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)
February 18, 1998
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 February 18, 1998, the Registrant announced that the Board of
Directors had declared a three-for-two stock split in the form of a stock
dividend payable on March 18, 1998, to all stockholders of record on March 4,
1998. No fractional shares will be issued and in lieu thereof stockholders will
receive cash based on the fair market value as of the record date.
For further details, reference is made to the Press Release dated
February 18, 1998, which is attached hereto as Exhibit 99 and incorporated
herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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Exhibit 99 -- Press Release dated February 18, 1998.
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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:February 19, 1998 By: /s/ Robert F. Mack
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Robert F. Mack
Executive Vice President
EXHIBIT 99
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NEWS RELEASE NEWS RELEASE NEWS RELEASE NEWS RELEASE
***FOR IMMEDIATE RELEASE***
FOR MORE INFORMATION CONTACT: ROBERT F. MACK (609) 691-7700
SUN BANCORP, INC. ANNOUNCES STOCK SPLIT
Vineland, NJ........February 18, 1998
Sun Bancorp, Inc. (NASDAQ:SNBC), parent holding company of Sun National
Bank, Vineland, New Jersey, today announced that the Company's Board of
Directors had declared a three-for-two stock split by issuing a stock dividend
of 50% on the Company's outstanding common stock, payable on March 18, 1998, to
stockholders of record as of March 4, 1998.
Philip W. Koebig, III, Executive Vice President of the Company, stated
that the split was an effort to continue to increase the liquidity of the
Company's common stock while also lowing the per share trading price to make it
more attractive to potential investors. As a result of the Board's action, the
outstanding shares of the Company's common stock will increase by approximately
2 million shares, from 4,014,294 shares outstanding to approximately 6,021,441
shares outstanding.
Sun National Bank provides community banking services in Southern and
Central New Jersey through 38 financial service center locations in Atlantic,
Burlington, Camden, Cape May, Cumberland, Mercer, Middlesex, Ocean and Somerset
Counties. Sun offers a wide variety of consumer and commercial lending and
deposit services as well as other personal banking services that have been
designed to meet the financial needs of its customers. Deposits at Sun National
Bank are insured up to the legal maximum amount by the Federal Deposit Insurance
Corporation. The Company's common stock is traded on the NASDAQ National Market
under the symbol "SNBC".
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