Sun Bancorp in Mount Laurel, N.J., has agreed to pay $25,000 to resolve issues connected to the company's former Sun Home Loans division.
Problems at Sun Home Loans were a factor in the decision by the $2.3 billion-asset Sun to close the unit in July 2014, Thomas O'Brien, chief executive, said in a Monday news release. The deficiencies at Sun Home Loans occurred between July 2011 and September 2013.
Additionally, Sun was released from a 2010 formal agreement with the Office of the Comptroller of the Currency. The agreement had required Sun to maintain minimum capital ratios.
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Thomas O'Brien made good on a 2015 promise to turn a profit in every quarter. This year, his goal is to stay profitable to earn back a deferred-tax asset that should meaningfully increase the New Jersey company's valuation.
January 4 -
Sun Bancorp's CEO made a bold forecast, telling analysts this week that the company should be profitable throughout the year. Not bad for a bank that has lost $350 million since 2008
January 28 -
Sun Bancorp in Mt. Laurel, N.J., has expanded its senior management team, hiring Patricia Schaubeck as executive vice president and general counsel.
September 17
Sun's largest shareholder, the private-equity investor Wilbur Ross, pushed the bank to
