Aug 15 - Suffolk Bancorp (Nasdaq: SUBK), parent company of Suffolk County National Bank, has announced that the previously disclosed investigation by the U.S. Securities and Exchange Commission has been closed and no action has been taken against the company. The SEC's New York regional office had formally requested certain loan files, other records and information from the company in connection with its investigation but had not asserted that any federal securities law violation had occurred.
President and CEO Howard C. Bluver stated, "I am very pleased with the closing of this matter by the SEC. This represents yet another positive development as we move beyond legacy challenges and continue to focus on future growth and financial performance."
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, N.Y., and Suffolk Bancorp's wholly owned subsidiary. Organized in 1890, the Bank has 30 branch offices in Suffolk County, N.Y. For more information about the bank and its products and services, please visit www.scnb.com.