Nov 6 - Suffolk Bancorp (Nasdaq: SUBK), parent company of Suffolk County National Bank, has opened a new loan production office at 1055 Franklin Ave., Ste. 200, Garden City, NY.
President and CEO Howard C. Bluver stated, "One year ago, we opened a loan production office in Melville, N.Y., to serve western Suffolk County and eastern Nassau County. That office has exceeded all of our expectations in both commercial loan production and generation of core deposits. We are confident that the successful expansion model reflected in Melville will work well as we continue our westward expansion.
"Accordingly, the new office we are announcing today in Garden City to serve the central and western Nassau County business markets is the next logical step in our expansion strategy. As in Melville, success in this new office will depend on the quality of the people brought in to staff it, and on this point we could not be more pleased. As detailed below, we were able to attract a team of highly accomplished and experienced bankers that we believe will bring strong relationships to our company."
Executive Vice President and Chief Lending Officer Michael Orsino commented, "We are pleased to announce the hiring of Peter Donahue in the position of senior vice president and team leader. Peter brings a wealth of expertise and knowledge as a commercial lender in the middle market and corporate finance segments. He has also demonstrated proven leadership skills while heading up credit and lending teams in his prior roles."
Orsino added, "I am extremely pleased to have Peter heading up our Garden City Office. I am confident that his newly assembled team of talented lenders and their knowledge of the bank's western markets will produce strong results as we continue to expand west and diversify our portfolio with quality assets."
The company has also announced that it anticipates opening a small branch very soon in Garden City in the same building as the loan production office.
Bluver stated, "As our expansion strategy takes hold, core deposits are growing and we want to make it easy for our customers to do business with us. Accordingly, we will employ an exciting new design for this new branch, aimed at serving the unique needs of the business and professional clients we expect to attract via our lending activity. The branch will be approximately 544 square feet in size and will be staffed with three people."
About Suffolk Bancorp
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 28 branch offices in Suffolk County, N.Y. For more information about the bank and its products and services, visit www.scnb.com.