VINELAND, N.J., April 2, 2014 /PRNewswire/ -- Sun Bancorp, Inc.
(NASDAQ: SNBC) (the "Company") announced today that the Company and
its wholly owned subsidiary, Sun National
Bank (the "Bank"), have agreed to hire Thomas M. O'Brien as the President and Chief
Executive Officer of the Company and the Bank, subject to prior
receipt of regulatory non-objection from the Federal Reserve Board
and the Office of the Comptroller of the Currency. Mr.
O'Brien will serve as a consultant to the Board of Directors of the
Bank and will not assume the duties and responsibilities of
President and CEO until such regulatory non-objections are
received. Sidney R. Brown,
Chairman of the Board of the Company, will continue to serve as
Interim President and Chief Executive Officer until the time Mr.
O'Brien becomes an employee.
Mr. O'Brien is an accomplished leader in the financial services
industry with over 37 years of industry experience. He has
served on the board of BankUnited, Inc. since May 2012 and has extensive knowledge of the
banking industry in the Northeastern U.S. Mr. O'Brien served as
President and Chief Executive Officer of State Bank of Long
Island/State Bancorp, Inc. from November
2006 to January 2012. From 2000 to 2006, Mr. O'Brien
was President and Chief Executive Officer of Atlantic Bank of NY
and, following the acquisition of Atlantic Bank of NY by New York
Commercial Bank, continued to serve as President and Chief
Executive Officer during the post-closing transition. From
1996 to 2000, Mr. O'Brien was Vice Chairman and a board member of
North Fork Bank and North Fork Bancorporation, Inc. From 1977
to 1996, Mr. O'Brien was Chairman, President and Chief Executive
Officer of North Side Savings Bank.
Recognized as an industry thought leader, Mr. O'Brien served as
a director of the Federal Home Loan Bank of New York from 2008 to 2012 and served as
Chairman of NY Bankers Association in 2007. He is currently
Trustee and Chairman of the Audit Committee of Prudential Insurance
Company of America $175 Billion
Annuity Fund Complex, Vice-Chairman of the board and Chairman of
the Finance Committee of Archcare and Catholic Healthcare
Foundation for the Archdiocese of New
York.
"We are pleased to have Tom
O'Brien join us. We expect he will be an effective
catalyst to help complete the implementation of our ongoing
regulatory compliance program, improve our regulatory standing and
advance our growth as one of the largest commercial banking
organizations in New Jersey," said
Brown. "We believe Tom O'Brien's
leadership will help us turn the corner, move forward, and begin to
lay the foundation for a new era of operational stability, growth
and profitability for our shareholders," said Brown.
In commenting on his appointment, Mr. O'Brien stated "I look
forward to joining Sun and believe that the opportunity for its
prosperity has never been greater. Sun enjoys the benefits of
both scale and agility. I believe that with an intense focus
on finishing the remaining corrective initiatives to bring about
the conclusion of the currently outstanding regulatory agreement,
that Sun is very well positioned to succeed in the years
ahead. Initially, I will focus on comprehensively addressing
these regulatory matters and thereafter begin to identify and build
those businesses that represent the bank's core competencies so
that Sun can continue on its path toward sustainable profits and
growth. We will deliver on Sun's potential for a strong
regulatory compliance culture, stable earnings, strong asset
quality and superior customer satisfaction. As the
management team works together with a vibrant and committed board
of directors, Sun will be poised to set new standards for earnings
consistency, operating efficiency and growth."
"I will not only be joining Sun as its CEO but, more
importantly, I will be joining as a significant shareholder.
As a consequence, my interests will be closely aligned with the
long term interests of all shareholders and my ambition will be to
build the value for them that they so richly deserve."
Sun Bancorp, Inc. (NASDAQ: SNBC) is a $3.1 billion asset bank holding company
headquartered in Vineland, New
Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary
is Sun National Bank, a full service
commercial bank serving customers through 50-plus locations in
New Jersey. 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
The foregoing material contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995,
concerning the financial condition, results of operations and
business of the Company. Forward-looking statements are
statements that include projections, predictions, expectations or
beliefs about events or results or otherwise are not statements of
historical facts, including statements about completing the
implementation of our ongoing regulatory compliance program,
improving our regulatory standing, encouraging our growth as one of
the largest commercial banking organizations in New Jersey, addressing the regulatory and
other challenges facing the Bank and laying the foundation for a
new era of operational stability, growth and profitability for our
shareholders. Actual results and trends could differ
materially from those set forth in such statements and there can be
no assurances that we will complete the implementation of our
ongoing regulatory compliance program, improve our regulatory
standing, grow as one of the largest commercial banking
organizations in New Jersey,
effectively address the regulatory and other challenges facing the
Bank or lay the foundation for a new era of operational stability,
growth and profitability for our shareholders. We caution
that such statements are subject to a number of uncertainties,
including those detailed under the headings "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the Company's Form 10-K for the fiscal
year ended December 31, 2013 and in
other filings made pursuant to the Securities Exchange Act of 1934,
as amended. Therefore, readers should not place undue
reliance 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 forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements.
SOURCE Sun Bancorp, Inc.