July 14, 1987
J. M. DeSimone Associates Inc., a Smithtown, N.Y.-based real estate and financial services company, has signed a letter of intent to buy the bank for about $3.6 million. DeSimone has an exclusive right until Friday to enter into a formal, binding agreement with the privately held bank. The bank posted a $424,000 profit for the first quarter of this year, said C. Ellis Porter, the bank's president and chief executive. Porter would not talk about the tentative sale. John C.