O'Brien is the former CEO of State Bank of Long Island and will take over at Sun Bancorp pending regulator approval, according to a company statement. The bank let go of former CEO Thomas X. Geisel in Dec. 2013.
O'Brien will act as consultant to the bank's board of directors until that time. He's also a director at the Miami Lakes, Fl.-based BankUnited (BKU), which has branches in New York.
Billionaire investor Wilbur Ross supports the Vineland, N.J.-based lender, which soared the most it had in a single day since Jul 2013.
TheStreet Ratings team rates SUN BANCORP INC/NJ as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUN BANCORP INC/NJ (SNBC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself."