Sun Bancorp, Vineland, N.J., said it has a deal to buy eight Delaware bank branches from Household International Inc. for an undisclosed sum.

The deal is Sun's first in Delaware and 10th since 1994, when it had assets of just $113 million. Its asset total now is $1.1 billion.

If it closes on the $168 million of deposits and $140 million of loans from Household, Sun would have assets of $1.3 billion.

The branches were operated by Beneficial National Bank until Beneficial was sold to Household, a consumer finance firm, in June.

This month Sun announced that it had signed a letter of intent to buy Allegiance Mortgage Co., Cherry Hill, N.J., for an undisclosed sum. That transaction is expected to close in the third quarter. Once bought, Allegiance would operate as a subsidiary of the bank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.