Sun Bancorp Expands Executive Team, Adds General Counsel

Sun Bancorp in Mt. Laurel, N.J., has expanded its senior management team, hiring Patricia Schaubeck as executive vice president and general counsel.

Schaubeck most recently served as general counsel and corporate secretary of the $1.8 billion-asset Suffolk Bancorp in Riverhead, N.Y. Before that, she served as general counsel for the $1.6 billion-asset State Bank of Long Island, which is now part of Valley National Bank.

She began her career as an examiner at the Office of the Comptroller of the Currency in Philadelphia.

"With a key objective of terminating the bank's formal agreement with Office of the Comptroller of the Currency, Sun will benefit significantly from her strong track record of advising management, boards of directors and other stakeholders on key regulatory and strategic business matters," said Thomas O'Brien, Sun's president and chief executive, in a news release Tuesday.

Sun National Bank, a subsidiary, operates under an April 2010 formal agreement with the OCC, due to weaknesses in its credit risk and loan review processes.

Schaubeck's appointment follows a sweeping, company-wide reorganization in July, which involved cutting 40% of its staff, closing its retail mortgage business and hiring several senior-level executives.