UPDATE: Sun Bancorp, Inc. Files $150 Million Shelf Registration

Sun Bancorp, Inc. SNBC today announced the filing of a universal shelf Registration Statement on Form S-3 with the Securities and Exchange Commission. "Sun maintains a strong capital position and having a routine shelf registration statement on file enables us to quickly capitalize on market opportunities should they arise, execute on our growth strategy and strengthen our franchise as the second largest commercial bank headquartered in New Jersey," said Sun Bancorp President and Chief Executive Officer Thomas X. Geisel. The Registration Statement on Form S-3 is subject to review by the SEC and has not yet been declared effective by the SEC. The filing of the Registration Statement does not require the Company to issue any securities. If and when the Registration Statement is declared effective by the SEC, the Registration Statement will allow the Company the flexibility to offer and sell, from time to time over a three-year period, in one or more public offerings up to a total aggregate of $150 million of its common stock, preferred stock, debt securities, trust preferred securities, units, depositary shares or warrants, either separately or together.