SOURCE: Bank of Smithtown

Bank of Smithtown

August 04, 2009 12:33 ET

Bank of Smithtown Opens Great Neck Branch

Bank's 23rd Branch; 5 More New Branches Planned for 2009

SMITHTOWN, NY--(Marketwire - August 4, 2009) - Bank of Smithtown (a subsidiary of Smithtown Bancorp) (NASDAQ: SMTB) opened its newest branch on August 1, 2009, in the Village of Great Neck. It is the Bank's 23rd branch, and the fourth branch the Bank has opened this year.

John Romano, Executive Vice President in charge of all of the Bank's branches, commented: "The Great Neck branch represents our fifth office in Nassau County, and is located in what is known as the 'Old Village', in the heart of the 'Gold Coast' of Long Island's North Shore. In addition to being in the 'Old Village', the Great Neck branch is convenient to Kings Point, where the renowned Merchant Marine Academy is located, along with many surrounding small businesses. We are excited about our continued expansion in Nassau County, which is the second wealthiest county in New York State with a population of 1.3 million people and a median income of $95,477." The additional branch openings this year will all be in Suffolk County. The East Northport office will open by the end of August, and East Setauket, St. James, Deer Park and Babylon offices by year-end.

With more than $2.4 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". The Company has often been rated as one of the best banks in the United States by various magazines and rating services, including most recently being ranked #9 among community banks throughout the nation by U.S. Banker magazine in June.

Forward-Looking Statements

Certain statements contained in this release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of our plans, objectives and expectations or those of our management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact, changes in the level of non-performing assets and charge-offs; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, securities market and monetary fluctuations; political instability; acts of war or terrorism; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowings and savings habits; changes in the financial performance and/or condition of our borrowers; technological changes; acquisitions and integration of acquired businesses; the ability to increase market share and control expenses; changes in the competitive environment among financial holding companies and other financial service providers; the quality and composition of our loan or investment portfolio; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, compensation and benefit plans; the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; greater than expected costs or difficulties related to the opening of new branch offices or the integration of new products and lines of business, or both; and/or our success at managing the risk involved in the foregoing items.

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
    brock@bankofsmithtown.net