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Suffolk Bancorp gets break from the Nasdaq

Suffolk County National Bank in Riverhead.

Suffolk County National Bank in Riverhead. Photo Credit: Jessica Rotkiewicz

Suffolk Bancorp said the Nasdaq had granted its request for more time to file its delinquent earnings reports for the first and second quarters of this year.

The corporate parent of the Suffolk County National Bank, based in Riverhead, faces delisting of its stock.

Late Friday the bank company filed notice with the Securities and Exchange Commission saying the National Association of Securities Dealers Automated Quotations had granted it another extension, to Nov. 7.

Suffolk Bancorp had previously requested, and Nasdaq had granted, extensions until Aug. 31 and until Sept. 16, 2011 to file the quarterly reports. The timely filing of such reports are one of several requirements for having shares listed on Wall Street.

Suffolk Bancorp, whose bank unit has 30 branches, restated its financial statements for the quarter ended Sept. 30, 2010 and year ended Dec. 31, 2010.

In early May, the bank announced a delay in filing first-quarter earnings "because of possible deficiencies and/or weaknesses in . . . internal controls with respect to credit administration and credit-risk management."

The bank also said it had hired consultants to review loan files and warned that past earnings reports might have to revised.

Suffolk Bancorp’s stock fell from its 52-week high of $27.80 on Oct. 15 of last year to a low of $7.51 on Sept. 6. It was trading at $7.96 at 2 p.m. Monday.

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