Suffolk Bancorp (SUBK) in Riverhead, N.Y., is back in the black and going on the offensive faster than anyone, including its chief executive, would have expected.

The $1.6 billion company, based on Long Island, took its lumps in 2012, pursuing bulk loan sales to purge its balance sheet and turning to institutional investors to help fund the aggressive clean-up. The strategy was shepherded by Howard Bluver, a former consultant that the company hired as chief executive last January.

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