MOUNT LAUREL, N.J.,
Nov. 22, 2016 /PRNewswire/
-- Sun Bancorp, Inc. (NASDAQ:SNBC) (the "Company"), the
holding company for Sun National
Bank (the "Bank"), announced today that the Board of
Directors of the Company has unanimously elected Anthony R. Coscia to the role of independent
Chairman of the Company and the Bank, effective December 31, 2016. Mr. Coscia is an
independent Director, having been elected to the Board of the
Company in 2010 and the Bank in 2011. He will replace current
Chairman Sidney R. Brown, who
previously informed the Board of Directors in October of his
decision to step down as Chairman of the Company and the Bank
effective December 31, 2016. Mr.
Brown will remain a Director of the Company and Bank.
![Sun Bancorp Logo Sun Bancorp Logo](http://photos.prnewswire.com/prnvar/20151006/274670LOGO)
Mr. Coscia is a partner with Windels Marx Lane & Mittendorf,
LLP, and a member of the law firm's Executive Committee. In
addition to his private practice, Mr. Coscia holds a number of
leadership roles in the public and private sectors, including
serving as the Chairman of the Board of Directors of the National
Railroad Passenger Corporation (Amtrak). He previously served
as Chairman of the Port Authority of New
York and New Jersey and the
New Jersey Economic Development Authority. Mr. Coscia also
serves as a trustee of the New Jersey Community Development
Corporation, Georgetown University and
the Regional Plan Association.
"We are proud to have Tony Coscia
ascend to the Chairmanship of the Company and Bank," said
Thomas M. O'Brien, President and
Chief Executive Officer. "Tony is well-respected and
experienced in matters of corporate governance, finance and
economic development. All of our stakeholders are well served
by this appointment and we are fortunate that Tony has agreed to
undertake this new responsibility."
"I am pleased and honored to assume the Board Chairman's role at
the Company and the Bank," stated Mr. Coscia. "We have a very
strong and committed Board and Management, and I accept my
selection as Chairman with deep gratitude. The story at Sun
Bancorp is exciting and holds much promise. I will enjoy
working with the Company's leadership and shareholders in this new
capacity."
About Sun Bancorp, Inc.
Sun Bancorp, Inc. (NASDAQ: SNBC) is a $2.19 billion asset bank holding company
headquartered in Mount Laurel, New
Jersey. Its primary subsidiary is Sun National Bank, a community bank serving
customers throughout New Jersey
and the metro New York
region. Sun National Bank is an Equal Housing Lender and its
deposits are insured up to the legal maximum by the Federal Deposit
Insurance Corporation (FDIC). For more information about
Sun National Bank and Sun Bancorp,
Inc., visit www.sunnationalbank.com.
Cautionary Note Regarding Forward-Looking
Statements
Except for historical information contained herein, the
statements made in this press release constitute "forward-looking"
statements, as defined in the Private Securities Litigation
Reform Act of 1995, which may be identified by the use of such
words as "allow," "anticipate," "believe," "continues," "could,"
"estimate," "expect," "intend," "may," "opportunity," "outlook,"
"plan," "potential," "predict," "project," "promise," "reflects,"
"should," "typically," "usually," "view," "will," "would," and
similar terms and phrases, including references to
assumptions. These forward-looking statements may include,
but are not limited to, statements about the Company's plans,
objectives, expectations, intentions and other statements
contained herein that are not historical facts. Actual results may
differ materially from the results discussed in the forward-looking
statements because such statements involve certain risks and
uncertainties. Additional information on these risks can be
found in the Company's filings with the Securities and Exchange
Commission. No undue reliance should be placed on any
forward-looking statements. The Company does not undertake,
and specifically disclaims, any obligation to publicly release the
results of any revisions that may be made to any such
forward-looking statements to reflect the occurrence of anticipated
or unanticipated events or circumstances after the date of such
statements.
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SOURCE Sun Bancorp, Inc.