Riverhead-based Suffolk Bancorp has hired a new chief lending officer for its subsidiary Suffolk County National Bank.
The new hire comes a week after the bank, with 30 branches, disclosed that it has substantial problems in loan management; will not file its quarterly report on time; and may have to restate its losses for previous financial reports.
The new top lending officer, Karen A. Hamilton, of Rockville Centre, has more than 30 years experience in credit and lending, the company said.
Hamilton will be executive vice president of Suffolk Bancorp as well as chief lending officer of the subsidiary. She succeeds Robert C. Dick who stepped down in December 2010.
Most recently, Hamilton served as senior manager of commercial lending, loan workout and portfolio review at Astoria Federal Savings for a $3.5 billion portfolio of commercial loans, her new employer said.
Before that, she was a regional credit administrator for J.P. Morgan Chase for a portfolio of more than $3 billion.
In last week's disclosures, Suffolk Bancorp said its problems are "in the company's internal controls with respect to credit administration and credit risk management, primarily with respect to the timing of the recognition of credit risk, as well as with regard to risk rating..."