Sun Bancorp, Inc. Announces $75M Public Offering

Sun Bancorp, Inc. SNBC announced today the commencement of an underwritten public offering of approximately $75 million of its common stock.

The company expects to use the net proceeds from this offering for general corporate purposes, including a contribution to the capital of Sun National Bank to support its organic growth, to fund losses, if any, from potential asset disposition strategies, including loans sales, to repay indebtedness or for acquisitions.