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Last $19.45 USD
Change Today -0.62 / -3.09%
Volume 18.1K
As of 4:30 PM 04/27/15 All times are local (Market data is delayed by at least 15 minutes).

sun bancorp inc-nj (SNBC) Snapshot

Previous Close
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52 Week High
07/7/14 - $22.00
52 Week Low
01/20/15 - $16.88
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Average Volume 10 Days
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Current Stock Chart for SUN BANCORP INC-NJ (SNBC)

sun bancorp inc-nj (SNBC) Related Businessweek News

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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 banking services to consumers, small businesses, and mid-size companies in New Jersey. The company’s deposit products include checking accounts, savings accounts, money market accounts, certificates of deposits, and individual retirement accounts, as well as business checking accounts. Its loan portfolio comprises commercial and residential real estate loans, commercial and industrial loans, construction loans, home equity lines of credit, home equity term loans, and small business loans. The company also provides cash management services comprising online banking, electronic bill payment and wire transfer, lockbox, remote deposit, and controlled disbursement services; and investment services, including insurance, annuities, mutual funds, securities brokerage, and investment advisory services. As of December 31, 2014, it operated 57 locations primarily throughout New Jersey, including 47 branch offices. The company was founded in 1985 and is headquartered in Mount Laurel, New Jersey.

456 Employees
Last Reported Date: 03/16/15
Founded in 1985

sun bancorp inc-nj (SNBC) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $616.4K
Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $405.0K
Chief Risk Officer and Executive Vice Preside...
Total Annual Compensation: $350.0K
Chief Lending Officer
Total Annual Compensation: $173.5K
Chief Administrative Officer of Sun National ...
Total Annual Compensation: $310.0K
Compensation as of Fiscal Year 2014.

sun bancorp inc-nj (SNBC) Key Developments

Sun Bancorp Inc. to Report Q1, 2015 Results on Apr 27, 2015

Sun Bancorp Inc. announced that they will report Q1, 2015 results at 9:00 AM, Eastern Standard Time on Apr 27, 2015

Sun Bancorp Inc., Q1 2015 Earnings Call, Apr 27, 2015

Sun Bancorp Inc., Q1 2015 Earnings Call, Apr 27, 2015

Sun Bancorp, Inc. Plans to Realign its Branch Offices

Sun Bancorp Inc. announced the Bank's plan to realign its branch offices, which will include the consolidation of nine branches into nearby locations, as well as the sale of one branch office. The Bank is announcing an agreement of sale with Cape Bank for the sale of the Sun branch office in Hammonton, NJ. This branch, with approximately $34.1 million in deposits and approximately $4.9 million in local branch loans, will be sold for a premium on deposits of 4% to be calculated at closing. The loans will be sold at book value and the fixed assets, including the facility, will be sold at fair market value. The transaction is expected to be completed during the third quarter of 2015, subject to Cape Bank's receipt of regulatory approvals as well as customary closing conditions. Additionally, nine Sun branch locations across seven counties will be merged into eight nearby Sun branches. This planned consolidation of the branch network is a result of the Bank's county-by-county evaluation of market growth potential, cost efficiencies, and the Bank's ability to service clients through nearby branches and surcharge-free ATMs, as well as online and mobile channels. The consolidation of these nine locations and the Hammonton branch sale to Cape Bank are expected to result in an annualized pre-tax cost savings of approximately $4.6 million. One-time charges related to the branch consolidation are estimated to be up to $4.0 million and will be fully recognized in the financial results for the first quarter of 2015. The Bank also anticipates recognizing a gross gain on sale of approximately $1.4 million as a result of the Hammonton branch sale to Cape Bank. After adjustments for the book value of branch loans and fair market value of the facility, the Bank expects a net gain on sale of approximately $0.5 million after completion of this transaction. In total, the Company anticipates that its overall branch rationalization efforts, including consolidations and sales since 2014, will have resulted in a 39% reduction in branch locations, an annualized direct expense reduction of approximately $10 million, an increase in the average deposit base of its remaining 31 branch locations, and net gain of approximately $6.5 million.


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