The Suffolk County National Bank (SCNB) recently announced that Stephen Molfetta has joined the Bank as Vice President and Commercial Lender.
Molfetta has an extensive background in the field of financial services with an emphasis in business lending. With more than 20 years in the industry, he is well versed in Business Development, Portfolio Management, Financial Statement Analysis and Small Business Lending, including the programs offered through the Small Business Administration (SBA). Prior to joining SCNB, Mr. Molfetta held various positions in several banking institutions. Most recently, he was associated with the Long Island Development Corp. where he partnered with development companies and municipalities to promote economic growth in the local communities.
Karen Hamilton, Chief Lending Officer, SCNB, commented, "It is my pleasure to welcome Stephen Molfetta to the Commercial Lending team. We look forward to benefiting from his experience and expertise in business lending, which further builds upon the strengths of our group."
Mr. Molfetta attended Long Island University/C.W. Post College where he received a Bachelor of Science Degree in Finance.
Bridge Bancorp, Inc. the parent company of The Bridgehampton National Bank announced today that it has entered into definitive purchase agreements to sell directly to institutional and other private investors a total of 1.377 million shares of its common stock, at a price of $17.50 per share. The company expects to receive net proceeds of approximately $23 million after deducting placement agent fees and other offering expenses.
The Bridgehampton National Bank, established in 1910, has assets of approximately $1.3 billion, and a primary market area of the North and South Forks of Eastern Long Island, extending westward into Brookhaven and Babylon Towns; there are 20 retail branch locations.
Rechler Equity Partners, Long Island's largest commercial real estate company, has hired former Suffolk County Economic Development Assistant Ellen Cea as Director of Tenant and Community Development. Her primary focus will be extending Rechler Equity's presence on the East End of Long Island, including the Hampton Business District at Gabreski Airport. The 55-acre commerce and technology center was awarded to Rechler Equity by Suffolk County in 2009 and is scheduled to break ground in 2012. Mitchell Rechler, who serves as Managing Partner at Rechler Equity with his cousin, Gregg Rechler, announced Cea's hiring.
"We are very pleased to welcome Ellen to Rechler Equity and are confident she will be a highly-effective ambassador in getting the word out on the many advantages to locating within the new Hampton Business District," he observed. "Her knowledge of Gabreski Airport and the surrounding North and South Fork business communities is unparalleled, as is her ability to foster economic development. She's the right person at the right time for this project."