Sun Bancorp (SNBC) Announces Election of New Board Chair
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Sun Bancorp, Inc. (Nasdaq: SNBC) announced that the Board of Directors of the Company has unanimously elected Anthony R. Coscia to the role of independent Chairman of the Company and the Bank, effective December 31, 2016. Mr. Coscia is an independent Director, having been elected to the Board of the Company in 2010 and the Bank in 2011. He will replace current Chairman Sidney R. Brown, who previously informed the Board of Directors in October of his decision to step down as Chairman of the Company and the Bank effective December 31, 2016. Mr. Brown will remain a Director of the Company and Bank.
Mr. Coscia is a partner with Windels Marx Lane & Mittendorf, LLP, and a member of the law firm's Executive Committee. In addition to his private practice, Mr. Coscia holds a number of leadership roles in the public and private sectors, including serving as the Chairman of the Board of Directors of the National Railroad Passenger Corporation (Amtrak). He previously served as Chairman of the Port Authority of New York and New Jersey and the New Jersey Economic Development Authority. Mr. Coscia also serves as a trustee of the New Jersey Community Development Corporation, Georgetown University and the Regional Plan Association.
"We are proud to have Tony Coscia ascend to the Chairmanship of the Company and Bank," said Thomas M. O'Brien, President and Chief Executive Officer. "Tony is well-respected and experienced in matters of corporate governance, finance and economic development. All of our stakeholders are well served by this appointment and we are fortunate that Tony has agreed to undertake this new responsibility."
"I am pleased and honored to assume the Board Chairman's role at the Company and the Bank," stated Mr. Coscia. "We have a very strong and committed Board and Management, and I accept my selection as Chairman with deep gratitude. The story at Sun Bancorp is exciting and holds much promise. I will enjoy working with the Company's leadership and shareholders in this new capacity."
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