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Form S-8
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As filed with the Securities Exchange Commission on &#149;, 2007 </FONT></TD>
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     <TD WIDTH=100% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Registration No. 333-_________</B> </FONT></TD>
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<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B> </FONT><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>FORM S-8</B> </FONT><BR><BR>

<FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER THE <BR>
SECURITIES ACT OF 1933</B> </FONT><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>SMITHTOWN BANCORP, INC.</B> </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Exact Name of Registrant as Specified in Its Charter) </FONT><BR>

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     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NEW YORK</B> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(Jurisdiction of Incorporation<BR>
or Organization Number)</I> </FONT>
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     <TD WIDTH=30%>&nbsp;</TD>
     <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>11-2695037</B> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(IRS Employer<BR>
Identification Number)</I> </FONT></TD>
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<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>100 MOTOR PARKWAY, SUITE 160, <BR>
HAUPPAUGE, NEW YORK 11788 <BR>
(631) 360-9304 </B></FONT><BR><BR>

<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B><I>(Address,
Including Zip Code, and Telephone Number, Including Area Code, <BR>
of Registrant&#146;s Principal Registered Office)</I></B> </FONT>

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<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>SMITHTOWN BANCORP,
INC. 2007 STOCK COMPENSATION PLAN</B> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B><I>(Full title of the plan)</I></B> </FONT><BR><BR>

<FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>BRADLEY E. ROCK <BR>
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER <BR>
SMITHTOWN BANCORP, INC. <BR>
100 MOTOR PARKWAY, SUITE 160 <BR>
HAUPPAUGE, NEW YORK 11788 <BR>
(631) 360-9304</B> </FONT><BR><BR>

<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B><I>(Name, Address,
Including Zip Code, and Telephone Number,<BR>
Including Area Code, of Agent for Service) </I></B> </FONT>

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<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CALCULATION OF
REGISTRATION FEE</B> </FONT> </CENTER>

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Title of Each Class of<BR>
Securities to be Registered
</B></FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>
Amount to be <BR>
Registered(1)
 </B></FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>
Proposed<BR>
Maximum<BR>
Offering Price<BR>
Per Share
 </B></FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>
Proposed<BR>
Maximum<BR>
Aggregate<BR>
Offering Price
</B></FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>
Amount of<BR>
Registration<BR>
Fee
 </B></FONT> </TD>
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     <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Common Stock, $.01 par value </FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">874,163 </FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">None </FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">None </FONT> </TD>
     <TD WIDTH=16% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1">$763.36 </FONT> </TD>
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                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
                    This Registration Statement covers, pursuant to Rule 416 under the Securities
                    Act of 1933, as amended (the &#147;Securities Act&#148;), any increases in the
                    number of shares offered under the Plan to prevent dilution resulting from stock
                    splits, stock dividends or similar transaction. </FONT></P></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PART I </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS </FONT></H1>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Explanatory Note</I></U> </FONT> </P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
registration statement on Form S-8 registers common shares, par value $0.01 per share (the
&#147;Common Stock&#148;) of Smithtown Bancorp, Inc. (the &#147;Company&#148; or
&#147;Registrant&#148;), which may be issued pursuant to the Registrant&#146;s 2007 Stock
Compensation Plan, as amended (the &#147;Plan&#148;). After giving effect to this filing,
an aggregate of 874,163 shares of the registrant&#146;s common stock have been registered
for issuance pursuant to the Plan. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents containing the information required by PART I of this Registration Statement on
Form S-8 (the &#147;Registration Statement&#148;) are not being filed with or included in
this Registration Statement (by incorporation by reference or otherwise) in accordance
with the rules and regulations of the Securities and Exchange Commission. Documents
containing the information required by PART I will be sent or given to Plan participants
as specified by Rule 428(b)(1) under the Securities Act. Such documents and the documents
incorporated by reference herein pursuant to Item 3 of PART II hereof, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PART II </FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of
Documents by Reference </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents have been filed with the Securities and Exchange Commission by the
Company are hereby incorporated by reference into this registration statement and made a
part hereof: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;
          The Company&#146;s Annual Report on Form 10-K for the year ended December 31,
          2006; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;
          The Company&#146;s Current Reports on Form 8-K, filed on January 18, 2007,
          February 2, 2007, February 28, 2007, March 9, 2007, April 25, 2007, April 30,
          2007, May 23, 2007, May 25, 2007, June 28, 2007, July 26, 2007, August 29, 2007,
          September 20, 2007, September 21, 2007, October 10, 2007, October 26, 2007,
          November 1, 2007, November 6, 2007, November 28, 2007 and December 26, 2007. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;
          All other reports filed by the Company with the Commission pursuant to Section
          13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
          &#147;Exchange Act&#148;), since the end of the fiscal year covered by the
          Annual Report on Form 10-K referred to in paragraph (a) above. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;
          A description of the class of securities of the Company, $0.01 par value per
          share contained in the registration statement filed under Section 12 of the
          Exchange Act, including any amendment or report that updated such description. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All documents subsequently filed by
the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be made a part hereof from the
respective dates of filing such documents. Any statement contained in any document
incorporated or deemed to be incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document that is also
incorporated or deemed to be incorporated herein by reference modified or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of the prospectus or this Registration
Statement. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Description of
Securities </FONT></H1>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Interests of
Named Experts and Counsel </FONT></H1>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section 722 of the New York Business
Corporation Law authorizes indemnification of directors and officers under certain
circumstances. Under the Company Bylaws, the Company provides for the following
indemnification of directors and officers: Any person made or threatened to be made a
party to any action or proceeding, whether civil or criminal, by reason of the fact that
he, his testator or intestate, is or was a director or officer of the corporation or
served any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise in any capacity at the request of the corporation, shall be indemnified
by the corporation against judgments, fines, amounts paid in settlement and reasonable
expenses, including attorney&#146;s fees actually and necessarily incurred as a result of
such action or proceeding, or any appeal therein, to the fullest extent permitted under
Article 7 of the New York Business Corporation Law. The Board of Directors may also, in
its discretion, cause the corporation to maintain insurance for the indemnification of
directors and officers as permitted under Section 726 of the New York Business Corporation
Law. The Company has purchased an officers and directors liability insurance policy which
provides for insurance of directors and officers of the Company against certain
liabilities they may incur in their capacities as such. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Exemption from
Registration Claimed </FONT></H1>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
the Exhibit Index which is incorporated herein by reference. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;
          The Company hereby undertakes: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;&nbsp;
          to file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;
          to include any prospectus required by Section 10(a)(3) of the Securities Act; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;
          to reflect in the prospectus any facts or events arising after the effective
          date of this Registration Statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in this Registration Statement. Notwithstanding the
          foregoing, any increase or decrease in volume of securities offered (if the
          total dollar value of securities offered would not exceed that which was
          registered) and any deviation from the low or high end of the estimated maximum
          offering range may be reflected in the form of prospectus filed with the
          Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate,
          the changes in volume and price represent no more than a 20 percent change in
          the maximum aggregate offering price set forth in the &#147;Calculation
          Registration Fee&#148; table in the effective registration statement; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;
          to include any material information with respect to the plan of distribution not
          previously disclosed in this Registration Statement or any material change to
          such information in this Registration Statement; </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>provided</I>,
<I>however</I>, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed by the Company pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement; </FONT> </P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;&nbsp;
that, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof; and </FONT> </P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3)&nbsp;&nbsp;
          to remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the Company&#146;s annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide </I>offering thereof. </FONT> </P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;
          Insofar as indemnification for liabilities arising under the Securities Act may
          be permitted to directors, officers and controlling persons of the registrant
          pursuant to the foregoing provisions described under Item 6 above, or otherwise,
          the registrant has been advised that in the opinion of the Securities and
          Exchange Commission such indemnification is against public policy as expressed
          in the Securities Act and is, therefore, unenforceable. In the event that a
          claim for indemnification against such liabilities (other than the payment by
          the registrant of expenses incurred or paid by a director, officer or
          controlling person of the registrant in the successful defense of any action,
          suit or proceeding) is asserted by such director, officer or controlling person
          in connection with the securities being registered, the registrant will, unless
          in the opinion of its counsel the matter has been settled by controlling
          precedent, submit to a court of appropriate jurisdiction the question whether
          such indemnification by it is against public policy as expressed in the
          Securities Act and will be governed by the final adjudication of such issue. </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SIGNATURES </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, Smithtown Bancorp, Inc.
certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Hauppauge, State of
New York on December 31, 2007. </FONT></P>

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     <TD WIDTH=60%>&nbsp;</TD>
     <TD WIDTH=100%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
SMITHTOWN BANCORP, INC.<BR>
(Registrant)<BR><BR>

By: <U>/s/ Bradley E. Rock</U> <BR><BR>

Name: Bradley E. Rock<BR>
Chairman, President, and Chief <BR>
Executive Officer
</FONT></TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed by the following persons in the indicated capacities on December 31, 2007. </FONT></P>

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<TR VALIGN=TOP>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Name</U> </FONT></TD>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Title</U> </FONT></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
/s/ Bradley E. Rock <BR>
--------------------------------------<BR>
Bradley E. Rock
</FONT></TD>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Chairman, President, and Chief Executive Officer<BR>
(Principal Executive Officer)
 </FONT></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
/s/ Anita M. Florek <BR>
--------------------------------------<BR>
Anita M. Florek </FONT></TD>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Executive Vice President<BR>
(Principal Financial Officer)
 </FONT></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
</TR>
</TABLE>
<BR><BR>

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<TR VALIGN=TOP>
     <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bradley E. Rock<BR><BR>

Patricia C. Delaney<BR><BR>

Patrick A. Given<BR><BR>

Augusta Kemper<BR><BR>

Hyukmun Kwon<BR><BR>

Robert W. Scherdel<BR><BR>

Sanford C. Scheman<BR><BR>

Manny Schwartz<BR><BR>

Barry M. Seigerman
 </FONT></TD>
     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Director<BR><BR>

Director<BR><BR>

Director<BR><BR>

Director<BR><BR>

Director<BR><BR>

Director<BR><BR>

Director<BR><BR>

Director<BR><BR>

Director
 </FONT></TD>
</TR>
</TABLE><BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bradley E. Rock, by signing his name
hereto, does hereby sign this document in his capacity as a director and pursuant to
powers of attorney duly executed by the persons named, filed with the Securities and
Exchange Commission as an exhibit to this document, on behalf of such persons, all in the
capacities and on the date stated, such persons including a majority of the directors of
the Registrant. </FONT></P>
<BR><BR>

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     <TD WIDTH=60%>&nbsp;</TD>
     <TD WIDTH=40%>

<FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Bradley E. Rock</U> <BR><BR>

Name: Bradley E. Rock<BR>
Attorney-in-Fact
</FONT></TD>
</TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDEX TO EXHIBITS </FONT></P>

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<TR VALIGN=TOP>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1<SUP>&#134;</SUP> </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Articles of Incorporation </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2<SUP>&#134;</SUP> </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By-Laws amended as of April 24, 2007 </FONT></TD>
</TR>
</TABLE>
<BR>

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     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3<SUP>&#134;</SUP> </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By-Laws Page Nos. 2, 11, 12, 13, 14 Articles of Incorporation Page No. 2 </FONT></TD>
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     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1* </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Smithtown Bancorp, Inc.  2007 Stock Compensation Plan. </FONT></TD>
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     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5* </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of Patricia C. Delaney as to the legality of the securities being registered. </FONT></TD>
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     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1* </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Crowe Chizek and Company, LLC. </FONT></TD>
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     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2* </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Patricia C. Delaney (included in exhibit 5 hereto). </FONT></TD>
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     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24* </FONT></TD>
     <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of Attorney pursuant to which certain directors have signed this Form S-8
Registration Statement. </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Filed herewith. </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>&#134;</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Incorporated by reference and filed as a part of the Registrant&#146;s Form S-14
Registration Statement under the Securities Act of 1933, Reg #2-91511, filed on June 6,
1984. </FONT></TD>
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{"company-data": {"conformed-name": "SMITHTOWN BANCORP INC", "cik": "0000747345", "assigned-sic": "6022", "irs-number": "112695037", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-148428", "film-number": "08500801"}, "business-address": {"street1": "100 MOTOR PARKWAY", "street2": "SUITE 160", "city": "HAUPPAUGE", "state": "NY", "zip": "11788", "phone": "631-360-9300"}, "mail-address": {"street1": "100 MOTOR PARKWAY", "street2": "SUITE 160", "city": "HAUPPAUGE", "state": "NY", "zip": "11788"}}
Form S-8
As filed with the Securities Exchange Commission on •, 2007
Registration No. 333-_________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933
SMITHTOWN BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
NEW YORK
(Jurisdiction of Incorporation
or Organization Number)
11-2695037
(IRS Employer
Identification Number)
100 MOTOR PARKWAY, SUITE 160,
HAUPPAUGE, NEW YORK 11788
(631) 360-9304
(Address,
Including Zip Code, and Telephone Number, Including Area Code,
of Registrant's Principal Registered Office)
SMITHTOWN BANCORP,
INC. 2007 STOCK COMPENSATION PLAN
(Full title of the plan)
BRADLEY E. ROCK
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
SMITHTOWN BANCORP, INC.
100 MOTOR PARKWAY, SUITE 160
HAUPPAUGE, NEW YORK 11788
(631) 360-9304
(Name, Address,
Including Zip Code, and Telephone Number,
Including Area Code, of Agent for Service)
CALCULATION OF
REGISTRATION FEE
Title of Each Class of
Securities to be Registered
Amount to be
Registered(1)
Proposed
Maximum
Offering Price
Per Share
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration
Fee
Common Stock, $.01 par value
874,163
None
None
$763.36
(1)
This Registration Statement covers, pursuant to Rule 416 under the Securities
                    Act of 1933, as amended (the "Securities Act"), any increases in the
                    number of shares offered under the Plan to prevent dilution resulting from stock
                    splits, stock dividends or similar transaction.
PART I
INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS
Explanatory Note
This
registration statement on Form S-8 registers common shares, par value $0.01 per share (the
"Common Stock") of Smithtown Bancorp, Inc. (the "Company" or
"Registrant"), which may be issued pursuant to the Registrant's 2007 Stock
Compensation Plan, as amended (the "Plan"). After giving effect to this filing,
an aggregate of 874,163 shares of the registrant's common stock have been registered
for issuance pursuant to the Plan.
The
documents containing the information required by PART I of this Registration Statement on
Form S-8 (the "Registration Statement") are not being filed with or included in
this Registration Statement (by incorporation by reference or otherwise) in accordance
with the rules and regulations of the Securities and Exchange Commission. Documents
containing the information required by PART I will be sent or given to Plan participants
as specified by Rule 428(b)(1) under the Securities Act. Such documents and the documents
incorporated by reference herein pursuant to Item 3 of PART II hereof, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
Item 3.    Incorporation of
Documents by Reference
The
following documents have been filed with the Securities and Exchange Commission by the
Company are hereby incorporated by reference into this registration statement and made a
part hereof:
(a)    
          The Company's Annual Report on Form 10-K for the year ended December 31,
          2006;
(b)    
          The Company's Current Reports on Form 8-K, filed on January 18, 2007,
          February 2, 2007, February 28, 2007, March 9, 2007, April 25, 2007, April 30,
          2007, May 23, 2007, May 25, 2007, June 28, 2007, July 26, 2007, August 29, 2007,
          September 20, 2007, September 21, 2007, October 10, 2007, October 26, 2007,
          November 1, 2007, November 6, 2007, November 28, 2007 and December 26, 2007.
(c)    
          All other reports filed by the Company with the Commission pursuant to Section
          13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
          "Exchange Act"), since the end of the fiscal year covered by the
          Annual Report on Form 10-K referred to in paragraph (a) above.
(d)    
          A description of the class of securities of the Company, $0.01 par value per
          share contained in the registration statement filed under Section 12 of the
          Exchange Act, including any amendment or report that updated such description.
All documents subsequently filed by
the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be made a part hereof from the
respective dates of filing such documents. Any statement contained in any document
incorporated or deemed to be incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document that is also
incorporated or deemed to be incorporated herein by reference modified or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of the prospectus or this Registration
Statement.
Item 4.    Description of
Securities
Not applicable.
Item 5.    Interests of
Named Experts and Counsel
Not applicable.
Item 6.    Indemnification
of Directors and Officers
Section 722 of the New York Business
Corporation Law authorizes indemnification of directors and officers under certain
circumstances. Under the Company Bylaws, the Company provides for the following
indemnification of directors and officers: Any person made or threatened to be made a
party to any action or proceeding, whether civil or criminal, by reason of the fact that
he, his testator or intestate, is or was a director or officer of the corporation or
served any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise in any capacity at the request of the corporation, shall be indemnified
by the corporation against judgments, fines, amounts paid in settlement and reasonable
expenses, including attorney's fees actually and necessarily incurred as a result of
such action or proceeding, or any appeal therein, to the fullest extent permitted under
Article 7 of the New York Business Corporation Law. The Board of Directors may also, in
its discretion, cause the corporation to maintain insurance for the indemnification of
directors and officers as permitted under Section 726 of the New York Business Corporation
Law. The Company has purchased an officers and directors liability insurance policy which
provides for insurance of directors and officers of the Company against certain
liabilities they may incur in their capacities as such.
Item 7.    Exemption from
Registration Claimed
Not applicable.
Item 8.    Exhibits
See
the Exhibit Index which is incorporated herein by reference.
Item 9.    Undertakings
(a)    
          The Company hereby undertakes:
(1)  
          to file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement:
(i)  
          to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)  
          to reflect in the prospectus any facts or events arising after the effective
          date of this Registration Statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in this Registration Statement. Notwithstanding the
          foregoing, any increase or decrease in volume of securities offered (if the
          total dollar value of securities offered would not exceed that which was
          registered) and any deviation from the low or high end of the estimated maximum
          offering range may be reflected in the form of prospectus filed with the
          Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate,
          the changes in volume and price represent no more than a 20 percent change in
          the maximum aggregate offering price set forth in the "Calculation
          Registration Fee" table in the effective registration statement;
(iii)  
          to include any material information with respect to the plan of distribution not
          previously disclosed in this Registration Statement or any material change to
          such information in this Registration Statement;
provided
,
however
, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed by the Company pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement;
(2)  
that, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide
offering
thereof; and
(3)  
          to remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering.
(b)    
The undersigned registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the Company's annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)    
          Insofar as indemnification for liabilities arising under the Securities Act may
          be permitted to directors, officers and controlling persons of the registrant
          pursuant to the foregoing provisions described under Item 6 above, or otherwise,
          the registrant has been advised that in the opinion of the Securities and
          Exchange Commission such indemnification is against public policy as expressed
          in the Securities Act and is, therefore, unenforceable. In the event that a
          claim for indemnification against such liabilities (other than the payment by
          the registrant of expenses incurred or paid by a director, officer or
          controlling person of the registrant in the successful defense of any action,
          suit or proceeding) is asserted by such director, officer or controlling person
          in connection with the securities being registered, the registrant will, unless
          in the opinion of its counsel the matter has been settled by controlling
          precedent, submit to a court of appropriate jurisdiction the question whether
          such indemnification by it is against public policy as expressed in the
          Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, Smithtown Bancorp, Inc.
certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Hauppauge, State of
New York on December 31, 2007.
SMITHTOWN BANCORP, INC.
(Registrant)
By:
/s/ Bradley E. Rock
Name: Bradley E. Rock
Chairman, President, and Chief
Executive Officer
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed by the following persons in the indicated capacities on December 31, 2007.
Name
Title
/s/ Bradley E. Rock
--------------------------------------
Bradley E. Rock
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
/s/ Anita M. Florek
--------------------------------------
Anita M. Florek
Executive Vice President
(Principal Financial Officer)
Bradley E. Rock
Patricia C. Delaney
Patrick A. Given
Augusta Kemper
Hyukmun Kwon
Robert W. Scherdel
Sanford C. Scheman
Manny Schwartz
Barry M. Seigerman
Director
Director
Director
Director
Director
Director
Director
Director
Director
Bradley E. Rock, by signing his name
hereto, does hereby sign this document in his capacity as a director and pursuant to
powers of attorney duly executed by the persons named, filed with the Securities and
Exchange Commission as an exhibit to this document, on behalf of such persons, all in the
capacities and on the date stated, such persons including a majority of the directors of
the Registrant.
By:
/s/ Bradley E. Rock
Name: Bradley E. Rock
Attorney-in-Fact
INDEX TO EXHIBITS
Exhibit No.
Description
4.1
†
Articles of Incorporation
4.2
†
By-Laws amended as of April 24, 2007
4.3
†
By-Laws Page Nos. 2, 11, 12, 13, 14 Articles of Incorporation Page No. 2
10.1*
Smithtown Bancorp, Inc.  2007 Stock Compensation Plan.
5*
Opinion of Patricia C. Delaney as to the legality of the securities being registered.
23.1*
Consent of Crowe Chizek and Company, LLC.
23.2*
Consent of Patricia C. Delaney (included in exhibit 5 hereto).
24*
Power of Attorney pursuant to which certain directors have signed this Form S-8
Registration Statement.
*
Filed herewith.
†
Incorporated by reference and filed as a part of the Registrant's Form S-14
Registration Statement under the Securities Act of 1933, Reg #2-91511, filed on June 6,
1984.