New Leadership Taking Sun Bancorp to the Next Level

Apr 03, 2001, 01:00 ET from Sun Bancorp, Inc.

    VINELAND, N.J., April 3 /PRNewswire/ -- The rapid transition from a small
 community bank to a $2 billion multi-state holding company has prompted a
 change of leadership at Sun Bancorp, Inc. (Nasdaq:   SNBC), the Vineland, New
 Jersey parent holding company for Sun National Bank and Sun National Bank,
 Delaware.  Bernard A. Brown, Chairman, commented, "Our vision of building the
 Premier 21st Century Regional Community Bank is unwavering.  To fulfill the
 vision of Sun National Bank as the premier community bank in its marketplace,
 Tom Bracken was chosen to lead the Company."  Mr. Bracken is a consummate
 banker and, as the former President and CEO of CoreStates New Jersey National
 Bank, he led that organization to preeminence in New Jersey.  As past chairman
 of the New Jersey Bankers Association, he is well respected by the banking
 community and his peers.  His leadership and communication skills are well
 documented.  We believe Tom will bring a new direction to the Sun team to
 capitalize on the tremendous opportunities created by the ever-changing
 dynamics of the banking landscape.
     In addition, as a result of recently completed routine regulatory
 examinations by federal banking regulators, Sun Bancorp, Inc. (the "Company"),
 Sun National Bank and Sun National Bank, Delaware (the "Banks"), have entered
 into informal agreements with the Federal Reserve and the Office of the
 Comptroller of the Currency relating to, among other things, implementing
 and/or revising certain policies, plans and procedures.  Mr. Brown emphasized
 the Company and the Banks have made substantial progress in complying with the
 agreements and intend to fulfill their obligations within the time frame set
 forth in the agreements.  "The agreements do not impose any limitations on the
 operation of the Company or the Banks or limit our business in any way."
     Due to the occurrence of certain events in the first quarter of 2001, the
 Company will take an after-tax charge of approximately $700 thousand.  The
 charge is due to an additional loan loss provision and the accrual of
 severance cost.  The loan loss provision results from the further
 deterioration of several credits the Company has previously carried as
 classified assets.  The management team is confident in the overall quality of
 the Banks' loan portfolios but uncertain economic times require constant
 monitoring and reaction to situations impacting the Banks' borrowers.  The
 Company is committed to carefully monitoring all portfolios and to nurturing a
 credit culture that encourages decisive action when needed.  To this end,
 management will continue its review of the loan portfolio, credit review
 procedures and classified loan ratings to ensure the quality of our portfolio.
     Chairman Brown announced, "New leadership also includes expanding our
 Board of Directors.  We will be recommending the addition of several new
 members, some of whom have past bank board experience."  These new members
 will immediately extend our geographic reach and sphere of expertise, and will
 provide active participation in both our expanded Board committee structure as
 well as supporting management's efforts to take the Company to the next level.
     Business leadership is about recognizing and embracing new realities.  It
 is about making difficult decisions with integrity and confidence in the
 vision.  Mr. Brown added, "These are important steps for our Company, our
 employees and our shareholders, and we are pleased that someone of Tom
 Bracken's caliber has chosen to lead the Company.  We are confident a sound
 foundation has been laid to build upon.  Under Mr. Bracken's leadership, we
 expect to realize our vision of becoming the premier 21st Century Regional
 Community Bank in our marketplace."
     Sun Bancorp, Inc. is a multi-bank holding company located in Vineland, New
 Jersey.  Its primary subsidiaries, Sun National Bank and Sun National Bank,
 Delaware, serve customers through 72 community banking centers located in
 Southern and Central New Jersey, in the contiguous New Castle County market in
 Delaware, and in Philadelphia, Pennsylvania.  The Company's common stock is
 traded in the Nasdaq National Market under the symbol "SNBC."  The deposits of
 the Banks are insured to the legal maximum by the Federal Deposit Insurance
 Corporation.
 
     The foregoing material may contain forward-looking statements. We caution
 that such statements maybe subject to a number of uncertainties and actual
 results could differ materially and, therefore, readers should not place undue
 reliance on any forward looking statements. Sun Bancorp, Inc. does not
 undertake, and specifically disclaims, any obligation to publicly release the
 results of any revisions that may be made to any forward-looking statements to
 reflect the occurrence of anticipated or unanticipated events or circumstances
 after the date of such statements.
 
 

SOURCE Sun Bancorp, Inc.
    VINELAND, N.J., April 3 /PRNewswire/ -- The rapid transition from a small
 community bank to a $2 billion multi-state holding company has prompted a
 change of leadership at Sun Bancorp, Inc. (Nasdaq:   SNBC), the Vineland, New
 Jersey parent holding company for Sun National Bank and Sun National Bank,
 Delaware.  Bernard A. Brown, Chairman, commented, "Our vision of building the
 Premier 21st Century Regional Community Bank is unwavering.  To fulfill the
 vision of Sun National Bank as the premier community bank in its marketplace,
 Tom Bracken was chosen to lead the Company."  Mr. Bracken is a consummate
 banker and, as the former President and CEO of CoreStates New Jersey National
 Bank, he led that organization to preeminence in New Jersey.  As past chairman
 of the New Jersey Bankers Association, he is well respected by the banking
 community and his peers.  His leadership and communication skills are well
 documented.  We believe Tom will bring a new direction to the Sun team to
 capitalize on the tremendous opportunities created by the ever-changing
 dynamics of the banking landscape.
     In addition, as a result of recently completed routine regulatory
 examinations by federal banking regulators, Sun Bancorp, Inc. (the "Company"),
 Sun National Bank and Sun National Bank, Delaware (the "Banks"), have entered
 into informal agreements with the Federal Reserve and the Office of the
 Comptroller of the Currency relating to, among other things, implementing
 and/or revising certain policies, plans and procedures.  Mr. Brown emphasized
 the Company and the Banks have made substantial progress in complying with the
 agreements and intend to fulfill their obligations within the time frame set
 forth in the agreements.  "The agreements do not impose any limitations on the
 operation of the Company or the Banks or limit our business in any way."
     Due to the occurrence of certain events in the first quarter of 2001, the
 Company will take an after-tax charge of approximately $700 thousand.  The
 charge is due to an additional loan loss provision and the accrual of
 severance cost.  The loan loss provision results from the further
 deterioration of several credits the Company has previously carried as
 classified assets.  The management team is confident in the overall quality of
 the Banks' loan portfolios but uncertain economic times require constant
 monitoring and reaction to situations impacting the Banks' borrowers.  The
 Company is committed to carefully monitoring all portfolios and to nurturing a
 credit culture that encourages decisive action when needed.  To this end,
 management will continue its review of the loan portfolio, credit review
 procedures and classified loan ratings to ensure the quality of our portfolio.
     Chairman Brown announced, "New leadership also includes expanding our
 Board of Directors.  We will be recommending the addition of several new
 members, some of whom have past bank board experience."  These new members
 will immediately extend our geographic reach and sphere of expertise, and will
 provide active participation in both our expanded Board committee structure as
 well as supporting management's efforts to take the Company to the next level.
     Business leadership is about recognizing and embracing new realities.  It
 is about making difficult decisions with integrity and confidence in the
 vision.  Mr. Brown added, "These are important steps for our Company, our
 employees and our shareholders, and we are pleased that someone of Tom
 Bracken's caliber has chosen to lead the Company.  We are confident a sound
 foundation has been laid to build upon.  Under Mr. Bracken's leadership, we
 expect to realize our vision of becoming the premier 21st Century Regional
 Community Bank in our marketplace."
     Sun Bancorp, Inc. is a multi-bank holding company located in Vineland, New
 Jersey.  Its primary subsidiaries, Sun National Bank and Sun National Bank,
 Delaware, serve customers through 72 community banking centers located in
 Southern and Central New Jersey, in the contiguous New Castle County market in
 Delaware, and in Philadelphia, Pennsylvania.  The Company's common stock is
 traded in the Nasdaq National Market under the symbol "SNBC."  The deposits of
 the Banks are insured to the legal maximum by the Federal Deposit Insurance
 Corporation.
 
     The foregoing material may contain forward-looking statements. We caution
 that such statements maybe subject to a number of uncertainties and actual
 results could differ materially and, therefore, readers should not place undue
 reliance on any forward looking statements. Sun Bancorp, Inc. does not
 undertake, and specifically disclaims, any obligation to publicly release the
 results of any revisions that may be made to any forward-looking statements to
 reflect the occurrence of anticipated or unanticipated events or circumstances
 after the date of such statements.
 
 SOURCE  Sun Bancorp, Inc.