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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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