The president and chief executive of Sun Bancorp (SNBC) in Vineland, N.J., is stepping down at the behest of the board.
Thomas Geisel will leave the company Dec. 2, according to a press release Monday. He will also resign from the board on that date.
Sun Chairman Sidney Brown will serve as interim president and CEO while the company searches for a new chief, according to the release.
"[Geisel] has been a valuable member of the team over the last few years, helping us address the regulatory and other challenges facing the bank," Brown said in the release. "While much progress has been achieved, work still remains and the board believes it is an appropriate time to seek new leadership to complete those tasks and begin to lay the foundation for a new era of operational stability, growth and profitability for our shareholders."
Geisel's departure is not the result of any disagreement with the company over its "operations, policies or practices," according to a filing Monday with the Securities and Exchange Commission.
Sun reported a loss of $1.7 million through Sept. 30, including a $4.9 million loss on lower mortgage banking revenue in the third quarter. It reported a $50 million loss for full-year 2012. The company had a 12.76% Tier 1 capital ratio and a 14.72% total risk-based capital ratio as of Sept. 30.
The $3.2 billion-asset company has undergone a few management changes in recent years. It hired a new chief credit officer in August and brought a new chief financial officer on board last fall.