Sun Hires Four Executives in Ongoing Restructuring

Sun Bancorp in Mount Laurel, N.J., has agreed to hire four new executives, promoted another executive, and hired a technology consulting firm.

The moves follow Sun's announcement earlier this month that it would eliminate about 40% of its work force and close Sun Home Loans, its retail mortgage-origination business. Also earlier this month, the $3 billion-asset Sun said two top executives had left the company: Bradley Fouss, executive vice president and director of wholesale banking, and Jack Allison, chief operating officer.

Sun, which is 24.4% owned by Wilbur L. Ross' private equity firm, has undergone widespread changes in the past year. In April, Sun hired Tom O'Brien as chief executive, replacing Thomas Geisel, who was ousted as CEO in December.

In the moves announced on Tuesday, Sun said it had agreed to hire Nicos Katsoulis as chief lending officer and Anthony Morris as chief banking officer. Both appointments are subject to approval from Sun's regulator, the Office of the Comptroller of the Currency.

Katsoulis, a former director of State Bancorp in Jericho, N.Y., has been working as a consultant to Sun. Morris is joining Sun from CIT Group and will work as a consultant to Sun starting Aug. 4, until his appointment is approved by regulators.

Also on Tuesday, Sun said it will hire Flaviano Sabater as chief auditor and Paul DeStefano as director of security. Additionally, Sun will promote Margaret Sepp to director of bank operations from internal auditor. Sun also said it has hired Kenneth J. Sole & Associates, a consulting firm, to manage its daily technology operations.

As part of its previously announced restructuring, Sun agreed to sell seven New Jersey branches to Sturdy Savings Bank, a $564 million-asset thrift in Stone Harbor, N.J. Sturdy is acquiring six branches in Cape May County and one branch in Atlantic County.