WL Ross & Co. has nominated a new director to replace Wilbur Ross at Sun Bancorp in Mount Laurel, N.J.

The $2.3 billion-asset Sun said in a press release Tuesday that James Lockhart will become a director. The appointment requires regulatory approval because Lockhart, vice chairman at WL Ross, is a director at Cascade Bancorp in Bend, Ore. He is also a former director of the Federal Housing Finance Agency.

Ross had to give up his board seat after becoming Commerce secretary.

James Lockhart.
James Lockhart will become a director at Sun Bancorp. Bloomberg News

The investment firm is expected to maintain its stake in Sun. WL Ross, which invested in the company in 2010, owns about 23% of its outstanding stock. The firm has to own at least 7.5% of the shares to keep a board seat.

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