Sun Bancorp in Mount Laurel, N.J., has agreed to pay $25,000 to resolve issues connected to the company's former Sun Home Loans division.
Problems at Sun Home Loans were a factor in the decision by the $2.3 billion-asset Sun to close the unit in July 2014, Thomas O'Brien, chief executive, said in a Monday news release. The deficiencies at Sun Home Loans occurred between July 2011 and September 2013.
Additionally, Sun was released from a 2010 formal agreement with the Office of the Comptroller of the Currency. The agreement had required Sun to maintain minimum capital ratios.
Sun's largest shareholder, the private-equity investor Wilbur Ross, pushed the bank to undertake a long-term restructuring effort that has helped it return to profitability over the past few quarters. O'Brien was named one of American Banker's Community Bankers to Watch in 2016.