Suffolk Bancorp Announces Settlement of Shareholder Litigation

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Suffolk Bancorp
SUBK
today announced the full and final settlement of all shareholder litigation currently pending against the Company and certain of its current and former directors and officers. On November 13, 2013, the U.S. District Court for the Eastern District of New York approved the settlement among the parties in the pending class action lawsuit. The shareholder derivative suits that were pending were fully settled in October 2013. President and CEO Howard C. Bluver stated, "I am pleased that all litigation related to pre-existing issues is now completely behind us, and that all settlement amounts associated with those cases were fully paid by our insurer. With termination of the Formal Agreement with the Comptroller of the Currency effective on May 29, 2013 and notification received from the Securities & Exchange Commission on August 12, 2013 that it closed its investigation of the Company without taking any action, we can now focus 100% of our attention on future growth and financial performance." Corporate Information Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through the Suffolk County National Bank,
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Posted In: NewsGuidanceOfferingsManagementGlobal
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