In a fiery speech to shareholders, the top official of Suffolk Bancorp said the bank won't consider a merger with rival North Fork Bancorp because it would place investors in danger.

"If we were to accept North Fork stock as consideration in a transaction, we would be exposing our shareholders to a degree of risk to which they are not accustomed," president and chief executive Edward J. Merz told 82 shareholders at the bank's annual meeting last week.

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.