First, Suffolk Bancorp announced that it had lost more than expected during its first quarter — nearly $13 million. Then it announced that its first quarter reports would be late while the powers that be checked the books more carefully.
After that, the one-bank holding company responsible for Suffolk County National Bank appointed Karen Hamilton as the new executive vice president of the corporation and both the executive vice president and the chief lending officer of S.C.N.B.
Now comes a statement that, as expected, due to the delayed filing, the bank has received a notice of noncompliance from Nasdaq. According to the release, “The company is working diligently to complete the necessary filings and expects to either comply by filing the quarterly report [. . .] for the period ending March 31, 2011, or to file a satisfactory plan of compliance with Nasdaq within the required time.”
Suffolk Bancorp has 60 days from the March 31 date.
On the other side of the coin, Bridge Bancorp, the holding company for Bridgehampton National Bank, announced last week that it completed its merger with Hamptons State Bank, a one-branch bank in Southampton, on Friday.
“The acquisition of Hamptons State Bank brings together two strong institutions with a commitment to community banking. We are excited to be able to broaden our base in the Southampton market as we continue to offer Hamptons State Bank customers the personalized banking products and services they are accustomed to,” Kevin M. O’Connor, president and chief executive officer of Bridge Bancorp, said in a release.
The estimated purchase price was approximately $5.8 million. With this merger, Bridgehampton National Bank will now serve customers through a network of 20 branches and have total assets of approximately $1.2 billion and deposits of over $1 billion.