State Bancorp shareholder to withhold votes at annual meeting April 28

By Lisa Kerner

Charlotte, N.C., April 13 - State Bancorp, Inc. shareholder PL Capital, LLC said it will withhold its votes for the re-election of directors Thomas E. Christman, K. Thomas Liaw and Andrew J. Simons at the company's annual meeting on April 28.

PL Capital said it is encouraging other shareholders to withhold their votes for the trio but supports a fourth director and recent addition to the State Bancorp board, Nicos Katsoulis.

"State Bancorp's shareholders have suffered a significant loss of shareholder value as a direct result of problems which occurred on the watch of the board members that we are seeking to remove from office via this campaign to withhold votes," PL Capital principal Richard Lashley said in a PL Capital news release.

State Bancorp adopted a majority voting standard. As a result, the company expects any incumbent director who receives more withhold votes than for votes to tender his resignation, according to the release.

Based in Jericho, N.Y., State Bancorp is the holding company for the State Bank of Long Island.

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