SOURCE: Empire National Bank

Empire National Bank

April 10, 2012 15:52 ET

Empire National Bank Announces Termination of Supervisory Agreement

ISLANDIA, NY--(Marketwire - Apr 10, 2012) - Empire National Bank (OTCQB: EMPK), announced today that the Office of the Comptroller of the Currency, its primary regulator, has terminated the supervisory agreement originally entered into with the bank on October 21, 2010. The termination of the agreement reflects the significant progress made by the bank in addressing the objectives set forth in the agreement, including those related to enhancing liquidity management, reducing credit concentrations and updating strategic plans. In its order terminating the supervisory agreement, the OCC noted that the ongoing safe and sound operation of the bank did not require the continued existence of the agreement.

Douglas Manditch, Chairman and Chief Executive Officer remarked, "We are very pleased that the OCC has lifted the agreement. We believe that the action is reflective of the significant efforts that we have made over the past year and a half to strengthen our organization. More importantly, we expect that the removal of the order will bolster our profitability in future periods through reduced FDIC premiums and OCC assessments and enhance our ability to continue to implement our growth strategy in a safe and sound manner."

About Empire National Bank

Empire National Bank is a Long Island-based independent bank that specializes in serving the financial needs of small and medium sized businesses, professionals, nonprofit organizations, real estate investors, and consumers. The bank has three banking offices located in Islandia, Shirley and Port Jefferson Station. The bank takes pride in understanding the needs of each and every customer so that it can deliver the highest quality service with a sense of urgency.

This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "estimate" or "continue," or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within Empire National Bank's control. The forward looking statements included in this report are made only as of the date of this report. The bank has no intention, and does not assume any obligation, to update these forward looking statements.

Contact Information

  • Contact:
    William Franz
    VP, Director of Marketing & Investor Relations
    (631) 348-4444