SOURCE: Bank of Smithtown

Bank of Smithtown

December 04, 2009 18:54 ET

Bank of Smithtown Loan Officer Resigns

Chief Lending Officer and All Other Lending Officers Remain

SMITHTOWN, NY--(Marketwire - December 4, 2009) - Bank of Smithtown (a subsidiary of Smithtown Bancorp) (NASDAQ: SMTB) announced Friday afternoon that one of its loan officers, Tom Stevens, has resigned. Mr. Stevens' lending responsibilities focused primarily in the construction portfolio. The Bank has significantly curtailed its construction lending since September, 2007, shortly after the "sub-prime mortgage crisis" began.

The Bank's Chief Lending Officer is Mr. Robert Anrig, who has more than 39 years of lending experience and has been Bank of Smithtown's Chief Lending Officer for the past 11 years. The Bank also has three other loan officers at the level of Vice President or above. These four lenders have more than 90 years of banking experience combined.

The Bank also announced Friday that it has hired Mr. Michael Spolarich as a Vice President in the Loan Department. Mr. Spolarich has more than 15 years experience in banking, most of that time with Bridgehampton National Bank and First National Bank of Long Island as a loan officer.

The Bank's Chairman & Chief Executive Officer, Brad Rock, commented: "Although we regret Mr. Stevens leaving, we are confident in the balance of the lending team, which remains intact. We are also pleased to have a new officer, Mike Spolarich, joining our loan department. We think that his strong background will add depth to the group."

With approximately $2.7 billion in assets, Bank of Smithtown is the largest independent commercial bank headquartered on Long Island. Founded in 1910, Bank of Smithtown is nearing its 100th anniversary as a community bank. The stock of its parent holding company, Smithtown Bancorp, is traded on the NASDAQ Global Select Market under the symbol "SMTB."

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Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

Contact Information

  • Contact:
    Ms. Judith Barber
    Corporate Secretary

    Corporate Headquarters
    100 Motor Parkway, Suite 160
    Hauppauge, NY 11788-5138
    Direct Dial: 631-360-9304
    Direct Fax: 631-360-9380