Just seven weeks after breaking ground on a $60 million expansion, Peconic Bay Medical Center announced plans to expand to downtown Riverhead by purchasing space at the former Suffolk County National Bank campus on Second Street and Griffing Avenue. READ
A merger between Suffolk County National Bank and Connecticut-based People’s United Bank will result in 76 employees losing their jobs at the Riverhead headquarters on Second Street and Griffing Avenue. READ
More than 125 years ago, on Feb. 18, 1890, Suffolk County National Bank opened its first branch in downtown Riverhead. Its first day in business, the bank received $5,539 in deposits. By the end of that year, it had $146,000.
The 50-year-old woman accused of robbing two banks on the East End this year allegedly threatened to kill the teller’s family during a Riverhead robbery in March in which she stole more than $4,700, according to Riverhead court documents. READ
Suffolk Bancorp, the parent company of Suffolk County National Bank, has boasted another impressive second quarter.
The company reported a net income of $5.1 million for the second quarter of 2015, up by more than 35 percent from 2014’s second quarter total of $1.3 million.
Additionally, for the six-month period that ended June 30, 2015 the company had a net income of $9.1 million as compared to $7.5 million the previous year.
The jump was due to a $2.3 million increase in net interest income and a $250,000 reduction in loan loss provisions, according to a news release.
“I am very pleased to report what was truly a phenomenal second quarter,” said president and CEO of Suffolk Bancorp Howard Bluver in a statement. “It is gratifying to see our expansion strategies and company-wide focus on high quality execution result in strong financial performance across the board.”
The bank reported total outstanding loans increased from $1.382 billion in May to $1.477 billion by the end of June, a 6.8 percent increase. Compared to the second quarter of 2014, loans increased 23.5 percent.
“As the local economy has improved, loan demand has strengthened in both our traditional markets on the east end of Long Island, as well as in our new markets in Nassau County and New York City,” Mr. Bluver said.
Demand deposits increased by 12.3 percent this quarter compared to the first quarter of 2015 and tangible book value per share in June increased by 4.9 percent to $15.97 million compared to 2014.
Opening branches further west over the last three years in locations like Melville, Garden City and Long Island City has also added to increased revenues, the company reported
“We are clearly picking up market share as we expand west into markets with an abundance of the small and middle market businesses that are our lifeblood,” Mr. Bluver said. “As a result, notwithstanding the strong loan grown experienced in the second quarter, our loan pipeline continues to be robust and we remain optimistic about the prospect for continued strong loan growth during the second half of 2015.”
But the company reported the strong earnings were slightly opposed by a $628,000 reduction in non-interest income in 2015.
Courtesy SCPD
A reward has been offered for information that leads to the arrest of a woman who robbed a Riverhead bank last week.
Last Thursday shortly after 10:30 a.m., a woman handed a teller a note at the Suffolk County National Bank branch on Second Street demanding money. She was allegedly given money and then fled the scene on foot.
According to police, the woman is described between 5-foot-2 and 5-foot-5 inches tall with a medium build and Hispanic or light-skinned black in skin color. Police said she was wearing a black jacket with a gray hooded sweatshirt underneath, with blue jeans, a black hat and sunglasses.
Anyone with information about the robbery is asked to contact the Riverhead Police Department at 727-4500, ext. 610 or Suffolk County Crime Stoppers at 1-800-220-TIPS.
Crime Stoppers is offering a cash reward of up to $5,000 for information that leads to an arrest. All calls will be kept confidential.
The Suffolk County National Bank in Riverhead was robbed Thursday morning. (Credit: Tim Gannon)
Update (3 p.m.): The culprit behind Thursday morning’s robbery of the Suffolk County National Bank branch is being described as a light-skinned black or Hispanic woman in her early 40s, said Riverhead Police Department Captain Richard Smith. (more…)
Perhaps a 2005 flashback scene from Season 4 of the Netflix comedy “Arrested Development” depicted the lending market best. In it, actor Ed Helms, playing a realtor, tells two of the show’s main — and jobless, and nutty — characters that he can get them into a mansion through a new “NINJA loan.”
“No income, no job and no assets,” he says, to their delight.
It’s laughable now, but local experts say the depiction wasn’t far off for some lenders during the last decade. To be sure, NINJA didn’t mean banks actually wanted to lend money to people without income, jobs or assets. They just didn’t ask for verification. (more…)