UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | January 21, 2016 | |
| SUN BANCORP, INC. |
| (Exact name of registrant as specified in its charter) |
| New Jersey | 0-20957 | 52-1382541 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 350 Fellowship Road, Suite 101, Mount Laurel, NJ | 08054 |
| (Address of principal executive offices) | (Zip Code) |
| | Registrant’s telephone number, including area code: | (856) 691-7700 | |
| N/A |
| (Former name or former address, if changed since last report) |
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
| | |
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
Item 7.01Regulation FD Disclosure
On January 25, 2016, Sun Bancorp, Inc. (the “Company”) announced that the formal written agreement between its wholly owned subsidiary, Sun National Bank (the “Bank”), and the Office of the Comptroller of the Currency (the “OCC”), dated April 15, 2010, has been terminated effective January 21, 2016. The OCC has also terminated the individual minimum capital ratios to which the Bank was subject.
Separately, without admitting or denying any wrongdoing, following approval by the Board of Directors of the Bank on January 21, 2016, the Bank entered into a Consent Order with the OCC to pay a $25,000 civil money penalty. The OCC executed the Consent Order on January 22, 2016. The Bank agreed to pay the civil money penalty in connection with various deficiencies identified by the OCC in the mortgage banking practices of Sun Home Loans, a former division of the Bank, from July 2011 through September 2013. Sun Home Loans was closed in July 2014 and the Bank exited the residential mortgage lending business as part of a comprehensive strategic restructuring of the Bank.
The press release announcing the foregoing is attached as Exhibit 99.1 hereto and incorporated by reference herein.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | SUN BANCORP, INC. |
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| Date: | January 25, 2016 | By: | /s/ Patricia M. Schaubeck |
| | | | Patricia M. Schaubeck |
| | | | Executive Vice President and General Counsel |
| | | | (Duly Authorized Officer) |
