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)
May 20, 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 May 20, 1999, the Registrant announced that the Board of Directors
had declared a 5% stock dividend to all stockholders of record on June 7, 1999,
payable on June 21, 1999. 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 May
20, 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 May 20, 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: May 21, 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 DIVIDEND
Vineland, New Jersey May 20, 1999
At the annual shareholders' meeting of Sun Bancorp, Inc. (NASDAQ:
SNBC), Bernard A. Brown, Chairman, announced today that the Company's Board of
Directors had declared a special five percent stock dividend. The dividend will
be paid on June 21, 1999 to shareholders of record on June 7, 1999.
Philip W. Koebig, III, President of the Company, stated that the Board
of Directors of Sun Bancorp "was very pleased to approve this dividend in
response to the continued successful performance of the Company." As a result of
today's Board action, the outstanding shares of the Company's common stock will
increase by approximately 361,485 shares, from 7,229,717 shares outstanding to
approximately 7,591,202 shares outstanding.
Sun Bancorp is a $1.5 billion holding company for Sun National Bank and
Sun National Bank, Delaware...banks that provide community banking services in
New Jersey and Delaware through 65 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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