Attached files
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| EX-99 - EXHIBIT 99 - PRESS RELEASE - SUN BANCORP INC /NJ/ | ex-99.htm |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 15, 2010
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SUN BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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New Jersey
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0-20957
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52-1382541
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(State or other jurisdiction
of incorporation)
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(SEC File Number)
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(IRS Employer
Identification No.)
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226 Landis Avenue, Vineland, New Jersey
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08360
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(856) 691-7700
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Not Applicable
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
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SUN BANCORP, INC.
INFORMATION TO BE INCLUDED IN THE REPORT
Section 8 – Other Information
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Item 8.01
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Other Information
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On December 15, 2010, Sun Bancorp, Inc. (the “Registrant”) issued a press release that it has completed the sale of $87 million of commercial real estate loans to a group of investors. The loans had a book balance of $77 million and included $68 million of nonaccrual loans. Net proceeds totaled $54 million and the Registrant expects to incur a loss of approximately $25 million after expenses and commissions in the quarter ending December 31, 2010 resulting from the sale.
The Registrant’s December 15, 2010 press release announcing the transaction is attached hereto as Exhibit 99 and is incorporated herein by reference.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99 Press Release dated December 15, 2010
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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SUN BANCORP, INC.
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Date: December 15, 2010
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By:
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/s/ Thomas X. Geisel
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Thomas X. Geisel
President and Chief Executive Officer
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