Businessweek

Suffolk Bancorp operates as the bank holding company for Suffolk County National Bank, which provides domestic, retail, and commercial banking services, and wealth management services. The company operates 30 full-service offices in Suffolk County, New York. Its primary lending area includes all of Suffolk County, New York, and various loans or loan-participations in the adjacent markets of Nassau County and New York City. The company makes loans secured by commercial real estate to small manufacturers, wholesalers, builders, farmers, and retailers, including dealer financing. The company also makes loans secured by residential mortgages, and both fixed and floating rate second mortgage loans with various plans for repayment. Its real estate construction loans are also offered. The company offers checking accounts, savings accounts, time and savings certificates, money market accounts, demand, negotiable-order-of withdrawal accounts, holiday club accounts, and individual retirement accounts; secured and unsecured loans, including commercial loans to individuals, partnerships, and corporations, agricultural loans to farmers, installment loans to finance small businesses, and automobile loans; home equity and real estate mortgage loans; safe deposit boxes; trust and estate services; the sale of mutual funds and annuities; and the maintenance of a master pension plan for self-employed individuals’ participation. Investment Portfolio As of December 31, 2011, the company’s investment portfolio included collateralized mortgage obligations; mortgage-backed securities; obligations of states & political subdivisions; and other securities. Competition The company’s chief competition includes local banks with main or branch offices in the service area of Suffolk County National Bank, including People’s United Bank and Bridgehampton National Bank. Additionally, New York City money center banks and regional banks provide competition. These banks include primarily Capital One, Citibank, Bank of America, JPMorgan Chase & Co., TD Bank, and Hudson City Savings. Supervision and Regulation The company is a bank holding company registered under the Bank Holding Company Act and is subject to supervision and regulation by the Federal Reserve Board. Federal laws subject bank holding companies to particular restrictions on the types of activities in which they may engage, and to a range of supervisory requirements and activities, including regulatory enforcement actions for violation of laws and policies. Suffolk County National Bank is a national bank, which is subject to regulation and supervision primarily by the Office of the Comptroller of the Currency and secondarily by the Federal Reserve Board and the Federal Deposit Insurance Corporation. History Suffolk Bancorp was founded in 1890.