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PRESS RELEASE - FOR RELEASE:
January 8, 2001
CONTACT:
Sun Bancorp, Inc.
Sandra J. Miller
Vice President & Director of Marketing
570-372-2123
SUN BANCORP TO PURCHASE MELLON OFFICE IN LEWISBURG
SUNBANK TO SERVE LEWISBURG AREA WITH TWO LOCATIONS
Selinsgrove, PA - Sun Bancorp, Inc. (NASDAQ: SUBI) announced today that it has
reached an agreement to purchase the Lewisburg, Pennsylvania branch of Mellon
Bank, located at 311 Market Street, for an undisclosed amount. This acquisition
includes approximately $34 million in deposits, and is expected to be accretive
in 2001.
"We are extremely pleased to add this branch to our existing network of 17
branches in central Pennsylvania," said Robert J. McCormack, President and Chief
Operating Officer of Sun Bancorp. "We have worked diligently to enter the
Lewisburg market, witnessed by today's opening of an office in the Ames Plaza on
Route 15. The purchase of the Mellon office in the downtown area gives us
another excellent location in Lewisburg."
McCormack continued, "The management of SunBank wants to send a strong, positive
message to the residents and businesses of Lewisburg - we are here to serve your
financial needs, we are local, and we will work hard to earn your business. By
entering the Union County market with two offices, we hope residents will
recognize our commitment." Union County is one of the fastest growing counties
in Pennsylvania and has one of the lowest unemployment rates in the state.
Completion of the sale is subject to various regulatory approvals and is
expected to close during the first quarter of 2001.
Customers of the office will be receiving more information from SunBank and
Mellon Bank. "We will be communicating with customers throughout the conversion
to SunBank, and we will strive to make the transition seamless to customers,"
McCormack further commented. In addition, all branch employees will be retained,
and there will be no loss of employment as a result of this change.
The bank will operate under the SunBank name, which was publicly introduced in
December when Sun Bancorp announced the unification of its four bank trade names
(Snyder County Trust Company, Watsontown Bank, Central Pennsylvania Bank, and
Bucktail Bank and Trust Company) under the SunBank corporate identity.
Sun Bancorp has $740 million in assets, and operates 17 offices and 34 ATMs in
Snyder, Union, Northumberland, Lycoming, Elk, and Cameron counties. Sun Bancorp
also operates the Sun Bank Financial Services, Mortgage, Leasing, and Dealer
Center subsidiaries, and recently formed a joint venture as 75% owner in a
limited liability company, Sun Abstract and Settlement Services. For more
information, visit us on the Internet at WWW.SUNBANCORP.COM.
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THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITH RESPECT TO THE
ANTICIPATED EFFECTS OF THE MERGER. SHAREHOLDERS AND INVESTORS SHOULD NOTE THAT
MANY FACTORS COULD AFFECT THE FUTURE INVESTMENT PERFORMANCE AND FINANCIAL
RESULTS OF SUN BANCORP, INC. AND COULD CAUSE THOSE RESULTS TO DIFFER MATERIALLY
FROM THOSE EXPRESSED IN THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESS
RELEASE.
