SOURCE: Bank of Smithtown

March 08, 2007 14:04 ET

Bank of Smithtown Sells Stock in Federal Reserve Bank of New York

FDIC Becomes Primary Federal Regulator of the State-Chartered Bank

SMITHTOWN, NY -- (MARKET WIRE) -- March 8, 2007 -- Today, Bank of Smithtown sold its shares of stock in the Federal Reserve Bank of New York back to the Fed, thereby withdrawing from its membership in the Federal Reserve System.

The Federal Deposit Insurance Corporation (FDIC) has also approved the Bank's application to withdraw from the Federal Reserve System. Because Bank of Smithtown is a state-chartered bank, these actions mean that the Bank's primary federal regulator will now be the FDIC. The Bank's parent company, Smithtown Bancorp (NASDAQ: SMTB), will continue to be regulated by the Federal Reserve Bank, as well as the Securities and Exchange Commission. Bank of Smithtown will also continue to be regulated by the New York State Banking Department, as well as the FDIC.

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
    Email Contact

    News Contact:
    Peter Hamilton
    Rubenstein Associates
    (work) 212-843-8015
    (home) 631-928-8437
    (cell) 516-375-6434