SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 22, 2002
SUFFOLK BANCORP
(Exact name of registrant as specified in its charter)
New York 0-13580 11-2708279
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
6 West Second Street, Riverhead, New York 11901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (631) 727-5667
N/A
(Former name or former address, if changed since last report)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
(a) Previous independent accountants
(i) On July 22, 2002, based on a recommendation by the Examination
and Audit Committee (the "Audit Committee") of the Board of
Directors, the Board of Directors of Suffolk Bancorp (the "Company")
approved the dismissal of the Company's independent public
accountant, Arthur Andersen LLP ("Arthur Andersen").
(ii) No reports by Arthur Andersen on the Company's consolidated
financial statements for each of the years ended December 31, 2001
and 2000 contained an adverse opinion or a disclaimer of opinion, or
have been qualified or modified as to uncertainty, audit scope or
accounting principles.
(iii) During the Company's two most recent fiscal years and all
subsequent interim periods preceding the dismissal, there were no
disagreements between the Company and Arthur Andersen on any matter
of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure which, if not resolved to
Arthur Andersen's satisfaction, would have caused it to make
reference to the subject matter in connection with its report on the
Company's consolidated financial statements.
(iv) Within the last two most recent fiscal years and all subsequent
interim periods and to the date of dismissal, there have been no
reportable events as that term is described in Item 304 (a) (1) (v)
of Regulation S-K.
(v) The Company provided Arthur Andersen with a copy of the
foregoing disclosure and has requested that it furnish the Company
with a letter addressed to the Securities and Exchange Commission
stating whether or not it agrees with the above statements. In
response, Arthur Andersen indicated that, as of July 1, 2002 ,
Arthur Andersen no longer issues such letters.
(b) New independent accountants
(i) On July 22, 2002, based on a recommendation by the Audit
Committee, the Board of Directors of the Company selected and
engaged Grant Thornton LLP as its independent public accountant.
Grant Thornton LLP will audit the Company's financial statements for
the fiscal year ended December 31, 2002.
(ii) During the years ended December 31, 2001 and 2000 and through
the date hereof, the Company did not consult Grant Thornton with
respect to the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's consolidtaed
financial statement, or any other matter or reportable events as set
forth in Items 304 (a) (2) (i) and (ii) of Regulation S-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Not applicable
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SUFFOLK BANCORP
Dated: July 22, 2002 By: /s/ Douglas Ian Shaw
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Vice President & Corporate Secretary