Sun Bancorp (SNBC) in Mount Laurel, N.J., has provided more details on its sweeping restructuring initiative.

The $3 billion-asset company said last week that it would close or sell several branches, exit multiple business and cut 242 jobs, or nearly 40% of its work force, in an effort to reduce annual costs by nearly $17 million. Sun said it expected to record a $20 million change in the second quarter to reflect the changes.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.