State Bancorp, Inc. Declares 100% Increase in Cash Dividend
October 27 2011 - 9:24AM
The Board of Directors of State Bancorp, Inc. (Nasdaq:STBC), parent
company of State Bank of Long Island, declared a cash dividend of
$0.10 per share at its October 25, 2011 meeting. The cash dividend
represents a 100% increase over the $.05 per share dividend paid by
the Company for the last ten quarters. The Board's decision to
increase the cash dividend was primarily driven by the Company's
strong capital ratios and financial performance along with
Management's confidence in the Company's future earnings capacity.
The increased $.10 cash dividend per share will be paid on December
16, 2011 to stockholders of record as of November 11, 2011.
State Bancorp, Inc. is the holding company for State Bank of
Long Island. In addition to its sixteen 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 client 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.
Forward-Looking Statements and Risk Factors
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: the failure of the Company and Valley National Bancorp
("Valley") to satisfy the closing conditions in the Agreement and
Plan of Merger dated as of April 28, 2011 between the Company and
Valley pursuant to which the Company will merge with and into
Valley, 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 or
investment portfolios, demand for loan 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.
Additional Information and Where to Find It
On April 28, 2011, the Company entered into an Agreement and
Plan of Merger with Valley, providing for the merger of the Company
with and into Valley, with Valley as the surviving entity.
In connection with the merger, Valley has filed with the SEC a
Registration Statement on Form S-4 that includes a Proxy Statement
of the Company and a Prospectus of Valley, as well as other
relevant documents concerning the proposed transaction. A
definitive Proxy Statement will be mailed to stockholders of the
Company after the Registration Statement is declared
effective. The Registration Statement has not yet become
effective. Stockholders are urged to read the Registration
Statement and the Proxy Statement/Prospectus regarding the merger
and any other relevant documents filed with the SEC, as well as any
amendments or supplements to those documents, because they will
contain important information. You can obtain a free copy of the
Proxy Statement/Prospectus, as well as other filings containing
information about the Company and Valley at the SEC's Internet site
(http://www.sec.gov). You can also obtain these documents, free of
charge, from the Company by accessing the Company's website at
www.statebankofli.com under the tab "Investor Relations" and then
under the heading "Financial Information" and subheading "SEC
Filings."
The Company and Valley and certain of their directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of the Company in
connection with the proposed merger. Information about the
directors and executive officers of the Company is set forth in the
proxy statement for the Company's 2011 annual meeting of
stockholders, as filed with the SEC on a Schedule 14A on March 25,
2011. Information about the directors and executive officers of
Valley is set forth in the proxy statement for Valley's 2011 annual
meeting of stockholders, as filed with the SEC on a Schedule 14A on
March 11, 2011. Additional information regarding the interests
of those participants and other persons who may be deemed
participants in the transaction may be obtained by reading the
Proxy Statement/Prospectus. You may obtain free copies of this
document as described in the preceding paragraph.
CONTACT: Anthony J. Morris
Chief Marketing & Corporate Planning Officer
516-495-5098
amorris@statebankofli.com
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