The $1.6 billion-asset company announced Tuesday that Howard C. Bluver, a former regulator and a longtime New York-area banker and consultant, has taken over as president and CEO, effective immediately.
Huszagh, a 29-year Suffolk veteran who had been president and CEO since February 2009, said he was stepping aside because he believes "that a change in leadership is in the best interest of our loyal shareholders."
Suffolk announced over the summer that it had identified weaknesses in its accounting for loan losses and, after a four-month internal review, restated its 2010 earnings that reflected a much smaller profit than it first reported.
The company is now in full compliance with regulators and the NASDAQ, which had threatened on several occasions to delist the company's shares because it was delinquent in filing financial reports.
