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Sun Bancorp (SNBC) in Mount Laurel, N.J., will eliminate nearly 40% of its work force as part of a major cost-cutting effort.
July 3
Sun Bancorp (SNBC) in Mount Laurel, N.J., has provided more details on its sweeping restructuring initiative.
The $3 billion-asset company said last week that it would close or sell several branches, exit multiple business and cut 242 jobs, or nearly 40% of its work force, in an effort to
Sun
The company said last week that unit Sun Home Loans had already stopped accepting new applications. Its Tuesday filing added that the company expects to completely exit the business by the end of this year.
Sun also provided more details on its June sale of $71.4 million of individual commercial loans, noting that about $21 million of the loans were classified as nonaccrual. The company brought in $61.1 million from the sale, explaining its net loss of $12 million from the disposition.