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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">UNITED STATES</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE
  COMMISSION</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington, D.C.
  20549</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM 8-K</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CURRENT REPORT
  PURSUANT</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">to Section 13 or 15(d) of
  the</font></font></div>
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  1934</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Date of Report (Date of earliest
  event reported) December 1, 2008</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">State Bancorp,
  Inc.</font></font></div>
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  specified in its charter) </font></font></div>
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        Jurisdiction</font></font></div>
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        Incorporation)</font></font></div>
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        Employer</font></font></div>
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        No.)</font></font></div>
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  appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions: </font></div>
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        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12) </font></div>
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        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c)) </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
  8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;OTHER EVENTS</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
  November 12, 2008, Moody&#8217;s Investors Service downgraded from Baa3 to B2
  adjustable rate TPREF Funding III, Ltd., Class B-2 bond, due 2033, a
  collateralized debt obligation backed by a portfolio of bank only trust
  preferred securities.&#160;&#160;<font style="FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-WEIGHT: normal">State Bank of Long Island (the
  &#8220;Bank&#8221;), the wholly-owned subsidiary of State Bancorp, Inc. (the &#8220;Company&#8221;),
  holds this security in its &#8220;available-for-sale&#8221; investment
  portfolio</font>.&#160;&#160;The security was purchased by the Bank in February
  2004.&#160;&#160;As most recently reported in the Company&#8217;s Quarterly Report on
  Form 10-Q for the quarter ended September 30, 2008, the amortized </font>cost of
  this security was $10 million as of September 30, 2008 and the estimated fair
  market value was $1.5 million.&#160;&#160;As part of management&#8217;s quarterly
  impairment evaluation of the available-for-sale investment portfolio, management
  deemed the decline in fair value of this security as temporary at that
  time.&#160;&#160;Thus, in accordance with SFAS No. 115, the decline in fair
  value was excluded from the third quarter income statement and reported net of
  tax as a part of &#8220;accumulated other comprehensive loss&#8221; as a separate component
  of stockholders&#8217; equity.</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">The security is currently performing and remains
  over-<font style="FONT-WEIGHT: normal">collateralized.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: normal">Management&#160;maintains a credit
  file on the security and regularly monitors&#160;the financial trends of the
  underlying issuers.</font>&#160;&#160;As a result of the downgrade of the
  security to below investment grade, m</font></font>anagement is evaluating
  whether an impairment charge with respect to the security will be required under
  SFAS No. 115 and anticipates making its decision on the accounting treatment of
  the security by the end of the fourth quarter.&#160;&#160;If an income statement
  accounting charge resulting from the decrease in fair value of the security is
  taken due to an other than temporary impairment, it will have a minimal impact
  on the Company&#8217;s reported capital position, which, together with the Bank, would
  continue to exceed the levels required to be designated as well capitalized by
  banking regulations.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Such
  a charge would represent a non-cash expense with the resulting loss being
  accreted back into income over the remaining life of the investment if it
  continues to perform according to its contractual terms.</font></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SIGNATURES </font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.</font></div>
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      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="middle" width="37%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="37%">&#160;</td>
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              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;December
        3, 2008</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="3" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">State Bancorp,
        Inc.</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="37%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="3%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="38%">&#160;</td>
            </tr>
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              <td align="left" valign="top" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        K. Finneran</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "form8k_dec2008.htm", "secsgml_size_bytes": 25218}]
metadata_filer: {"company-data": {"conformed-name": "STATE BANCORP INC", "cik": "0000723458", "assigned-sic": "6022", "irs-number": "112846511", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14783", "film-number": "081226960"}, "business-address": {"street1": "2 JERICHO PLZ", "city": "JERICHO", "state": "NY", "zip": "11753", "phone": "516-465-2200"}, "mail-address": {"street1": "2 JERICHO PLZ", "city": "JERICHO", "state": "NY", "zip": "11753"}}
text: form8k_dec2008.htm
  UNITED STATES
  SECURITIES AND EXCHANGE
  COMMISSION
  Washington, D.C.
  20549
  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) December 1, 2008
  State Bancorp,
  Inc.
  (Exact name of registrant as
  specified in its charter)
  New York
  001-14783
  11-2846511
  (State or Other
        Jurisdiction
  of
        Incorporation)
  (Commission File
        Number)
  (IRS
        Employer
  Identification
        No.)
  Two Jericho Plaza
  Jericho, NY 11753
  (Address of Principal Executive
  Offices)
  Registrant's telephone number,
  including area code (516) 465-2200
  Check the
  appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions:
  ¨
  Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
  ¨
  Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
  ¨
  Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))
  ¨
  Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
  ITEM
  8.01       OTHER EVENTS
  On
  November 12, 2008, Moody's Investors Service downgraded from Baa3 to B2
  adjustable rate TPREF Funding III, Ltd., Class B-2 bond, due 2033, a
  collateralized debt obligation backed by a portfolio of bank only trust
  preferred securities.
  State Bank of Long Island (the
  "Bank"), the wholly-owned subsidiary of State Bancorp, Inc. (the "Company"),
  holds this security in its "available-for-sale" investment
  portfolio
  .  The security was purchased by the Bank in February
  2004.  As most recently reported in the Company's Quarterly Report on
  Form 10-Q for the quarter ended September 30, 2008, the amortized
  cost of
  this security was $10 million as of September 30, 2008 and the estimated fair
  market value was $1.5 million.  As part of management's quarterly
  impairment evaluation of the available-for-sale investment portfolio, management
  deemed the decline in fair value of this security as temporary at that
  time.  Thus, in accordance with SFAS No. 115, the decline in fair
  value was excluded from the third quarter income statement and reported net of
  tax as a part of "accumulated other comprehensive loss" as a separate component
  of stockholders' equity.
  The security is currently performing and remains
  over-
  collateralized.
  Management maintains a credit
  file on the security and regularly monitors the financial trends of the
  underlying issuers.
  As a result of the downgrade of the
  security to below investment grade, m
  anagement is evaluating
  whether an impairment charge with respect to the security will be required under
  SFAS No. 115 and anticipates making its decision on the accounting treatment of
  the security by the end of the fourth quarter.  If an income statement
  accounting charge resulting from the decrease in fair value of the security is
  taken due to an other than temporary impairment, it will have a minimal impact
  on the Company's reported capital position, which, together with the Bank, would
  continue to exceed the levels required to be designated as well capitalized by
  banking regulations.
  Such
  a charge would represent a non-cash expense with the resulting loss being
  accreted back into income over the remaining life of the investment if it
  continues to perform according to its contractual terms.
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.
  Date:  December
        3, 2008
  State Bancorp,
        Inc.
  By:
  /s/ Brian K.
        Finneran
  Brian
        K. Finneran
  Chief
        Financial Officer