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Suffolk Bancorp sees $3.8M gain on Visa stock
Suffolk Bancorp, the Riverhead-based parent company of Suffolk County National Bank, said Monday it will see a pretax gain of $3.8 million after selling 50,000 shares of Visa Class B stock.
In a news release, Suffolk Bancorp said it decided take advantage of Visa's recent stock, gains. The Visa stock, which traded at around $184.62 per share Monday afternoon, is up 21.8 percent this year.
Suffolk Bancorp was issued 226,016 shares of Visa Class B stock after the company went public in 2008. It still holds 87,378 shares.
The banking company, which operates about 30 branch locations in Suffolk County, reported lower quarterly earnings on July 24. It saw a profit of $2.8 million for the three months ending June 30, down from $4.2 million in the year-ago period.