Suffolk Bancorp (the “Company”) (NASDAQ: SUBK), parent company of Suffolk County National Bank (the “Bank”), today reported that the Bank has opened a new Loan Production Office at 290 Broadhollow Road, Suite 100E, Melville, NY.
President and CEO Howard C. Bluver stated, “When we successfully completed the loan sale and capital raise announced on September 20, 2012, we stated that we would now focus on repositioning our balance sheet. A significant part of that strategy is to redeploy our strong cash position into higher-yielding loans and other interest earning assets. We have ample capital to support that repositioning, and the opening of this office is an important first step. This location provides us direct access to what we view as perfectly matched market opportunities in western Suffolk and eastern Nassau Counties, and we are excited to be taking this step so quickly after achieving our initial strategic objectives of cleaning up our balance sheet and enhancing capital.”
Concurrent with the opening of the Melville office, the Bank is announcing the establishment of two new lending teams that will focus on western Suffolk and Nassau Counties. Executive Vice President and Chief Lending Officer Michael Orsino commented, “We are pleased to announce the hiring of John Pollock in the position of Senior Vice President and Team Leader. John brings a wealth of expertise and knowledge as a commercial lender in the marketplace to SCNB. He has led successful teams in his career and is well known in the business community. Mr. Pollock currently serves on the Hauppauge Industrial Association’s (HIAs) Business Development and Mentoring/Networking Committees.
“Our second commercial lending team will be headed by Bob Grady as Senior Vice President and Team Leader. Bob has been with SCNB for seven years and has demonstrated strong lending, new business development and leadership skills, which combined with his knowledge of the organization, can be leveraged in the marketplace. Mr. Grady is presently a member of the St. Charles Hospital Foundation Board.”