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)
November 6, 1997
SUN BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
New Jersey 0-20957 52-1382541
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
226 Landis Avenue, Vineland, New Jersey 08360
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 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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SUN BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events.
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On November 6, 1997, Sun Bancorp, Inc. (the "Corporation"), the holding
company for Sun National Bank, Vineland, New Jersey (the "Bank"), announced that
the Bank had entered into a Branch Purchase and Deposit Assumption Agreement
(the "Agreement") to purchase the Eatontown, New Jersey office located in
Monmouth County, New Jersey, and approximately $28 million of deposits from
First Savings Bank, Woodbridge, New Jersey ("Seller"). Consummation of the
transaction is subject to, among other conditions, regulatory approval.
A copy of the press release issued by the Corporation on November 6,
1997, is attached hereto as Exhibit 99.1, and incorporated herein by reference
in its entirety.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
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(c) Exhibits:
99.1 Press Release dated November 6, 1997.
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SIGNATURES
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, thereunto duly authorized.
SUN BANCORP, INC.
Date: November 10, 1997 By: /s/Robert F. Mack
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Robert F. Mack
Chief Financial Officer
EXHIBIT 99.1
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SUN BANCORP, INC. Letterhead
NEWS RELEASE NEWS RELEASE NEWS RELEASE NEWS RELEASE
****FOR IMMEDIATE RELEASE****
FOR MORE INFORMATION, CONTACT: Robert F. Mack (609) 691-7700
Vineland, NJ........November 6, 1997 PAGE 1 of 2
SUN BANCORP, INC. TO PURCHASE BRANCH FROM FIRST SAVINGS BANK
Bernard A. Brown, Chairman, and Philip W. Koebig, III, Executive Vice
President, of Sun Bancorp, Inc., (Nasdaq National Market symbol "SNBC"), the
Vineland New Jersey parent holding company of Sun National Bank, announced today
that Sun National Bank has signed a definitive agreement to purchase the
Eatontown, New Jersey office of First Savings Bank, Woodbridge, New Jersey. The
branch, located in Monmouth County, has approximately $28 million in deposits.
"We are pleased to be able to expand our market presence into Monmouth
County," commented Brown. "When this transaction is complete, Sun will have
thirty-nine financial service centers serving southern and central New Jersey,"
he added.
Sun has developed a reputation for being a community bank that focuses
on satisfying the financial needs of its customers," remarked Koebig, who serves
as President and Chief Executive Officer of Sun National Bank. "This is an
exciting opportunity to offer our new customers a wide range of products and
services typically offered by a commercial bank, while also giving them the
personalized attention of a community bank." Koebig added that, once the
transaction has been completed, branch employees will be retained by Sun.
<PAGE>
This is the eighth in a series of acquisitions, both whole bank and
branch, during the past three and one-half years that have been made as part of
Sun's strategic plan for growth. During that period of time, the total assets of
Sun have grown from $113 million in 1994 to $585 million currently. Assets are
expected to exceed $1 billion following the completion of the transaction with
First Savings and the previously announced branch purchase from The Bank of New
York. The transaction is subject to regulatory approval and is expected to close
during the first quarter of 1998.
Sun National Bank currently has twenty-eight financial service centers
in Atlantic, Burlington, Camden, Cape May, Cumberland, Mercer, Ocean and Salem
Counties, New Jersey, servicing the retail and commercial markets. Sun has
previously announced the November, 1997 acquisition of eleven branches from The
Bank of New York.
Sun Bancorp, Inc. common stock is listed on the Nasdaq National Market
under the symbol SNBC. The 9.85% Trust Preferred Securities of Sun Capital
Trust, a wholly-owned subsidiary of the Company are listed on the Nasdaq
National Market under the symbol SNBCP. Sun's deposits are insured by the
F.D.I.C.
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