No cash dividend from Smithtown Bancorp
By JOSEPH MALLIA. Smithtown Bancorp has decided not to declare a cash dividend for the fourth quarter of 2009, the company said Tuesday.. During the last recession and real estate downturn of the early 1990s, the company took similar steps by temporarily halting the cash dividend, and subsequently emerged stronger and more profitable, said chief executive Brad Rock, who is also chairman of the board.. "We expect elevated levels of nonperforming loans and loan loss provisions for the near future, as well as other challenges posed by the current economic and regulatory environment. Therefore, we believe that this is a time to conserve capital," Rock said.. "We believe that the fundamentals of the company remain sound, and once we work through the problem credits precipitated by the recession and current real estate downturn, we expect to return to levels of profitability more consistent with the past.". Bank of Smithtown, a subsidiary of Smithtown Bancorp, has opened its newest branch in Babylon Village, at 375 Deer Park Ave. It is the bank's 29th branch, and the bank's 22nd in Suffolk County, the bank said.. The company gave the following description of its operations. With about $2.7 billion in assets, Bank of Smithtown is the largest independent commercial bank headquartered on Long Island. Founded in 1910, Bank of Smithtown is nearing its 100th anniversary as a community bank. joseph.mallia@newsday.com.
By JOSEPH MALLIA. Smithtown Bancorp has decided not to declare a cash dividend for the fourth quarter of 2009, the company said Tuesday.. During the last recession and real estate downturn of the early 1990s, the company took similar steps by temporarily halting the cash dividend, and subsequently emerged stronger and more profitable, said chief executive Brad Rock, who is also chairman of the board.. "We expect elevated levels of nonperforming loans and loan loss provisions for the near future, as well as other challenges posed by the current economic and regulatory environment. Therefore, we believe that this is a time to conserve capital," Rock said.. "We believe that the fundamentals of the company remain sound, and once we work through the problem credits precipitated by the recession and current real estate downturn, we expect to return to levels of profitability more consistent with the past.". Bank of Smithtown, a subsidiary of Smithtown Bancorp, has opened its newest branch in Babylon Village, at 375 Deer Park Ave. It is the bank's 29th branch, and the bank's 22nd in Suffolk County, the bank said.. The company gave the following description of its operations. With about $2.7 billion in assets, Bank of Smithtown is the largest independent commercial bank headquartered on Long Island. Founded in 1910, Bank of Smithtown is nearing its 100th anniversary as a community bank. joseph.mallia@newsday.com.
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