April 2, 2014
/PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") announced today that the Company and its wholly owned subsidiary,
Sun National Bank
(the "Bank"), have agreed to hire
Thomas M. O'Brien
as the President and Chief Executive Officer of the Company and the Bank, subject to prior receipt of regulatory non-objection from the Federal Reserve Board and the Office of the Comptroller of the Currency. Mr. O'Brien will serve as a consultant to the Board of Directors of the Bank and will not assume the duties and responsibilities of President and CEO until such regulatory non-objections are received.
Sidney R. Brown
, Chairman of the Board of the Company, will continue to serve as Interim President and Chief Executive Officer until the time Mr. O'Brien becomes an employee.
Mr. O'Brien is an accomplished leader in the financial services industry with over 37 years of industry experience. He has served on the board of BankUnited, Inc. since
and has extensive knowledge of the banking industry in the Northeastern U.S. Mr. O'Brien served as President and Chief Executive Officer of State Bank of Long Island/State Bancorp, Inc. from
to January 2012. From 2000 to 2006, Mr. O'Brien was President and Chief Executive Officer of Atlantic Bank of NY and, following the acquisition of Atlantic Bank of NY by New York Commercial Bank, continued to serve as President and Chief Executive Officer during the post-closing transition. From 1996 to 2000, Mr. O'Brien was Vice Chairman and a board member of North Fork Bank and North Fork Bancorporation, Inc. From 1977 to 1996, Mr. O'Brien was Chairman, President and Chief Executive Officer of North Side Savings Bank.
Recognized as an industry thought leader, Mr. O'Brien served as a director of the Federal Home Loan Bank of
from 2008 to 2012 and served as Chairman of NY Bankers Association in 2007. He is currently Trustee and Chairman of the Audit Committee of Prudential Insurance Company of America
Annuity Fund Complex, Vice-Chairman of the board and Chairman of the Finance Committee of Archcare and Catholic Healthcare Foundation for the Archdiocese of
"We are pleased to have
join us. We expect he will be an effective catalyst to help complete the implementation of our ongoing regulatory compliance program, improve our regulatory standing and advance our growth as one of the largest commercial banking organizations in
," said Brown. "We believe
leadership will help us turn the corner, move forward, and begin to lay the foundation for a new era of operational stability, growth and profitability for our shareholders," said Brown.
In commenting on his appointment, Mr. O'Brien stated "I look forward to joining Sun and believe that the opportunity for its prosperity has never been greater. Sun enjoys the benefits of both scale and agility. I believe that with an intense focus on finishing the remaining corrective initiatives to bring about the conclusion of the currently outstanding regulatory agreement, that Sun is very well positioned to succeed in the years ahead. Initially, I will focus on comprehensively addressing these regulatory matters and thereafter begin to identify and build those businesses that represent the bank's core competencies so that Sun can continue on its path toward sustainable profits and growth. We will deliver on Sun's potential for a strong regulatory compliance culture, stable earnings, strong asset quality and superior customer satisfaction. As the management team works together with a vibrant and committed board of directors, Sun will be poised to set new standards for earnings consistency, operating efficiency and growth."