State Bancorp, Inc. Announces Increase in Stock Repurchase Program

by C-BW@CLARI.NET (STATE BANCORP VIA BIZWIRE) on 2004-04-30 13:13:15

NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--April 30, 2004--The Board of
Directors of State Bancorp, Inc. (AMEX-STB), parent company of State
Bank of Long Island, at their April 27, 2004 meeting, authorized an
increase in its stock repurchase program under which the Company may
now repurchase up to 1,500,000 shares of its common stock. This amount
represents approximately seventeen percent of the Company's current
shares outstanding. The Board had previously authorized the repurchase
of up to 1,000,000 shares at its June 2001 meeting. Approximately
863,000 shares have been repurchased to date under the existing
authorization.
The repurchases may be made from time to time as market conditions
permit, at prevailing prices on the open market or in privately
negotiated transactions. The program may be discontinued at any time.
State Bancorp, Inc. currently has 8.6 million shares of common stock
outstanding.

Corporate Information

State Bancorp, Inc. is the parent of State Bank of Long Island,
the largest independent commercial bank headquartered in Nassau
County. In addition to its fifteen branch locations throughout Nassau,
Suffolk and Queens Counties, the Bank owns Jericho, N.Y.-based
Studebaker-Worthington Leasing Corp., a nationwide provider of
business equipment leasing. The Bank also maintains a lending facility
in Jericho and has two subsidiaries based in Wilmington, Delaware,
which provide investment and balance sheet management services to the
Bank. The Company maintains a World Wide Web site at
www.statebankofli.com with corporate, investor and branch banking
information.

Forward-Looking Statements and Risk Factors

This release contains forward-looking statements within the
meaning of and pursuant to the safe harbor provisions of the Private
Securities Litigation reform Act of 1995. The words "expects,"
"believes," "anticipates" and other similar expressions are intended
to identify forward-looking statements. A forward-looking statement
encompasses any estimate, prediction, opinion or statement of belief.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The results may ultimately vary from the forward-looking statements
made in this release. The Company undertakes no obligation to publish
revised events or circumstances after the date hereof. Investors are
encouraged to access the Company's periodic reports filed with the
Securities and Exchange Commission for financial and business
information regarding the Company at www.statebankofli.com/corporate.