Sun Bancorp, Inc. Public Offering Priced at $3.00 per Share

Sun Bancorp, Inc. SNBC announced today the pricing of an underwritten public offering of 25,000,000 shares of common stock at a public offering price of $3.00 per share. After deducting the underwriting discount and estimated offering expenses payable by the company, Sun expects to receive net proceeds of approximately $70,250,000.

Sun has also granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of common stock on the same terms and conditions to cover over-allotments, if any.