Sun Bancorp Inc. in Vineland, N.J., announced Tuesday that it has filed a shelf registration statement with the Securities and Exchange Commission seeking approval to raise up to $150 million that it could use to fund future growth.
The $3.2 billion-asset company has no definitive plans to pursue a capital raise, but its president and chief executive, Thomas X. Geisel, said in a news release that having a registration statement on file "enables us to quickly capitalize on market opportunities should they arise." Sun said it would expect to raise the funds through various sales of common and preferred stock, debt and trust-preferred securities and other means over a three-year period.
Sun Bancorp reported a net loss of $1.6 million for the second quarter, compared to a loss of $81.2 million a year earlier.
