Americas

Sun Bancorp Inc. in Vineland, N.J., plans to sell up to $75 million of common stock. The $3.4 billion-asset company, which received a $100 million capital infusion last summer, said it could use the proceeds from the offering to shore up capital at its bank, support losses from potential loan sales, repay debt or make acquisitions.

On Friday, the $1.8 billion-asset company in Marietta, Ohio, said it had hired Charles W. Sulerzyski, a former regional president for KeyCorp's Great Lakes region, to serve as president and chief executive, effective April 4.

North American Financial Holdings Inc. has informed its equity investors that it is thinking about consolidating all its recent bank purchases.

The largest shareholder of Magyar Bancorp Inc. of New Brunswick, N.J., is demanding that its chairman resign, pointing to "significant losses."

Regulators shuttered The First National Bank of Davis, a $90 million-asset institution in Oklahoma, and the $190 million-asset Legacy Bank in Milwaukee. The two closures brought the year's toll to 25.

Wells Financial Corp. in Wells, Minn., said Friday that it revised its 2010 results after boosting reserves for selected loans and repossessed properties.

Guaranty Federal Bancshares Inc. raised its fourth-quarter loan-loss provision by 42% after getting new data on an impaired loan.

United Community Bancorp in Lawrenceburg, Ind., is planning a second-step conversion. The $488 million-asset company said late Thursday that it would sell about 59.3% of its stock still owned by its mutual holding company.

Grandpoint Capital Inc. in Los Angeles has agreed to buy Orange Community Bancorp. Under the agreement, shareholders of the $223.6 million-asset Orange Community would receive $30 million in cash, or $11.70 a share.

The Federal Reserve Board has voted to allow Goldman Sachs Group Inc. to retain an 9.8% stake in a small Tennessee banking company. Goldman Sachs Investment Partners Master Fund LP made the investment in the $589 million-asset Avenue Financial Holdings Inc. in Nashville in 2007.