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.
Sun attributed the earnings charge to further deterioration of several credits in its loan portfolio and to the severance expenses. Thomas A. Bracken quietly succeeded Philip W. Koebig 3d as Sun's president and chief executive in February.
