Suffolk Bancorp (SUBK) in Riverhead, N.Y., will record a pretax gain of nearly $4 million in the third quarter after selling shares in Visa.
The $1.6 billion-asset company said Monday that it recently sold 50,000 shares of class B common stock in Visa for a gain of roughly $3.8 million. "The company thought it prudent to monetize the gain of a portion of the class B shares it holds in portfolio," Suffolk said in a press release.
Suffolk was issued about 226,000 shares of Visa class B common stock in the card issuer's 2008 initial public offering, though roughly a third of those shares were redeemed in connection with the IPO. Suffolk still holds about 89,000 shares of Visa stock.
