Sun Bancorp Inc. in Vineland, N.J., said it raised about $81 million in net proceeds from a recent public offering.
The $3.4 billion-asset company said Tuesday in a press release that it sold 28.75 million shares of common stock at $3 a share. The offering included all shares set aside for additional demand.
Sun's three biggest shareholders and private-equity investors — WL Ross & Co., Siguler Guff and the Brown family — bought about 10.2 million of the shares, the company said.
Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.
The Consumer Financial Protection Bureau will soon have to defend its interpretive buy now/pay later rule in court following an industry advocacy group lawsuit. Here's what's at stake.
Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.
Few banks are listening to what their customers are saying on Reddit, but the site can help them spot customer complaints and develop content that dispels misinformation.
Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.
Multiple lenders filled leadership roles across the country, including National Bankshares in Virginia, while Peoples Financial in Pennsylvania said its CEO would step down.
