MOUNT LAUREL, N.J.,
March 2, 2017 /PRNewswire/ -- Sun
Bancorp, Inc. (NASDAQ: SNBC), (the "Company"), the holding company
for Sun National Bank (the "Bank"),
today announced that Director Wilbur L.
Ross, Jr., has submitted his resignation from the Boards of
the Company and Bank ("the Boards"), effective February 28, 2017. Mr. Ross was elected to
the Boards in September 2010 and most
recently served as a member of the Executive, Compensation and
Nominating and Corporate Governance Committees. Mr. Ross has
resigned as a result of his recent confirmation and swearing in as
the United States Secretary of
Commerce.
![](https://mma.prnewswire.com/media/274670/SUN_Bancorp_Logo.jpg)
"The WL Ross firm led the Company's critical recapitalization in
2010," stated President & CEO Thomas M.
O'Brien. "Wilbur Ross
has served on our Board of Directors continuously since that time,
and on several important Board committees. He has
consistently supported efforts to comprehensively repair the Bank's
business, and his support has been instrumental in the very
successful turnaround of Sun Bancorp. We are incredibly proud
to see him join President Trump's Cabinet as Secretary of
Commerce. His knowledge and skill will be a valuable resource
in the Administration's efforts to boost economic growth and
private sector employment."
As a result of this resignation, the size of the Boards will be
decreased by one to ten members. In accordance with the
Securities Purchase Agreement dated July 7,
2010 between WLR SBI Acquisition Co, LLC ("WL Ross") and Sun
Bancorp, Inc., WL Ross has the right to nominate one candidate for
election as a Director to the Boards. Previously Mr. Ross
served as the WL Ross nominee. WL Ross has informed the
Company that it anticipates exercising its right to nominate a
replacement Director to replace Mr. Ross in the immediate
future. At such time, the Board will act to increase the size
of the Boards back to eleven members.
About Sun Bancorp, Inc.
Sun Bancorp, Inc. (NASDAQ:
SNBC) is a $2.26 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," "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.