Suffolk Bancorp CFO resigns after 2 years
The resignation of Stacey L. Moran, chief financial officer of Suffolk Bancorp in Riverhead, which takes effect Friday, comes after the bank company last month warned that it might have to restate loan losses for one or more quarters and would delay filing its first-quarter earnings. (May 12, 2011) Credit: Joseph D. Sullivan
The chief financial officer of Suffolk Bancorp has resigned after just over two years in that job.
The resignation of Stacey L. Moran takes effect Friday, according to a Securities and Exchange Commission filing dated June 17. The filing didn't say why she was leaving, and the company didn't return telephone calls seeking comment.
Her departure comes after the Riverhead-based bank company last month warned that it might have to restate loan losses for one or more quarters and would delay filing its first-quarter earnings. The company said expected first-quarter losses of $12.9 million might be incorrect because it may have to set aside more money to cover loan losses.
The company is facing a mid-July deadline imposed by Nasdaq, which is threatening to delist Suffolk Bancorp unless it files its first-quarter report by then or works out a plan to do so.
Moran, 43, became chief financial officer in March 2009, succeeding J. Gordon Huszagh, who is president and chief executive. Huszagh will fill in as CFO until the company appoints a replacement. During Moran's 13 years with Suffolk Bancorp, she rose though the ranks, starting as a part-time financial consultant.
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