JERICHO, N.Y., July 5, 2007 (PRIME NEWSWIRE) -- State Bancorp, Inc. (Nasdaq:STBC) ("the Company"), parent company of State Bank of Long Island ("the Bank"), announced today that it has entered into a long term lease for office space in midtown Manhattan. The Bank anticipates operating a branch and loan production office at this location where it will service new and existing Manhattan-based commercial clients with an array of banking and financial services and products. The lease is for the entire 16th floor at 780 Third Avenue in Manhattan. The Company expects to enter into a sub-lease agreement for approximately 50% of the space with The Winchester Group, Inc., a money management firm. The space is expected to be ready for occupancy in the fourth quarter of 2007. The opening of the branch and loan production office remains subject to receipt of approval of the New York State Banking Department.
"This new office will provide the Company with a much broader platform with which to develop new business opportunities in midtown Manhattan especially for corporate middle market companies and real estate professionals," said Thomas M. O'Brien, President and Chief Executive Officer of the Company and the Bank.
"The Company expects to make announcements about new professional staff over the course of the next several months. I continue to speak with experienced commercial bankers who are interested in bringing their skills and relationships to our Bank. This represents a unique growth opportunity for the Bank. We are committed to supporting our clients' needs with responsive, high quality attention from creative and knowledgeable commercial bankers.
"Consistent with that plan, I am pleased to announce that Carlo Alibrandi joined the Bank in July as Senior Vice President and Manhattan Commercial Real Estate Team Leader. Carlo has over twenty years of commercial banking experience originally with Chemical Bank and most recently with Atlantic Bank where he managed a portfolio of over $300 million. Carlo will be working out of our Jericho Corporate Headquarters until the office in Manhattan is complete."
The Company will close its current Manhattan location at 300 Park Avenue later this year.
State Bancorp, Inc. (Nasdaq:STBC) is the holding company for State Bank of Long Island, the largest independent commercial bank headquartered on Long Island. 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 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 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 ("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/corporate. The Company undertakes no obligation to publish revised events or circumstances after the date hereof.