Suffolk Bancorp (NASDAQ - SUBK) announced that the Board of Directors today appointed Howard C. Bluver, as President, Chief Executive Officer, and Director of Suffolk Bancorp and its banking subsidiary, The Suffolk County National Bank (”SCNB”), effective immediately. He succeeds J. Gordon Huszagh in these positions, who had served as Acting Chief Executive Officer since August of 2008, and who was appointed as President and Chief Executive Officer in February 2009. Chairman of the Board, Edgar F. Goodale remarked, “Today we announced that J. Gordon Huszagh has stepped down as President, Chief Executive Officer, and Director of Suffolk and its subsidiaries, effective immediately. Gordon will be available to assist as needed to help with any transitional matters. The Board of Directors is thankful for the 29 years that Gordon has served this company, the last three of which as our CEO. Over the past year, Gordon has worked tirelessly to get the bank back into full regulatory compliance, and position it for future growth and prosperity.” Mr. Huszagh stated “I have come to the conclusion that a change in leadership would be in the best interest of our loyal stockholders. It is time for Suffolk to move on with meeting the needs of our customers and stockholders.” Chairman Goodale continued saying, “We are pleased to announce that Howard C. Bluver has accepted our offer to lead our Company, and help us position SCNB as the premier community bank on Long Island.” Mr. Bluver remarked, “I am truly honored to have the opportunity to lead an institution I have long admired. As a native Long Islander with a long career in the banking industry, I know Suffolk well and have long believed it to be one of the most attractive community banking franchises in the country. It has a terrific deposit franchise – its loyal customer base and core deposit strength have consistently resulted in superior net interest margins.”
Looking at the universe of stocks we cover at Dividend Channel, on 2/9/15, Suffolk Bancorp will trade ex-dividend, for its quarterly dividend of $0.06, payable on 2/25/15. As a percentage of SUBK's recent stock price of $23.52, this dividend works out to approximately 0.26%.