Sun Bancorp Inc. in Vineland, N.J., said Wednesday that it expects to report a $25 million loss from the sale of commercial real estate loans.
The $3.6 billion-asset company said the loans had a balance of $77 million and included $68 million of nonaccrual loans. Sun sold the loans for net proceeds of $54 million. Sun said it would account for the loss in the fourth quarter, but it gave no guidance on whether it would post a profit or loss in the period.
"Strengthening the balance sheet is our No. 1 priority," Thomas Geisel, Sun's president and chief executive, said in a press release. "We believe that selling these loans was the best course of action for our company."
