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)
October 26, 1999
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 October 26, 1999, the Registrant announced that it had received the
necessary Board approval to initiate a repurchase of 9% or 906,000 shares of its
outstanding common stock, par value $1.00 per share, in the open market pursuant
to a stock repurchase program. The Registrant announced that the repurchases
would be made from time to time, subject to the availability of stock.
For further details, reference is made to the Press Release dated
October 26, 1999, 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 October 26, 1999.
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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 8, 1999 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, Executive Vice President
(609) 691-7700
SUN BANCORP, INC. ANNOUNCES STOCK REPURCHASE
Vineland, New Jersey October 26, 1999
Sun Bancorp, Inc. (NASDAQ: SNBC): Bernard A. Brown, Chairman of the
Board of Sun Bancorp, Inc., Vineland, New Jersey, announced today that the
Company's Board of Directors had initiated it intends to initiate a repurchase
plan covering up to 9%, or 906,000 shares, of the Company's common stock to be
purchased in the open market. Philip W. Koebig, III, President and Chief
Executive Officer of the Company, indicated that the repurchase plan could
mitigate some of the potentially dilutive effects of the Company's stock option
plans and would also be available for general corporate use. The repurchases
will be made from time to time in open-market transactions, subject to the
availability of stock.
Sun Bancorp is a $1.9 billion holding company for Sun National Bank and
Sun National Bank, Delaware...banks that provide community banking services in
New Jersey and Delaware through 74 financial service centers. Sun offers a wide
variety of consumer and commercial lending and deposit services as well as other
personal banking and cash management services that have been designed to meet
the financial needs of its customers. Deposits at Sun are insured up to the
legal maximum amount by the Federal Deposit Insurance Corporation.
The Company's common stock is traded in the Nasdaq National Market under the
symbol "SNBC".
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