State Bancorp Tanks on News of Verdict

Reosti, John
February 2006
American Banker;2/1/2006, Vol. 171 Issue 21, p20
Trade Publication
This article reports that State Bancorp Inc.'s share price plummeted more nearly 17% Tuesday, after a Long Island jury found the Jericho, N.Y., company liable for $44 million of damages in a 4-year-old fraud case. The plaintiff, HSA Residential Mortgage Services of Texas, claimed that the $1.5 billion-asset State Bancorp helped a depositor, Island Mortgage Network Inc., misappropriate millions of dollars that HSA had lent it.


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