Attached files
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EX-99.2 - SMITHTOWN BANCORP INC | v172782_ex99-2.htm |
EX-99.3 - SMITHTOWN BANCORP INC | v172782_ex99-3.htm |
EX-99.1 - SMITHTOWN BANCORP INC | v172782_ex99-1.htm |
EX-99.4 - SMITHTOWN BANCORP INC | v172782_ex99-4.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C.20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported) January 29, 2010
Smithtown
Bancorp, Inc.
(Exact
name of registrant as specified in its charter)
New
York
|
000-13314
|
11-2695037
|
(State
or other jurisdiction
|
(Commission
File Number)
|
(IRS
Employer
|
of
incorporation)
|
Identification
No.)
|
100
Motor Parkway, Suite 160, Hauppauge, New York 11788
(Address
of principal executive offices)
Registrant's telephone number,
including area code 631-360-9300
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
SMITHTOWN
BANCORP, INC.
INDEX
Item
1.01
|
Entry
into a Material Definitive Agreement
|
|
On
January 29, 2010, Bank of Smithtown (the “Bank”) a wholly owned subsidiary
of Smithtown Bancorp, Inc. (the “Company”) entered into a Consent
Agreement with the Federal Deposit Insurance Corporation (“FDIC”) and a
parallel Consent Order with the New York State Banking Department
(“NYSBD”), hereinafter collectively referred to as the “Consent
Agreement”. The Consent Agreement is effective January 29,
2010.
|
||
Under
the terms of the Consent Agreement, the Bank is required to improve credit
administration, loan underwriting and internal loan review processes, and
maintain an adequate allowance for loan losses. Other required
actions include the implementation of plans to reduce classified assets,
decrease the Bank’s concentration in commercial real estate loans and
increase profitability. The Bank’s payment of dividends and
growth in average assets require prior approval of the FDIC and
NYSBD. The Bank is required to maintain, no later than June 30,
2010, Tier 1 Capital at least equal to 7% of Total Assets, Tier 1
Risk-Based Capital at least equal to 9% of Total Risk-Weighted Assets and
Total Risk-Based Capital at least equal to 11% of Total Risk-Weighted
Assets.
|
||
The
foregoing description of the Consent Agreement is qualified in its
entirety by reference to the Stipulation and Consent To The Issuance Of A
Consent Order dated January 29, 2010 between the Bank and the FDIC, the
Consent Order issued by the FDIC dated January 29, 2010, and the Issued
Upon Consent Pursuant To Section 39 of The New York Banking Law dated
January 29, 2010 between the Bank and the NYSBD, attached hereto as
Exhibits 1, 2 and 3, respectively, and incorporated herein by
reference.
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||
Item 2.02 | Results of Operations and Financial Condition | |
On
February 1, 2010 Smithtown Bancorp, Inc. issued a press release reporting
unaudited financial results for the quarter ending December 31, 2009, a
copy of which is attached as Exhibit 4 of this Current Report on Form 8-K
and incorporated herein by reference.
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Item 7.01 | Regulation FD Disclosure | |
Additional
information about the non-performing loans as of December 31, 2009 is
available on the investor page of the Bank’s website at www.bankofsmithtown.com.
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||
The
information disclosed under Items 1.01 and 2.02 in this report, including
Exhibits 1,2, 3 and 4 hereto, is being furnished and shall not be deemed
“filed” for purposes of the Securities and Exchange Act of 1934, as
amended, nor shall it be incorporated by reference into any registration
statement or other document filed pursuant to the Securities Act of 1933,
as amended, except as expressly set forth in such
filing.
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||
Item
9.01
|
Financial
Statements and Exhibits
|
|
Exhibits
No.
|
Description
|
|
1
|
Stipulation
and Consent To The Issuance Of A Consent Order dated January 29,
2010
|
|
2
|
Consent
Order dated January 29, 2010
|
|
3
|
Issued
Upon Consent Pursuant to Section 39 of the New York Banking Law dated
January 29, 2010
|
|
4 |
The
Company’s press release titled, “SMITHTOWN BANCORP ANNOUNCES FOURTH
QUARTER RESULTS,” dated February 1,
2010.
|
2
SIGNATURES
Pursuant to the requirements of Section
12 of the Securities Exchange Act of 1934, the registrant has duly caused this
current report to be signed on its behalf by the undersigned, thereto duly
authorized.
Dated: February 1, 2010 | Smithtown Bancorp, Inc. | ||
|
By:
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/s/ Bradley E. Rock | |
Name: | Bradley E. Rock | ||
Title: | Chairman of the Board and Chief Executive Officer |
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