Riverhead-based Suffolk Bancorp, Suffolk County National Bank’s parent company, is facing the possibility of being de-listed from the NASDAQ exchange after missing a March 31 deadline to file its quarterly report.
Suffolk Bancorp officials issued a press release Wednesday saying they had expected the notice, which the company received May 18. To avoid removal from the NASDAQ market, the company must file either the report or a plan of compliance acceptable to NASDAQ within 60 days.
“The company is working diligently to complete the necessary filings,” Suffolk Bancorp officials said in the release, although they did not indicate which plan it would take.
Bank officials announced May 11 they would be late in filing the quarterly report, saying that toward the end of the first quarter, “management identified possible deficiencies and/or weaknesses in the company’s internal controls with respect to credit administration and credit risk management.”
Suffolk Bancorp had announced a net loss of $12.89 million for the first quarter of 2011.
Suffolk County National Bank was organized in 1890 and now has 30 offices.