Sun Bancorp Inc. in Vineland, N.J., has signed an agreement to sell its six Delaware branches to Wilmington Savings Fund Society; it said it plans to focus more on its core markets in New Jersey.
The $3.4 billion-asset parent of Sun National Bank said Monday that WSFS, a subsidiary of the $3.2 billion-asset WSFS Financial Corp. in Wilmington, Del., would pay $13.2 million for the branches, a 12% premium on their deposits. The offices are all in New Castle County. Sun's $110 million of deposits in the county are a 0.09% share of the market, according to the most recent Federal Deposit Insurance Corp. data. The deal would boost WSFS' market share in the county to 1.35%.
Sun would retain $130 million of commercial and retail loans generated through the Delaware branches and continue to serve commercial clients through its loan production office in New Castle County.
