JERICHO, N.Y., July 3, 2007 (PRIME NEWSWIRE) -- State Bancorp, Inc. (Nasdaq:STBC), parent company of State Bank of Long Island, announced that the Registration Statement on Form S-3 ("Registration Statement") filed with the U.S. Securities and Exchange Commission with respect to shares of common stock held by selling shareholders has been declared effective as of July 2, 2007. The Registration Statement covers 2,249,000 shares of the Company's common stock issued in the Company's December 21, 2006 private placement and 49 out of 50 investors in that private placement are listed as selling shareholders in the Registration Statement.
The prospectus contained in Registration Statement is available online at www.sec.gov or by request to the Company at: State Bancorp, Inc., Attention Brian K. Finneran, 2 Jericho Plaza, Jericho, New York 11753-1658.
State Bancorp, Inc. (Nasdaq:STBC) is the holding company for State Bank of Long Island, the largest independent commercial bank headquartered in Nassau County. In addition to its sixteen branch locations throughout Nassau, Suffolk and Queens Counties, the Bank owns Jericho, N.Y.-based Studebaker-Worthington Leasing Corp., a nationwide provider of business equipment leasing. The Bank also maintains a lending facility in Jericho. State Bank has built a reputation for providing high-quality personal service to meet the needs of commercial, small business, municipal and consumer markets throughout Long Island and Queens. The Company maintains a web site at www.statebankofli.com with corporate, investor and branch banking information.
This 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," "intend," "plan," "project," "is confident that," and similar expressions are intended to identify these forward-looking statements. These 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 Securities and Exchange Commission.