Confusion among stockholders has forced Suffolk Bancorp to withdraw a proxy proposal to permit the quintupling of the number of outstanding shares in order to prevent a hostile takeover.

Officials of the $812 million-asset company had asked shareholders to approve an increase in the number of authorized common shares to 37.5 million from the current 7.5 million.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.