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.
The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.
The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.
The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.
