Sun Bancorp Inc. in Vineland, N.J., plans to sell up to $75 million of common stock.
The $3.4 billion-asset company, which received a $100 million capital infusion last summer, said it could use the proceeds from the offering to shore up capital at its bank, support losses from potential loan sales, repay debt or make acquisitions. The sale was announced Monday.
Sun said W.L. Ross & Co., Siguler Guff and the founding Brown family plan to participate in the offering. Sun has reserved up to $28 million of common stock to sell to those investors as well as members of the management team and board. The number of shares available to the general public will be reduced by the number of those reserved shares purchased, Sun said.
At Dec. 31, Sun's bank had an 8.5% leverage ratio, a 10.9% Tier 1 risk-based capital ratio and a 12.2% total risk-based capital ratio.
