SMITHTOWN, NY -- 11/09/09 --
Bank of Smithtown (a subsidiary of Smithtown
Bancorp) (NASDAQ: SMTB) has opened its newest branch on Route 25A in the
hamlet of St. James. It is the Bank's 25th branch, and the sixth branch
the Bank has opened this year.
The St. James branch is Bank of Smithtown's 20th branch in Suffolk County,
and its 7th branch in Smithtown Township. Executive Vice President, John
Romano, commented: "The St. James branch is located on the North Shore's
historic Route 25A corridor, where many local small businesses operate and
consumers shop. We are excited about serving the small business community
and residents in the area."
The Bank plans to open four more new branches in the coming months in East
Setauket, Deer Park, East Hills and Babylon Village.
With approximately $2.7 billion in assets, Bank of Smithtown is the largest
independent commercial bank headquartered on Long Island. Founded in 1910,
Bank of Smithtown is nearing its 100th anniversary as a community bank.
The stock of its parent holding company, Smithtown Bancorp, is traded on
the NASDAQ Global Select Market under the symbol "SMTB."
Forward-Looking Statements
Certain statements contained in this release that are not statements of
historical fact constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 (the "Act"),
notwithstanding that such statements are not specifically identified as
such. In addition, certain statements may be contained in our future
filings with the Securities and Exchange Commission, in press releases, and
in oral and written statements made by us or with our approval that are not
statements of historical fact and constitute forward-looking statements
within the meaning of the Act. Examples of forward-looking statements
include, but are not limited to: (i) projections of revenues, expenses,
income or loss, earnings or loss per share, the payment or nonpayment of
dividends, capital structure and other financial items; (ii) statements of
our plans, objectives and expectations or those of our management or Board
of Directors, including those relating to products or services; (iii)
statements of future economic performance; and (iv) statements of
assumptions underlying such statements. Words such as "believes,"
"anticipates," "expects," "intends," "targeted," "continue," "remain,"
"will," "should," "may" and other similar expressions are intended to
identify forward-looking statements but are not the exclusive means of
identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause
actual results to differ materially from those in such statements. Factors
that could cause actual results to differ from those discussed in the
forward-looking statements include, but are not limited to: local,
regional, national and international economic conditions and the impact
they may have on us and our customers and our assessment of that impact,
changes in the level of non-performing assets and charge-offs; changes in
estimates of future reserve requirements based upon the periodic review
thereof under relevant regulatory and accounting requirements; the effects
of and changes in trade and monetary and fiscal policies and laws,
including the interest rate policies of the Federal Reserve Board;
inflation, interest rate, securities market and monetary fluctuations;
political instability; acts of war or terrorism; the timely development and
acceptance of new products and services and perceived overall value of
these products and services by users; changes in consumer spending,
borrowings and savings habits; changes in the financial performance and/or
condition of our borrowers; technological changes; acquisitions and
integration of acquired businesses; the ability to increase market share
and control expenses; changes in the competitive environment among
financial holding companies and other financial service providers; the
quality and composition of our loan or investment portfolio; the effect of
changes in laws and regulations (including laws and regulations concerning
taxes, banking, securities and insurance) with which we and our
subsidiaries must comply; the effect of changes in accounting policies and
practices, as may be adopted by the regulatory agencies, as well as the
Public Company Accounting Oversight Board, the Financial Accounting
Standards Board and other accounting standard setters; changes in our
organization, compensation and benefit plans; the costs and effects of
legal and regulatory developments, including the resolution of legal
proceedings or regulatory or other governmental inquiries and the results
of regulatory examinations or reviews; greater than expected costs or
difficulties related to the opening of new branch offices or the
integration of new products and lines of business, or both; and/or our
success at managing the risk involved in the foregoing items.
Forward-looking statements speak only as of the date on which such
statements are made. We undertake no obligation to update any
forward-looking statement to reflect events or circumstances after the date
on which such statement is made, or to reflect the occurrence of
unanticipated events.
Contact:
Ms. Judith Barber
Corporate Secretary
Corporate Headquarters
100 Motor Parkway, Suite 160
Hauppauge, NY 11788-5138
Direct Dial: 631-360-9304
Direct Fax: 631-360-9380
brock@bankofsmithtown.net
