Last $4.02 USD
Change Today -0.03 / -0.74%
Volume 99.8K
SNBC On Other Exchanges
As of 8:10 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

sun bancorp inc-nj (SNBC) Snapshot

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sun bancorp inc-nj (SNBC) Details

Sun Bancorp, Inc. operates as the holding company for Sun National Bank that provides various commercial and consumer banking services in New Jersey. The company offers various deposit instruments consisting of checking accounts, savings accounts, money market accounts, certificates of deposits, and individual retirement accounts, as well as business checking accounts. Its loan portfolio includes commercial and industrial loans, such as short-term and long-term business loans, lines of credit, mortgage loans on commercial real estate, and construction loans to developers and builders; residential mortgage loans, residential construction loans, home equity term loans, home equity lines of credit, and installment loans; consumer loans; and small business loans. The company also provides cash management services comprising electronic banking, sweep accounts, lockbox services, merchant services, online banking services, and remote deposit and controlled disbursement services; investment services, including insurance, annuities, mutual funds, securities brokerage, real estate investment trusts, and investment advisory services; and equipment leasing services. As of April 21, 2014, it operated a network of approximately 50 locations in New Jersey. Sun Bancorp, Inc. was founded in 1985 and is headquartered in Mount Laurel, New Jersey.

631 Employees
Last Reported Date: 03/14/14
Founded in 1985

sun bancorp inc-nj (SNBC) Top Compensated Officers

Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $490.0K
Chief Risk Officer and Executive Vice Preside...
Total Annual Compensation: $400.0K
Executive Vice President of Sun National Bank...
Total Annual Compensation: $320.0K
Chief Administrative Officer of Sun National ...
Total Annual Compensation: $290.0K
Executive Vice President of Sun National Bank...
Total Annual Compensation: $237.9K
Compensation as of Fiscal Year 2013.

sun bancorp inc-nj (SNBC) Key Developments

Sun Bancorp Inc. Approves Amendment to its Amended and Restated Bylaws

On June 30, 2014, the Board of Sun Bancorp Inc. approved an amendment to the company's Amended and Restated Bylaws to reflect a change in the address of the company's home office, consistent with the change that will be made to update the address of the company's official registered office with the state of New Jersey.

Sun Bancorp Inc. Announces Business Reorganization

Sun Bancorp Inc. announced it was consolidating four overlapping branches in the North and Central Jersey counties of Somerset, Monmouth and Hunterdon. Sun's branch count will be reduced from 51 to 40 retail branches after the sale and consolidation are completed - 26 of which are in South Jersey. The bank also has two cyber offices and three administrative offices. Sun Home Loans, the bank's retail mortgage division, will immediately stop accepting new loan applications though Sun said it will honor all approved loans for their required terms. The company mortgage business has become a highly commoditized business that is significantly less profitable and much more highly regulated. The bank said it expects an annual cost save of roughly $9.5 million. Sun also said it would exit commercial specialty lending in the healthcare and asset-based lending markets and close its syndicated lending desk for an annual cost savings of approximately $1.4 million. At the end of the second quarter, Sun said it completed a $71.4 million cash sale of troubled commercial loans for a loss of $11.8 million and has plans to sell $24.7 million of troubled loans for a loss of $4 million. These actions reduced nonperforming loans from $37.3 million at the end of the first quarter to $11.1 million, or 0.6% of total loans. Sun said it plans to have a much smaller loan portfolio moving forward to keep expenses down.

Sun Bancorp Inc. to Cut 242 Jobs

Sun Bancorp Inc. will eliminate nearly 40% of its work force as part of a major cost-cutting effort. It will cut 242 jobs, sell and close branches and shut down its retail mortgage, health care and asset-based lending businesses. The initiative is expected to cut annual costs at Sun by nearly $17 million. The company will also close its syndicated lending desk and exit health care and asset-based lending in a move that should cut annual costs by another $1.4 million.


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