Sun Bancorp Inc. in Vineland, N.J., has appointed Sidney R. Brown, the company's vice chairman, treasurer, and secretary, to be the acting president and chief executive officer.
After the market closed Wednesday the $3.3 billion-asset parent of Sun National Bank said it had asked Thomas A. Bracken to resign from those posts last month, when it reported disappointing fourth-quarter and full-year results.
The company said that it wants to appoint a permanent successor within four months and is considering internal and external candidates.
Joseph Fenech, an analyst at Sandler O'Neill & Partners LP, said he expected little change in Sun's daily operations under Mr. Brown, whose family holds four board seats and about 21% of the company's stock.
Mr. Brown is also the CEO of his family's NFI Industries, one of the largest trucking companies in the United States, and will remain Sun's vice chairman, treasurer, and secretary.
