board, and we wish him well in all of his future endeavors.”