VINELAND, N.J. - Sun Bancorp said Wednesday that it has reached informal agreements with federal regulators to make procedure and policy revisions and that it will take a $700,000 first-quarter charge because of severance costs and bad loans.

The $2 billion-asset company, which has replaced three senior executives in the past 12 months, said in a news release that after recent examinations, it made agreements with the Federal Reserve and the Office of the Comptroller of the Currency concerning its general policies and procedures.

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