Suffolk Bancorp of Riverhead said Tuesday that its subsidiary Suffolk County National Bank has created a new executive position, chief credit officer, and has made a promotion to fill that job.
Karen A. Hamilton was promoted to the newly created position at the 30-branch bank. She will continue to hold job titles as an executive vice president of both the Bancorp and the subsidiary.
Howard C. Bluver, Suffolk Bancorp's president and chief executive, said Hamilton, who was hired as chief lending officer 10 months ago, has made important contributions to the bank by creating effective employee teams in its credit administration, underwriting, and loan workout departments.
Hamilton was first brought on board in May 2011 after disclosures that the commercial bank had substantial problems in loan management and would not file its quarterly report on time. It also faced the prospect of having to restate its losses for previous financial reports.
In light trading on the Nasdaq stock exchange by midday Tuesday, the bank's share price was up 15 cents to $12.84, with a 52-week range of $7.51 to $21.86. Overall, the bank's stock price is down about 37 percent for the past 12 months.
Bluver said in a Tuesday statement, "Now, in her new position, and with her senior team in place, she can focus on reducing nonperforming loans, aggressively pursuing workouts, and building a credit culture that will ensure the quality of our loan portfolio far into the future."
Hamilton will also oversee the bank's mortgage origination and residential finance departments.
Replacing Hamilton at her previous Suffolk National Bank position, as chief lending officer, is Michael R. Orsino, who will also be designated as an executive vice president of both the parent corporation and the subsidiary.
Orsino "has long and extensive experience in building small business and middle market commercial lending teams and portfolios," Bluver said.
Orsino worked for more than 20 years at Key Bank, including a stint as president of its Long Island district, Bluver said, adding, "his roots are on Long Island, and his understanding of our market is second to none."
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