Suffolk Bancorp could be delisted from the Nasdaq stock exchange if it fails to file its first quarter financial report or work out a plan to do so by mid-July, the company disclosed Tuesday. In a May 18 letter, Nasdaq gave the Riverhead-based bank 60 days to comply with requirements to file a quarterly report with the Security and Exchange commission known as a 10-Q.
“It will be done as soon as practicable, said Bancorp senior vice president and corporate secretary Douglas Ian Shaw. “We expect to provide either a satisfactory plan of compliance or to simply comply within that period.”
Suffolk Bancorp, which is the parent company to Suffolk County National Bank, announced last week 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 have independent consultants who are working hard to either confirm the work we already did or to correct it where there’s a conflict,” Shaw said.
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