SNBC Raises 28.8mn Shares Of Common Stock At $3.00/Share, KBW Reports

Sun Bancorp Inc. SNBC raised 28.8mn shares of common at $3.00/share resulting in net proceeds of approximately $80.9mn after the shoe was exercised, KBW reports. “We expect the capital to be used to accelerate balance sheet clean-up with a potential bulk loan sale in 1H11,” KBW writes. “The additional capital allows Sun to enhance its leverage ratio at the Bank after closing in on the 8.50% minimum threshold required by the OCC at YE.” Sun Bancorp closed Friday at $3.40.