Smithtown Bancorp, Inc. is a holding company for Bank of Smithtown, which offers a range of commercial and consumer financial services.

According to the Complaint filed on September 01, 2010, this action arises out of the unlawful actions of the Director Defendants in conspiracy with or aided and abetted by the third parties, in connection with a proposed transaction.

The Proposed Transaction is at a grossly inadequate and unfair price and was arrived at by an unfair and tainted process that was intended to provide valuable assets of the Company to Defendants for unfair and inadequate consideration. Defendants have acted together, in concert, or in conspiracy to the detriment of the Company and in breach of the Director Defendants' fiduciary duties to Smithtown.

This action was voluntarily dismissed by the Plaintiff on October 20, 2010. Senior Judge Leonard D. Wexler ordered this case dismissed on October 25, 2010.