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Sun Bancorp, Inc. Agrees To Hire Thomas M. O'Brien As President And Chief Executive Officer

  Sun Bancorp, Inc. Agrees To Hire Thomas M. O'Brien As President And Chief
                              Executive Officer

PR Newswire

VINELAND, N.J., April 2, 2014

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.

Website: http://www.sunnationalbank.com
Contact: Sidney R. Brown, Chairman of the Board, Interim President and CEO,
(856) 691-7700
 
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