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)
May 18, 2011
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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 Events
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Item 8.01
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Other Events.
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On May 18, 2011, Sun Bancorp, Inc. (the “Registrant”) completed the sale of $174.3 million of loans to a single institutional purchaser. The loans had a book balance of $159.8 million and included $105.9 million of nonaccrual loans. Gross proceeds totaled $99.2 million and the Registrant incurred a loss of approximately $44.3 million in the quarter ended March 31, 2011, upon reaching a definitive agreement with the purchaser. The Registrant will incur an additional $546,000 in commission expenses in the quarter ending June 30, 2011, resulting from the completion of the sale.
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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: May 20, 2011
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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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