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Suffolk Bancorp (the “Company”) (NASDAQ: SUBK) today announced that, effective March 4, 2013, Karen A. Hamilton will be retiring as Executive Vice President and Chief Credit Officer of Suffolk Bancorp and its banking subsidiary, The Suffolk County National Bank (together with Suffolk Bancorp, the “Company”). Ms. Hamilton has indicated she will be transitioning to a financial advisory role, utilizing her areas of expertise in this capacity. Ms. Hamilton served as Chief Lending Officer of the Company from May 2011 to March 2012 and then as Chief Credit Officer of the Company from March 2012 through the present.
The Company also announced that it has hired James P. Gay as Executive Vice President and Chief Credit Officer to replace Ms. Hamilton, subject to normal approval by the Office of the Comptroller of the Currency.
Howard C. Bluver, President and Chief Executive Officer of the Company, remarked, “I am very grateful to Karen for her extraordinary performance during a challenging period for the Company. The fact that we were able to aggressively put the legacy credit issues behind us in 2012 is due in no small part to Karen’s efforts. I also thank Karen for agreeing to stay on through a transition period to our new Chief Credit Officer so we don’t miss a beat.”
Mr. Bluver continued, saying, “I am very pleased that Jim Gay has agreed to join us as our Chief Credit Officer. I have known Jim for a long time and we could not have found a more seasoned and experienced credit professional to guide us into the future. As President and Chief Credit Officer of National Bank of New York City, as well as through senior positions at Gold Coast, Signature Bank and Citibank, Jim has the expertise and knowledge of our local markets that will help us grow and diversify our loan portfolio.”