New Jersey

Sun Bancorp Inc. of Vineland, N.J. said Thursday that it will raise $100 million via private-equity funds affiliated with WL Ross & Co. LLC and shareholders of the bank's founding Brown family.

Northfield Bancorp Inc. in Avenel, N.J., plans to raise up to $463 million of capital by converting from a mutual holding company to a stock company.

Lured by the chance to raise capital and worried about the future of the Office of Thrift Supervision, a wave of mutual holding companies have received approval to convert to full stock companies.

Center Bancorp Inc. in Union, N.J., said it will not launch a planned common stock sale "in light of current market volatility," according to a press release Tuesday.

After sitting on a mountain of capital for nearly seven years, Kearny Financial Corp. of Fairfield, N.J., announced late Tuesday that it has agreed to buy Central Jersey Bancorp for $72.3 million in cash.

The Treasury Department said it expects to make $5.4 million from the sale of warrants to purchase common stock of Valley National Bancorp in Wayne, N.J.

Valley National Bancorp of Wayne, N.J., on Thursday reported first-quarter earnings fell to $27.4 million, from $37.4 million a year earlier.

With its latest deal, Investors Bancorp Inc. has made strides toward achieving two of its goals: extending its reach to New York City and adding to its commercial loan portfolio.

Sterling Banks Inc. in Mount Laurel, N.J., has given shareholders more information about a restatement for the second and third quarters of 2009.

Following a regulatory exam, Sterling Banks Inc. in Mount Laurel, N.J., said it will restate its results for the second and third quarters of 2009.

Valley National Bancorp announced Thursday that it is slowing de novo branch expansion in New Jersey and New York as it sees the opportunity to expand through acquisition.

Regulators, with their reputations on the line and anxiety about the future, are forcing some banks to hold on to much of the capital. In recent months, some banks that wanted to fully repay the Troubled Asset Relief Program were allowed to return a fraction.

OceanFirst Financial Corp. in Toms River, N.J., is nixing its plan to buy the $578 million-asset Central Jersey Bancorp because of a delay in getting regulatory approval.

The National Credit Union Administration last week approved the second new credit union charter this year, for East Side Development Alliance Federal Credit Union in Queens, N.Y.

Sun National Bank's wealth management business is off to a slow start thanks to the recession, but executives at the Vineland, N.J., bank say they remain committed to the business.

Fannie Mae has given more than three dozen credit unions until next week to accept an offer of pennies on the dollar for about $125 million of their mortgages that the defunct U.S. Mortgage fraudulently sold to Fannie.

Sun Bancorp Inc. in Vineland, N.J., warned Friday that it expects to report a third-quarter provision for loan losses of $16.2 million, a 133% increase from the second quarter.

Only three mutual thrifts have succeeded in going public so far this year, but the conversion market is starting to pick up, with two large deals on the way.

Regulators closed institutions in five states late Friday, bringing the year's toll to 69 and leaving the FDIC with almost $1 billion more in losses.