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New Bancorp exec for credit

Suffolk Bancorp has brought in a veteran loan officer to sort out its credit issues, the corporation announced yesterday. Karen Hamilton, who previously served as senior manager of commercial lending at Astoria Federal Savings, was appointed Suffolk Bancorp's executive vice president and chief lending officer at its subsidiary, Suffolk County National Bank. Last week the Riverhead-based bank announced that it would delay filing its first-quarter earnings report and that it may need to restate loan losses for one or more previous quarters. Expected first-quarter losses of $12.9 million may be incorrect because the company may not have set aside enough money for loan losses, it reported. "We wanted someone who would be particularly strong in not only loan workout but just the overall understanding of credit administration," said Bancorp senior vice president and corporate secretary Douglas Ian Shaw. -- TED PHILLIPS

Napco's 3Q sales, profits rise

Several newly designed locks and wireless security systems -- along with cost-cutting measures -- have helped propel Napco Security Technologies Inc. to higher sales and profit numbers in its most recent quarterly results, the Amityville company said yesterday. It disclosed financial results for its third quarter ended March 31 showing net sales for the quarter were $17.7 million, up from $16 million a year ago, while net income was $695,000, compared to a net loss of $1.86 million for the same period a year ago. Wireless products helped fuel the strong quarter. -- JOSEPH MALLIA

Veeco lands order from China

The LED-toolmaking company Veeco Instruments Inc. of Plainview has won a multiunit order for its new high-performance tool, to be purchased by a Chinese manufacturer. The buyer, Elec-Tech International, will use the equipment at its Wuhu, China, factory. The product purchased is for making high-brightness light-emitting diodes. -- JOSEPH MALLIA

A high-end store for East End

Restoration Hardware will open a showroom and gallery Saturday in East Hampton. The high-end national chain store purveys textiles, furniture, lighting, bathware and more. The 69 Main St. location includes two levels, with about 6,000 square feet. It's in a building constructed in 1908, once housing East Hampton's largest mercantile store, Gregory & Co. -- JOSEPH MALLIA


Axa Financial hit with lawsuit

Two former employees are suing Axa Financial Services of Manhattan and two subsidiary units, claiming the company violated federal and state labor laws by not paying the workers during training or for overtime, despite their working as many as 60 hours a week. The men seek class-action status for their suit on behalf of at least 1,000 other former employees. The two plaintiffs, one from Manhattan, the other from upstate, said in papers filed Friday in U.S. District Court, Brooklyn, that they worked making phone calls to sell stocks out of Axa's office at 1633 Broadway in Manhattan. "They were making calls for the benefit of the company and not being paid for it," said plaintiff's attorney Jeffrey K. Brown of Carle Place. An Axa spokeswoman said there would be no immediate comment on the suit.-- TOM INCANTALUPO

Dow, S&P drop over earnings

A lower earnings forecast by tech giant Hewlett-Packard and concerns about the economy's strength dragged the Dow Jones industrial average down nearly 70 points yesterday. Gains in bank and utilities stocks limited the market's overall losses. Hewlett-Packard Co. lowered its earnings outlook for the rest of the year, and the Federal Reserve said U.S. factories produced fewer goods in April for the first time in 10 months. The Dow lost 68.79 points, or 0.55 percent, to close at 12,479.58. The Standard & Poor's 500 index fell 0.49, or 0.04 percent, to 1,328.98. The Nasdaq rose 0.90, or 0.03 percent, to 2,783.21. -- AP

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