Attached files
| file | filename |
|---|---|
| 8-K - STATE BANCORP INC | form8k_nov2009b.htm |
EXHIBIT 99.1
State
Bancorp, Inc. Reports
Special
Stockholders Meeting Results
Jericho, N.Y., November 17,
2009 - State Bancorp, Inc. (the “Company”) (NASDAQ–STBC), parent company
of State Bank of Long Island (the “Bank”), announced the results of its Special
Stockholders Meeting held today at 10:00 a.m.
As of the
commencement of today’s special stockholder meeting, approximately 88% of the
total common shares outstanding were represented in-person or by
proxy. Stockholders voted 73% of the outstanding shares, which is
greater than the majority of outstanding shares needed to approve the
first proposal to amend the Company’s Certificate of Incorporation to increase
the number of authorized shares of common stock of the Company from 20,000,000
to 50,000,000. Consequently, this authorization is effective immediately.
Additionally,
stockholders voted 83% of the outstanding shares, which is greater than the 80%
of outstanding shares required to approve the second proposal to amend the
Company’s Certificate of Incorporation to eliminate the classified board and
provide for the annual election of the Board of Directors. This change, while
effective immediately, will be fully implemented as existing terms of office
expire.
Although
the majority of stockholders voted overwhelmingly to approve the third proposal,
the total votes represented just over 79% of all outstanding shares vs. an 80%
requirement. The third proposal seeks to amend the Company’s Certificate of
Incorporation to reduce the vote required to approve certain business
combinations. As a consequence, the Company adjourned the meeting until December
1, 2009, with respect to this proposal only and will continue to solicit proxies
in an effort to secure the few additional votes necessary to approve the
proposal.
Stockholders
of record as of the close of business September 22, 2009 may continue to cast
their vote on the third proposal only through mail, internet or
telephone until 1:00 p.m. EST, November 30, 2009.
The
special stockholders meeting will reconvene at 10:00 a.m. on Tuesday, December
1, 2009 at the offices of State Bancorp, located at Two Jericho Plaza, Jericho,
New York for the sole purpose of taking the final vote on proposal #3.
State
Bancorp, Inc. is the holding company for State Bank of Long Island. In addition
to its seventeen branches located in Nassau, Suffolk, Queens and Manhattan, the
Bank maintains its corporate headquarters in Jericho. The Bank has built a
reputation for providing high-quality personal service to meet the needs of our
diverse customer base which includes commercial real estate owners and
developers, small to middle market businesses, professional service firms,
municipalities and consumers. The Bank maintains a web site at
www.statebankofli.com with corporate, investor and branch banking
information.
This news
release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "may," "could,"
"should," "would," "believe," "anticipate," "estimate," "expect," "intend,"
"plan," "project," "is confident that," and similar expressions are intended to
identify forward-looking statements. The forward-looking statements involve risk
and uncertainty and a variety of factors that could cause the Company's actual
results and experience to differ materially from the anticipated results or
other expectations expressed in these forward-looking statements. The Company's
ability to predict results or the actual effect of future plans or strategies is
inherently uncertain. Factors that could have a material adverse effect on the
operations of the Company and its subsidiaries include, but are not limited to,
changes in: market interest rates, general economic conditions,
legislative/regulatory changes, monetary and fiscal policies of the U.S.
Government, the quality and composition of the loan and lease or investment
portfolios, demand for loan and lease products, demand for financial services in
the Company's primary trade area, litigation, tax and other regulatory matters,
accounting principles and guidelines, other economic, competitive, governmental,
regulatory and technological factors affecting the Company's operations, pricing
and services and those risks detailed in the Company's periodic reports filed
with the SEC. Investors are encouraged to access the Company's periodic reports
filed with the SEC for financial and business information regarding the Company
at www.statebankofli.com. The Company undertakes no obligation to publish
revised events or circumstances after the date hereof.
Contact:
Deborah
Kendric
Director
of Corporate Communications
516-495-5050
dkendric@statebankofli.com